deejaynick20 – Page 5 – HiPipo Foundation

December 20, 2023December 20, 2023

Pango Africa has deployed FinTech in its Rent Now and Pay Later Model. 40 Days 40 FinTechs Tanzania Day 8

Searching and finding a house to rent as a home or a business is a huge hustle involving several brokers and agents. But when you are fortunate to find your preferred house, another issue comes in.

The majority of the property owners and managers have rent agreements that guarantee them bulk payments that are yearly, half year or if you are very lucky quarterly. This requires huge amounts of cash that many people struggle to have at once.

It is such ills that Pango Africa came to cure. Pango is a home financing digital platform for Africans that helps aspiring homeowners or renters pay for their homes in convenient and flexible ways.

James Albany, the company founder notes that Pango is a FinTech that is implementing the program of Rent Now and Pay Later for salaried employees in Tanzania.

“Most of the landlords in Tanzania prefer three months, six months or one-year rent advances. This makes it hard for people to get affordable houses. What Pango does is pay for you for a full year, then make monthly deductions off your salary. We don’t send you the money, we send it to the landlords directly because we have realized that when people get money directly, they sometimes use it for reasons other than those they mentioned when accessing the credit,” Albany said.

He added that due to public demand, they have added a school fees payment element that is very beneficial to parents, pupils and the schools.

“We are also implementing a similar model for schools where we pay school fees directly to the schools for parents that are not able to pay the school fees on time. After making the payment to the school, we let the parents pay monthly instalments to us without worrying about their kids missing school. This we call Study Now and Pay Later.”

According to Albany, some of the main challenges they are facing while implementing this business model are growing numbers of defaulters, limited data about creditworthiness, bad employer-employee contracts and trouble signing partnerships with other Financial institutions because of the absence of collateral that Banks need to recapitalize such businesses.

“This is a new business model and thus most people don’t appreciate it. Most of these government institutions and banks don’t want to go down this route because to them it is a very risky loan business, but to us, it is where we shine.”

Pango features on Day 8 of the 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

It is aimed at promoting innovation and collaboration among FinTechs in Africa. The initiative is designed to provide FinTechs and startups with mentorship, training, exposure, and networking opportunities to help them grow and scale their businesses.

“Initiatives like 40 Days 40 FinTechs are very important as they shine a light on founders; what they are doing, their solutions and what they inspire to achieve with their innovations. This helps in market expansion and learning from one another. When you follow an initiative like this one, you will know what other innovators are doing in other parts of Africa and learn from one another. Thanks to such an initiative, investors will put their eyes on this and see what is going on in Tanzania and decide where they can invest,” Albany concluded.

40 Days 40 FinTechs initiative Tanzania is part of HiPipo’s broader Include EveryOne Program that is generously supported by the Gates Foundation and implemented in partnership with Level One Project, ICTC Tanzania, Ideation Corner, Cyber PLC Academy, INFITX, NG Films, Founders Academy and Mojaloop Foundation.

HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.

December 19, 2023

Settlo is catalyzing SMEs’ growth with a Buy Now and Pay Later Model. 40 Days 40 FinTechs Tanzania Day Seven

On Day Seven of the 40 Days 40 FinTechs initiative for Tanzania, we visited Settlo Technologies; a FinTech that provides Small and midsize enterprises (SMEs) with an easy-to-use POS (point-of-sale) app to help them keep their records such as sales, and expenses, accept digital payments in mobile and card payments, sell online with free E-Commerce sites, and inventory management hence improving their Efficiency, Productivity and reach new markets.

Settlo provides SMEs with real-time data and analytics about their sales, customer behaviour, and inventory.

According to Mohammed Awami, the Co-Founder and CEO of Settlo Technologies, his company is a budding start-up that is spearheading the digitization of SMEs in Tanzania.

“Around Africa, SMEs are lacking access to capital because there is no clear data available to lenders to show the financial position of the small businesses seeking capital. So, we are using data to prepare SMEs to access capital from ourselves as well as our partners like banks and other lenders,” Awami said.

He added: “In the early days, we would meet business owners who liked what we were showing them in terms of data keeping on smartphones. But the kind of businesses we are dealing with find it difficult to operate with just mobile phones. They needed something bigger and more accessible like tablets, laptops, printers and cash drawers.”

The market realities thus forced Settlo Technologies to rethink its strategy and introduce a buy now and pay later model.

“The absence of these tools was like a barrier to entry at that point. We went back to the drawing table and came up with a program where we are lending the devices to small businesses and give them an opportunity to pay in three instalments. They pay 50 per cent down payment, 25 per cent after 30 days and the remaining 25 per cent after 60 days,” Awami noted.

Settlo is currently serving hundreds of micro, small and medium-sized businesses such as bouquets, stalls, SPAs, Salons, Restaurants, Bars and Cafes.

Awami notes that some of the biggest challenges they are facing are the absence of the right technology to support digitization, difficulty in attracting investment and public scepticism about tech solutions.

“One key area we are facing a lot of challenges is the absence of hardware. We have the technology and the software but hardware is missing. You can not digitize without having the right software and hardware. Also, there is still some mistrust. People in Tanzania are more likely to invest in traditional businesses like trading, and farming and not technologies. But there have been some very positive developments on our side and the future is bright.”

Settlo is participant Number Four in the inaugural 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

December 18, 2023December 18, 2023

EvMak is enabling Digital Payments for EveryOne. 40 Days 40 FinTechs Tanzania 3rd participant

Many businesses mainly start-ups, informal, small and medium enterprises always struggle to collect payments and later disburse funds. As such several end up doing cash transactions that are not only time-wasting but also expensive and risky.

It is these ills that financial technology seeks to cure by enabling digital transactions that are affordable, reliable and instant.

On day three of the 40 Days 40 FinTechs initiative for Tanzania, we interacted with EvMak; a FinTech that leverages technology to empower other businesses to thrive through providing businesses with business tools such as Invoice creation, payment links, and Insurance services among others.

In our engagement, Evans Makundi the Founder and CEO of EvMak noted that EvMak is focused on transforming Tanzania and Africa at large by providing a reliable payment gateway to businesses mainly SMEs. He emphasized that EvMak prioritizes the seamless collection and disbursement of funds.

“The major problem we are solving in Tanzania and across Africa is the fact that it is very hard for someone to get paid digitally. We have created an infrastructure that enables any company to get paid using local and international payment systems. We have integrated this infrastructure with multiple payment options,” Makundi said, adding;

“We provide our customers with one API point that they can connect and start collecting payments from their customers. We have created a platform and not an APP. Our platform can be used through USSD, Web and APP. We have partnered with several FinTechs around the world including PayPal, Visa and Mastercard. Our customers can also pay using their mobile wallets across the globe. We also do utility payments including small bills and air tickets among others.”

Even though EvMak has created a sandbox like environment that allows for self-integration and also has a support team in place for those that need integration assistance, its work is not without trials..

According to Makundi, some of the major challenges they are facing include slow adaptation and low trust in technology.

“People are still used to cash transactions so changing the narrative from people accepting cash to accepting digital payments is still an issue. Many people don’t trust the digital system. We are gradually sensitizing the end users on why digital transactions are good and safe for everyone,” he said.

EvMak is the third participant in the 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

“The 40 Days 40 FinTechs platform gives us a lot of advantages and helps us reach a lot of stakeholders that don’t fully understand the FinTech business. A platform like this explains and showcases what we do. Major stakeholders like regulators and potential funders usually understand us better through this platform thus enabling the ecosystem to grow,” Makundi explained.

December 16, 2023

Kilimo Maendeleo is using FinTech to transform Agriculture. 40 Days 40 FinTechs Tanzania Day Two

On Day Two of the inaugural 40 Days 40 FinTechs initiative for Tanzania, we bring to you the fascinating story of Kilimo Maendeleo; an AgriTech and Fintech company operating as a social enterprise engaged in innovating business solutions for rural enterprises and rural livelihood with a special focus on small & medium scale farmers.

Kilimo Maendeleo provides value chain management services in digitization, communication and integration; smart weighing scale solutions and farmer wallets for visa cards and Umoja switch networks.

According to Mathew Ngwahi, the founder and CEO of Kilimo Maendeleo, the company basically solves the problem of disintegration within the value chains.

“Most of the actors are working in silos. Therefore, it is very difficult to know what is happening across the value chains. We don’t have information that will help to do targeted investment and solve some of the problems collectively in those spaces,” Ngwahi said.

He added: “Our platform offers solutions for farmers. We onboard farmers as a key that enables other enterprises to connect with them and offer them services. Banks can offer them credit services while Input Suppliers can offer them inputs. We also aggregate the farmers and deliver for them huge quantities of input in bulk and at discounted rates.”

The company’s core products and services include KM360, Longa, Cross Border, Mazao, Stawisha, Stawi, API Integration and Jembe Pesa.

Jembe Pesa is a payment platform with farmer wallets, peer-to-peer, Till, bulk payment, Jembecard (Visa & Umoja switch network), insurance products, and loan products and provides integration to banks for individual accounts opening and loan management.

“With Jembe Pesa, we have digital loans for farmers. Time is a factor in agriculture and these digital loans come in handy. Jembe Pesa score engine scores farmers and decides how much a farmer can access as instant digital credit. These loans are accessible through both the USSD and the Jembe Pesa APP. Most of the farmers use feature phones not smartphones and that is why we have a USSD code in place.” Ngwahi explained.

Kilimo Maendeleo has so far enrolled more than 88,000 farmers in Tanzania and some 1,000 sunflower farmers in Uganda, onboarded four banks whilst working to complete partnerships with ten more banks in 2024.

Kilimo Maendeleo is the second participant in the 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

Ngwahi noted that Tanzania’s FinTech Industry is at its infancy stage with good movements to make the environment more conducive with a better regulatory environment.

“FinTech regulations are coming up and we have been involved. As such 40 Days 40 FinTechs initiative is a perfect way to go about improving the regulatory and business landscape for FinTechs. Without having these conversations, it is very difficult to know what FinTechs need to flourish. Initiatives like these must be more and should come up with some policy briefs for governments to consider. This space is filled with young people and Africa is the youngest continent so you can imagine how important this conversation is right now and how it can help young people to be more innovative and get employed in the innovation space,” Ngwahi said.

The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. Minus 40 Days 40 FinTechs, other initiatives under the Include EveryOne Program are the FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit and Incubator, Digital Impact Awards Africa and the Digital and Financial Inclusion Summit. HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.

December 15, 2023

Bizzyn is using FinTech to transform SMEs. 40 Days 40 FinTechs Tanzania Day One

The inaugural 40 Days 40 FinTechs initiative for Tanzania has started on a high with Bizzyn; an innovative technology company focused on delivering cloud accounting and financial management solutions to small and medium-sized businesses (SMBs) across Africa.

With a mission to simplify financial processes and empower SMEs, Bizzyn offers user-friendly software to streamline tasks such as expense tracking, invoicing, and bill management.

Founded in 2020, Bizzyn is helping SMEs transition from paper-based recording-keeping processes to digital and smart ways of doing the same, in addition to helping them source for much needed capital.

Emmanuel Kimaro, the Bizzyn founder and CEO, notes that in the past three years, the company has grown tremendously and now operates in Tanzania, Malawi and Kenya.

“We have partnered with several Financial Institutions and along the way impacted over 5,000 SMEs across the continent. Our plan is to scale to more African countries in the near future,” Kimaro says.

He adds: “We offer up to four packages. We have a starter package for small businesses like supermarkets and retail shops. We have a light package ideally for business management companies like law firms and consulting companies. We also have gold and enterprise packages for bigger businesses. Away from this, we also have Bizzy Pay which is an alternative credit scoring infrastructure.”

BizzyPay helps SMEs access affordable financing opportunities by leveraging alternative credit scoring to provide financial insights and connect SMEs to micro-lenders.

“Every small business deserves a chance to grow; we’re here to help them do that. With BizzyPay, SMEs can apply for working capital once and unlock operating capital from multiple lenders. Our platform streamlines the lending process, making it easier and faster for lenders to vet SME borrowers and make lending decisions,” Kimaro explains.

Bizzyn is the first participant in ‘the first of its kind’ 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

“40 Days 40 FinTechs is opening doors for start-ups like us to be seen across the globe, learn and scale. This platform helps to tell our story; what we are doing, how we are doing it and the impact we are having. I call upon all FinTechs to embrace this initiative,” Kimaro said.

The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. Minus 40 Days 40 FinTechs, other initiatives under the Include EveryOne Program are FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit and Incubator, Digital Impact Awards Africa and the Digital and Financial Inclusion Summit. HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.

December 14, 2023

HiPipo kicks off 40 Days 40 FinTechs initiative for Tanzania

The inaugural 40 Days 40 FinTechs initiative for Tanzania has kicked off with a focus on tracing the journeys of financial technology stakeholders from all over the country.

First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

“For more than 40 days, the initiative will shine a spotlight on Tanzanian FinTechs that are breaking down digital barriers and transforming lives for the better. We are traversing the entire Tanzania and engaging innovators at all levels. There are several exciting FinTech solutions and each day, a unique story will be told and amplified across media to garner maximum visibility and impact,” Nicholas Kalungi, the HiPipo COO noted while kicking off this project.

He added: “By shining a spotlight on these innovators, we aim to inspire others and create a ripple effect towards the creation and dissemination of technology that enables financial inclusivity. Many startups that have participated in the program in Uganda have gone on to receive funding and support, and have successfully scaled their businesses. We even better outcomes for Tanzania.”

December 13, 2023

HiPipo introduces Level One Project Principles to Financial Inclusion players in Tanzania

HiPipo has kicked off its implementation of the Include EveryOne program in the United Republic of Tanzania with a detailed introduction of the Level One Project Principles to FinTechs, Innovators and other Financial Inclusion stakeholders.

The Level One Project is an initiative of the Gates Foundation’s Financial Services for the Poor (FSP) program, which is part of the Global Growth and Opportunity division. The Level One Project is focused on enabling financial inclusion by meeting the needs of low-income users—both individuals and merchants—as well as the digital financial services providers (DFSPs) that serve them.

First released in 2015, Level One Project Principles are a set of industry best practices that guide countries, regions, or commercial organizations working to create real-time retail payments systems that are designed to meet the needs of low-income consumers. The principles include Tiered KYC, Availability on Low-Cost User Devices, Real-time/Immediate funds transfer, Same-day settlement, Pricing Transparency and Irrevocability.

In essence, these principles remind FinTech players that their solutions must be Accessible, Reliable, Valuable, Affordable, Profitable and Equitable.

“In a world divided by digital disparity, the Level One Project has emerged as a harbinger of hope, charting a path toward a future where financial inclusivity is a tangible reality for millions. This visionary initiative transcends the conventional role of a guide, evolving into a strategic roadmap that envisions a world where every individual, regardless of their economic standing, is seamlessly integrated into the formal financial system,” Innocent Kawooya, the HiPipo CEO noted following a successful workshop in Dar es Salaam.

He added: “We are glad the Gates Foundation developed these Level One Project principles. They simplify financial inclusion for solutions’ designers and end-users. We are excited to be here in Tanzania and happy to work with like-minded individuals and organizations to enhance digital and financial inclusion.”

This development came on the back of the signing of a long-term digitization partnership between HiPipo and the Tanzania Information and Communication Technologies Commission (ICTC) in October. Through this partnership, HiPipo will roll out its Include EveryOne program in Tanzania with a special focus on empowering and transforming Women, the Youth and millions in the Informal sector.

The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. This initiative is set to break new ground through research advisory, stakeholder collaboration, and capacity building for ICT professionals in Tanzania!

December 12, 2023

Tanzania ICTC, HiPipo sign long term partnership

The government of Tanzania has lauded HiPipo’s deliberate digital and financial inclusion efforts that continue to address longstanding disparities, close gender diversity gaps and advocate for equity for thousands of underserved and unserved populations across Africa.

As proof of its commendation of these digital and financial inclusion works, the government through the Tanzania Information and Communication Technologies Commission (ICTC) has signed a long-term partnership with HiPipo.

Dr Nkundwe Moses Mwasaga, the director general of the Tanzania ICTC noted that the partnership with HiPipo is timely as it tackles key issues such as limited awareness about technology solutions, knowledge gap and gender inequality.

To actualize this partnership, HiPipo has already rolled out its Include EveryOne program in Tanzania with a special focus on empowering and transforming Women, the Youth and millions in the Informal sector.

The #IncludeEveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. This initiative is set to break new ground through research advisory, stakeholder collaboration, and capacity building for ICT professionals in Tanzania!

“We are ecstatic to announce that a pivotal agreement has been signed and sealed between HiPipo and the Tanzania Information and Communication Technologies Commission. This promising collaboration is aimed at expediting financial inclusion in Tanzania, under the renowned HiPipo Include Everyone Program, with the generous backing of the Gates Foundation,” Innocent Kawooya, the HiPipo CEO noted.

He added: “Through this agreement, expect a showcase of FinTech giants, Women in FinTech innovators, and burgeoning startups from Tanzania. The Include Everyone program activities operated globally by HiPipo will play a crucial role in promoting financial inclusion, driving economic growth, fostering ICT investment, advising stakeholders, and building a resilient, knowledgeable group of Digital Innovators and ICT Professionals in Tanzania.”

Furthermore, the Tanzanian government bestowed HiPipo with the Best Partner in Supporting ICT Innovation 2023 award during the 7th Tanzania Annual ICT Conference held in Dar Es Salaam, Tanzania recently.

“We are honoured to receive this appreciation from the government of the United Republic of Tanzania. Our dedication remains unwavering in advocating for digital innovation, FinTech Innovation, and Financial Inclusion,” Kawooya noted while receiving this award.

November 18, 2023

Digital Excellence Rewarded at 2023 Digital Impact Awards Africa

The 2023 Digital Impact Awards Africa celebrated pioneering achievements and innovations in the digital sphere, honouring exceptional organizations and individuals who have showcased significant strides in advancing financial inclusion in Africa.

MTN Uganda & MTN MoMo took home the biggest award after being crowned as the Digital Brand of the Decade for their remarkable impact from 2014 to 2023 – the 10 years that this project has been running.

Standard Chartered Bank and Centenary Group received accolades in the Digital Brand of the Year category, with Diamond and Gold awards, respectively.

The Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion, and Cyber Security. The Awards recognize companies and stakeholders that are spearheading the use of digital mediums to serve communities and promote financial inclusion.

“The criteria of the nominees are always tight. Some innovators and companies have won every single year for their innovations and dedication to Digital Financial Inclusion,” Innocent Kawooya, the HiPipo CEO said.

The Digital Impact Awards Africa is part of the broader Digital and Financial Inclusion Summit organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies and generously supported by the Bill and Melinda Gates Foundation.

Winners celebrated.

Hon. Joyce Nabbosa Ssebugwawo, the Minister of State for ICT applauded the winners for their contribution to developing Uganda and Africa. She challenged them to continue innovating as this is the only sure way of transforming their communities.

The accolade for CEO of the Year was bestowed upon Fabian Kasi of Centenary Bank, who claimed the Diamond award, while Richard Yego of MTN MoMo was honoured with the Gold award.

Under the category of Community Digital Empowerment Excellence, Cente Tech’s Digital Messaging Platform for Catholic Dioceses clinched the prestigious Diamond award, with Oracle Academy securing the Gold recognition.

FutureLink Technologies’ MSacco stood out in the Financial Inclusion Excellence category, while Standard Chartered Bank excelled in Digital Banking Excellence.

In the Banking Innovation Excellence arena, Post Bank’s latest Wendi Digital Wallet emerged as a frontrunner. Centenary Bank and Pride Microfinance Limited claimed top honours in Community/MFI Banking Innovation Excellence, securing the Diamond and Gold awards, respectively.

Airtel Money’s Micro Merchant earned acclaim in FinTech Innovation Excellence, while MTN MoMo triumphed in Financial Services Digital Excellence.

For Consumer Goods Digital Excellence, Movit took home the Diamond award, closely followed by Jude Color Solutions with the Gold distinction.

Utilities and Government Services Digital Excellence recognized Uganda Registration Services Bureau (URSB) with the Diamond accolade and the National Water and Sewerage Corporation (NWSC) with the Gold recognition.

In the domain of Technology Services Digital Excellence, Comviva emerged as the standout performer.

Below is the full list of all winners.

Community Digital Empowerment Excellence.

Digital Messaging Platform for Catholic Dioceses by Cente Tech – Diamond
Oracle Academy – Gold

Financial Inclusion Excellence.

MSacco by FutureLink Technologies

Digital Banking Excellence.

Standard Chartered Bank

Banking Innovation Excellence.

WENDI Digital Wallet by Post Bank

Community/MFI Banking Innovation Excellence.

Centenary Bank – Diamond
Pride Microfinance Limited – Gold

FinTech Innovation Excellence.

Micro Merchant by Airtel Money.

Financial Services Digital Excellence.

MTN MoMo

Consumer Goods Digital Excellence.

Movit – Diamond
Jude Color Solutions – Gold

Utilities and Government Services Digital Excellence.

URSB – Diamond
NWSC – Gold

Technology Services Digital Excellence.

Comviva

Digital Campaign Excellence.

#NoTuteeseOffline by SafeBoda – Diamond
#KikoleForLess with FlexiPay – Gold

CEO of the Year.

Fabian Kasi – Centenary Bank – Diamond
Richard Yego – MTN MoMo – Gold

Digital Brand of the Year.

Standard Chartered Bank – Diamond
Centenary Group – Gold

Digital Brand of the Decade – 2013 to 2023.

MTN Uganda & MTN MoMo

November 18, 2023

2023 Digital and Financial Inclusion Summit: Ecosystem Players Advocate for Infrastructure Enhancement for Financial Inclusion

During the 2023 Digital and Financial Inclusion Summit, industry stakeholders noted the need for improved infrastructure to improve business operations and counter the surging instances of fraud.

Held at Kampala Serena Hotel, the 2023 Digital and Financial Inclusion Summit was organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies and generously supported by the Bill and Melinda Gates Foundation.

Sanyu Gila, who graduated from university in 2015, found herself unable to secure formal employment. This led her to explore the potential of the mobile money agent business as an alternative means of livelihood.

“Over the years, I have grown and scaled this business, but it hasn’t been without challenges. Fraud prompted the closure of some outlets I had opened. Inexperienced employees posed vulnerabilities to my business resulting in big losses. The declining telecom commissions, taxes, and network issues have also eroded customer trust in some of the products,” Gila shared.

Similar sentiments were echoed by Aturinda Tryphine and Gloria Mirembe; also, Mobile Money Agents during the summit, which focused on ensuring the safety of customers’ funds and platform security.

The summit fostered discussions essential for advancing digital and financial inclusion across Africa.

“We face capital limitations. Sometimes you forego bigger transactions because you do not have enough float. As a result, you miss out on commission as well as customers who may not come back to you,” Gloria said.

Hon. Joyce Nabbosa Ssebugwawo, the Minister of State for ICT, stressed the necessity of enhancing Fintech infrastructure to safeguard customers and agents.

“HiPipo has championed digital financial inclusion excellence. As we navigate this era, our efforts should extend beyond to empower underserved communities. FinTech has reshaped business, but the escalating cyber threats highlight the need for cybersecurity,” she remarked.

National Payment Switch taking shape.

The anticipated launch of a national switch in payment processing in the near future aims to revolutionize financial transactions, enhance liquidity management, and streamline Anti-Money Laundering and Countering the Financing of Terrorism capabilities. This initiative is forecasted to strengthen cyber surveillance while significantly reducing transaction costs for retail digital payments such as mobile money users.

Andrew Kawere, the Deputy Director of the National Payments Systems at the Bank of Uganda, said the primary objective of the national switch is to act as a catalyst for efficiency and interoperability, promoting standardized practices in financial transactions.

“We envisage the national switch being delivered as a safe and affordable public good that supports innovation. Digital transformation has been proven to have a positive impact on financial inclusion by providing an avenue for the disadvantaged to access financial services and to participate in the money economy,” he said.

The summit gathered key stakeholders driving digital and financial service adoption across Africa, including policymakers, young entrepreneurs, and innovators.

Dr. Warren Carew, Managing Director at INFTX, noted the challenges in developing an interoperability system.

“Addressing fraud in mobile money platforms requires identity infrastructure. Focusing on interoperability can reduce barriers to financial services,” Carew noted.

Innocent Kawooya, the HiPipo CEO, applauded the project’s partners for their thoughtful commitment to enhancing digital and financial inclusion across Africa.

He noted that through partnerships and deliberate support, a lot of ground has been covered with millions of end-users onboarded on to the digital and financial inclusion train in the last decade. Nonetheless, he said that much more effort is needed for complete inclusion to be achieved.