#IncludeEveryOne: Entries’ Submission for the 2020 Digital Impact Awards Africa – #DIAA2020 kick off.

HiPipo; the organizers of the annual Digital Impact Awards Africa have started receiving entries for the 2020 Digital Impact Awards Africa (#DIAA2020).  Digital Impact Awards Africa is Africa’s most important gathering of C-Level Executives, and senior Digital and IT executives.

The kick-off of the entries’ submission marks the start of a comprehensive entry submission and validation process that will run until 2nd November, 2020. This will be followed by release of nominations and public voting.

The #DIAA2020 grand finale is slated for the afternoon of Thursday 26th November. It will be preceded by the annual Include Everyone Summit (aka Digital and Financial Inclusion Summit) on the same day.

#DIAA2020 grand finale is scheduled for 28th November 2020 at the Kampala Sheraton Hotel. The awards gala will be the climax of the Include Everyone – Digital and Financial Inclusion Summit that will happen on the same day. This summit will explore the strategic trends and technologies that are shaping the future of Digital, IT and business. The summit theme will be “Collaboration To Advance Safety and Security Towards Sustainable Financial Inclusion”.

Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion and Cybersecurity. Precisely; the Awards seek to recognize, celebrate and appreciate different individuals and organizations that are spearheading the use of digital mediums to better serve their communities.

All qualifying organisations and projects are called upon to submit their entries ahead of the entry closure date of 2nd November 2020.

The summit and awards will use 3 official tags

#IncludeEveryone #DIAA2020 #LevelOneProject

Appended below is a list of categories.

Ends!

Categories.

Africa

  1. Africa (KENYA) Outstanding Contribution to Financial Inclusion
  2. Africa (TANZANIA) Outstanding Contribution to Financial Inclusion
  3. Africa (RWANDA) Outstanding Contribution to Financial Inclusion
  4. Africa (ETHIOPIA) Outstanding Contribution to Financial Inclusion
  5. Africa (BURUNDI) Outstanding Contribution to Financial Inclusion
  6. Africa Best Fintech Innovation
  7. Africa Best Smart Device Initiative
  8. Africa Best Internet Access Initiative
  9. Africa Best Mobile Innovation for Health
  10. Africa Best Mobile Innovation for Agriculture
  11. Africa Best Mobile Innovation for Education
  12. Africa Best Mobile Innovation for Banking
  13. Africa WomenInFintech – Leadership Award (Personality)
  14. Africa Financial Inclusion – Medal of Honor (Personality)
  15. Africa Best Digital Response to Covid Impact (Community Support)
  16. Africa Best Digital Response to Covid Impact (Consumer Product and Services)
  17. Africa Best Digital Response to Covid Impact (Financial Inclusion Services)

Uganda

  1. Financial Inclusion Excellence – Diamond (Corporate 10+ Years)
  2. Financial Inclusion Excellence -Platinum (Corporate 6-9 Years)
  3. Fintech Outstanding Contribution (40Days40Fintechs) – Gold (SME- 10+ Years)
  4. Fintech Outstanding Contribution (40Days40Fintechs) – Silver (SME – 6-9 Years)
  5. Fintech Outstanding Contribution (40Days40Fintechs) – Bronze (SME -2-5 Years)
  6. Women Financial Inclusion Outstanding Contribution (Saving and Lending)
  7. Women Financial Inclusion Outstanding Contribution (Payments)
  8. Women Financial Inclusion Outstanding Contribution (Insurance)
  9. Digital Banking Excellence (Online/Web, Mobile, Social Banking)
  10. E-Commerce Excellence
  11. Agriculture Digitization Excellence (Financial Services)
  12. Agriculture Digitization Excellence (E-commerce)
  13. Green Energy Excellence Powered by Financial Inclusion.
  14. Best Digital Customer Experience (Financial Services, Telecom, IT)
  15. Best Digital Customer Experience (Utilities and Government Services)
  16. Best Brand on Social Media (Financial Services, Telecom, IT)
  17. Best Brand on Social Media (Consumer Goods)
  18. Best Brand on Social Media (Utilities, Government Services)
  19. Best Digital Powered Campaign
  20. Best Mobile Payments (Innovation)
  21. Best Cards Payments (Innovation)
  22. Best Community Banking
  23. Best Digital Awareness Initiative (Financial Literacy, Cybersecurity)
  24. Best Digital Embrace (Non-Consumer Facing Brand)
  25. Digital Brand of the Year

FinTechs urged to tap into Women entrepreneurs.

Our Reporter.

Ugandan Financial Technology (FinTech) companies have been advised to involve more women in the conceptualization, designing and development of Fintech products and solutions that can tap into the underserved market segment of Ugandan women entrepreneurs.

Damali Ssali, a Chartered Accountant, Business and Trade Development Expert, says that in a country where 48 per cent of all small and medium-sized enterprises (SMEs) are owned by women, it is paramount to develop financial inclusion solutions spearheaded by women.

“Over 70 per cent of informal cross border trader women need access to affordable fintech solutions. That segment is a ready market for innovative fintech solutions which can only be designed and developed through greater increase in women in fintech processes,” Ssali said while delivering a key note address titled Women in FinTech – the Case of Uganda at the maiden Women in Fintech Summit held at Sheraton Kampala Hotel on Friday 18th September under the theme fostering leadership, innovation and championing women empowerment.

The summit was the culmination of a week-long Women in FinTech Hackathon where 15 women-led teams met between 12th and 17th September 2020 to conceptualize and develop different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture, among others.

Organized by HiPipo under the Include EveryOne program in proud partnership with ID8, Crosslake Tech, ModusBox, Mojaloop Foundation and the Level One Project; the Women in Fintech Hackathon and Summit sought to generate interoperable financial inclusion solutions for women, by women.

According to Ssali, this initiative is a step in the right direction. She, however, stressed that if Ugandan Fintechs are to design products and solutions that reflect the actual customers, then they must increase the number of women in Fintech from the current 10 per cent to 50 per cent!

At the recent 40-Days-40-Fintechs initiative organised by HiPipo, it was discovered that only 10 per cent percent of the participating Fintechs had women as their co-founders or part of their senior management.

“Therefore, having women in fintech in not only the right thing to do, and moral thing to do, but most importantly, it is the smart thing to do and the profitable thing to do!” she said.

Ssali’s argument was re-echoed by Hon Judith Nabakooba, the Minister of ICT and National Guidance, who promised government support in development of ICT solutions targeting women.

 “As a sector we need to implement interventions that remove roadblocks to access and usage of ICTs by women such as reducing the digital divide between urban and rural dwellers by availing ICTs to the underserved communities; promoting the digital literacy of women so that more can use ICTs,” she said in a written speech read in her absensia by Judith Odio, a Commissioner from the Ministry of ICT.

In the same vein, Adama Diallo, the Mojaloop Foundation Director and Google Head of Partnership for the next billion users project in Africa, said in a recorded video that in a world where three quarters (¾) of purchases are done by women, Fintechs urgently need to be female-centric.

Further, Kristy Duncan, the founder and CEO of Women in Payments delivered a speech under the theme Funding Wellsprings for Women in Fintech.

Kristy Duncan noted that digital financial inclusion is vitally important as it will empower women and girls to a life of equal opportunity.

“We need more women in fintech to promote innovation. Because if we don’t include women innovators, then we are only innovating with half the population,” she said.

There was also a panel discussion targeting Financial Inclusion for women at the bottom of the pyramid and all panelists agreed that such women need a simple, convenient and fit-for-purpose mobile solution.

Moderated by Ritah Kabanyoro from Smart 24 TV; the panel had Primera Muthoni – Products Specialist at MTN Uganda, Doreen Lukandwa – Head of Marketing and Customer Experience at Beyonic Uganda, Penny Kamusiime – Manager, Customer Experience at YO Uganda Limited and Stella N. Lugalambi –co-founder of Hamwe East Africa Ltd.

SUCCESSFUL.

Nicholas Kalungi, the chief operation officer at HiPipo Foundation noted that the Women in Fintech Hackathon and Summit had succeeded both in objective and implementation. Besides being the first of its kind in Uganda, Kalungi noted that over 30 teams expressed interest in participating but only 15 were shortlisted for the Hackathon. These were Yo Uganda Limited, Team Spec, E-Moments, W-Sacco, Kanzu Code Ladies, GreenGrab, Achors, UgMart, Hack Girls, Team Kameeza, Alpteq ICT Solutions, Team Affinity, Sky Code, Team Time and Kuzimba Services. Save for one, the other 14 actively participated throughout the week.

The teams were taken through daily interactions with a pool of facilitators, mentors and assessors from all over the world who were either physically present or accessible remotely via ID8, Slack and other virtual platforms.  

They were then tasked to develop simple but relevant and ready-for-market financial inclusion products targeting women.

At the Women in FinTech Summit, five teams were identified as having performed better than the rest. These were Kanzu Code, E-Moments, Anchors, Affinity and Hack Girls.

The overall winners as scored by the jury were Kanzu Code Ladies and walked home with USD 2,000 to be used to put their product on the market. They developed an online bank to ease access to finance for local women. The other 4 teams that made the top five will together share USD 2,000.

L to R : HiPipo Chairman – Eng John Mark Ssebunnya, HiPipo Patron – Hon Eng. David Karubanga and HiPipo CEO – Innocent Kawooya do a scientific greeting at the Women in FinTech Summit held at Sheraton Hotel.

Meanwhile, HiPipo CEO – Innocent Kawooya applauded all participating teams as “all winners” and promised that there was a plan to create an innovation hub for all of them to ensure that their ideas are actualized and their products go to market.

At the summit, the HiPipo patron, Eng. David Karubanga – who is also the State Minister for Public Service and Member of Parliament for Kigorobya County applauded the organizers for thinking about Women as the world grapples to reduce the dominance of men in all sectors. He also promised government support in fulfilling this dream of enhancing women financial inclusion.

FACTFILE:

  • Globally, women entrepreneurs are 30% less likely to have access to sufficient funding for their businesses.
  • However, Women entrepreneurs continue to receive only a small fraction of the total capital available for SME investment across Africa generally and Uganda specifically.
  • In Uganda, bank lending is dominated by the corporate sector and typically excludes lending to those employed outside of the formal sector, or to small and micro businesses, areas in which women are more likely to be employed.
  • In 2018, Bank of Uganda reported in that informal cross border trade stood at USD595million and Uganda registered a trade surplus.
  • In 2015, a McKinsey and Company study indicated that companies that had a balanced and inclusive workforce were 33% more likely to have better than average profits.
  • A Boston Consulting Group study indicated that companies with a balanced and inclusive senior management teams had 19% higher revenues due to innovation

“People not only buy your product but buy into you. Be smart because you are the business yourself,” Doreen Lukandwa told Young Developers.

Doreen Lukandwa; the Head of Marketing and Customer Success at Beyonic Uganda has urged start-ups to pay special attention to both customers’ acquisition and retention as these two are core pillars of business success.

While delivering the final mentorship session at the just concluded Women in FinTech Hackathon held in Kampala, Doreen Lukandwa took the participants through the 7Ps of the market mix, that is to say; Product, Place, Price, Promotion, Physical Evidence, People, and Processes.

“Marketing is not something that you just pick from the back of your pocket and say that I need a marketing person. You can actually do the marketing yourself. Every day you talk about your business, you are marketing it. You must understand your customer. When you know who you want to speak to then you know how you are going to get your money back through pricing,” Doreen Lukandwa said, adding;

“People not only buy your product but they buy into you. Look smart; don’t take that for granted because you are the business yourself.”

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon has participants conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others. 

Day 5 was the final day of this week long Women in FinTech Hackathon. Teams pitched their products to the jury and now waiting for the final scores. The team with the best product will be announced tomorrow, Friday 18th September at the Women in FinTech summit at Sheraton Hotel.

Ends.

There is no ‘perfect product’. Go to Market but continue improving your product – Primera Muthoni tells Young Developers.

Primera Muthoni; a Products Specialist at MTN Uganda, Leading Innovator and Entrepreneur has today challenged young developers to always ensure that they execute a proper product roll-out plan because ‘Going to Market’ is as important as Product Development.

Primera Muthoni said this while delivering a mentorship session around Technology and Product Go to Market at the 4th day of the Women in FinTech Hackathon that is currently underway in Kampala, Uganda.

With over 10 years’ experience in Telecoms’ products develop and marketing, she shared special insights on when to roll-out a product, how to handle the first launch days and what happens thereafter with focus on the fact that there is no perfect product, and thus all products require upgrades from time to time.

“Not yet good enough to go to market? This is the story today. I have had my app in the market for six years. The day we went to market, it had like two, three features but we went to the market. We have been adding more features and functions all this time,” Primera Muthoni said.

She added: “I have SMSs that clock in my phone every hour. I have emails every single morning showing me statistics of the last seven days plus all sorts of notifications. This is because if there’s a problem with my product, I want to be the first person to see and know it. I am the owner of that product. I do not want the tech team telling me. I don’t want the developer telling me. I don’t want that stuff. I want to know and keep updated because I know that I can never create a product that is problem free completely.”

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon has participants conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others. 

Minus the mentorship session, the fourth day of the Women in FinTech Hackathon had teams get introduced to the Level One Principle of Level 1 Principle of Scheme Design & Governance, tackled MVP (minimum viable product) details, and forex cross country use case. The hackathon will culminate in to the Women in FinTech summit on Friday 18th September.

Important Dates.

  1. 12 September: Women in FinTech hackathon kicks off.
  2. 14th to 17th September: Women in FinTech hackathon underway.
  3. 18th September: Women in Fintech summit.  

Ends.

Financial Management is as important as Product Development – Damali Ssali.

Damali Ssali; a Ugandan Chartered Accountant, Financial Inclusion Advocate, Business and Trade Development Expert has today urged start-ups to prioritize both proper financial management and quality products development because both are critical to the success of any business.

Damali Ssali made these remarks while delivering a mentorship session themed Business Financing and Financial Management at the third day of the Women in Fintech hackathon that is currently underway in Kampala, Uganda.

“Financial Management is as important as Product Development. I know you are developers and very competent in that field. It is not surprising that almost none of the 14 teams here are working with a financial expert. While this is fine right now, it cannot continue like this,” Damali Ssali noted, adding:

“You need to understand your business figures. The value of your product, the time you have spent on it and everything you have injected in. Even if you have a good product, if you don’t manage your finances properly, then you will face break-even challenges.”

According to different studies, over 82 per cent of small businesses fail due to cash flow problems, a fact that makes prudent financial management a must if a business is to succeed.

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon has participants conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others. 

The third day of the Women in FinTech Hackathon saw teams work on APPs integrations with APIs, discussed the Level One Principle of System Design and went through the Digital Financial Service Provider (DFSP) Boarding Journey.  

The hackathon will culminate in to the Women in FinTech summit on Friday 18th September.

Important Dates.

  1. 12 September: Women in FinTech hackathon kicks off.
  2. 14th to 17th September: Women in FinTech hackathon underway.
  3. 18th September: Women in Fintech summit.  

Ends.

Be Confident and Accept Humble Beginnings – Prof Maggie Kigozi tells Young Developers.

Prof Maggie Kigozi; a Ugandan Business Champion, Investment Promotion Expert, Entrepreneur, Farmer, Feminist, Chairperson of the Africa Scout Foundation and Senior Consultant at the United Nations Industrial Development Organization (UNIDO) has today asked young developers to work on their confidence and also respect humble beginnings.

“Confidence is key for business success and for us women, it is sometimes lacking. I urge you to do your best to work on your confidence. Talk to each other, and challenge yourselves to get better,” Prof Kigozi, the chief mentor at the on-going Women in FinTech Hackathon said while addressing the over 50 participants today.

She added: “It is okay to start small and grow gradually. Look for capital from right sources such as family, friends’ groups, Saccos and banks. Please don’t go to the money lenders who simply ask for Car Cards or Land Titles in exchange for short term loans. That is not a good way of sourcing for business capital. I encourage you to have some patience, be able to save and use formal financial institutions such as banks. Business takes sometime unless you are very lucky.”

On the second day of the hackathon, the 14 teams showcased their Solution Design and Prototypes. They were also introduced to latest tools to use (such as Mojaloop), different APIs and use cases.

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon has participants conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others.  It will culminate in to the Women in FinTech summit on Friday 18th September.

Innocent Kawooya, the CEO of HiPipo thanked Prof Maggie Kigozi for always finding time to help young and small organisations. He noted that HiPipo is one of the beneficiaries of Prof Maggie Kigozi’s mentorship and business coaching. He presented a Special Fibre Mosaic Art Piece to her in appreciation of her contribution to developing Uganda.

The Women in FinTech Hackathon and Summit come at the back of the great success of the recently concluded 40 Days 40 Fintechs initiative and the FinTech Landscape Exhibition that attracted over 100 financial sector organisations from all over the world, between May 13 and July 30th 2020.

Important Dates.

  1. 12 September: Women in FinTech hackathon kicks off.
  2. 14th to 17th September: Women in FinTech hackathon underway.
  3. 18th September: Women in Fintech summit.  

Ends.

Women in FinTech Hackathon underway.

13th, September, 2020: The first of its kind Women in FinTech Hackathon is currently underway in Kampala with 15 women led and dominated teams taking part.

The participants are conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others.  

As part of the project, all teams are interacting with a pool of facilitators, mentors and assessors pulled together from all over the world but mainly accessible remotely via ID8, Slack and other virtual platforms.

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon will culminate in to the Women in FinTech summit on Friday 18th September.

“We are excited to deliver this. Day One had all teams get introduced to latest financial inclusion tools, detailed discussions around level one principles, submission of each team’s problem statement and business case,” Nicholas Kalungi, the COO of HiPipo, noted on Saturday 12th September, the first day of this Hackathon.

He added; “The next four days are very crucial to the success of each team. The teams are doing their work and getting continuous guidance from facilitators, mentors and assessors both on site and remotely. We are convinced that this is the start of something amazing for all of the participants.”

The Women in FinTech Hackathon and Summit come at the back of the great success of the recently concluded 40 Days 40 Fintechs initiative and the FinTech Landscape Exhibition that attracted over 100 financial sector organisations from all over the world, between May 13 and July 30th 2020.

Important Dates.

  1. 12 September: Women in FinTech hackathon kicks off.
  2. 14th to 17th September: Women in FinTech hackathon underway.
  3. 18th September: Women in Fintech summit.  

Ends.

15 Teams shortlisted for Women in FinTech Hackathon.

09th, September, 2020: As part of its on-going Financial Inclusion efforts in Uganda and across Africa, HiPipo is implementing the Women in FinTech hackathon and summit this month.

Today, 15 women led teams have been announced for the Women in FinTech hackathon slated for 12th to 17th September at Hive Colab, Kamwokya, with the exception of Sunday 13th.

The participants will for 5 days conceptualize and develop products for enhancing women financial inclusion in Uganda and across Africa. They will network with fellow Developers and Facilitators from across the World, receive Mentorship from Industry Players and Business Leaders, get access to latest infrastructure and technology in addition to taking home a variety of prizes.

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox Mojaloop Foundation and Level One Project, this women focused hackathon will culminate in to the Women in FinTech summit on Friday 18th September.

“We received close to 30 team entries for this first of its kind women focused hackathon. Unfortunately, we couldn’t accommodate all of them this year. We thus shortlisted 15 teams that ticked all the project boxes,” Nicholas Kalungi, the Chief Operating Officer of HiPipo noted while announcing the teams, adding;

“Registration was the easier part of the project. The hard work will start on Saturday 12th as the teams will get down to developing ‘would be world changing and lifesaving products and services’. The 15 teams’ leaders and majority of their members are women. This is part of our contribution to addressing the huge gender diversity challenge that currently exists in the financial technology space.”

The Women in FinTech Hackathon and Summit come at the back of the great success of the recently concluded 40 Days 40 Fintechs initiative and the FinTech Landscape Exhibition that attracted over 100 financial sector organisations from across Africa, between May 13 and July 30th 2020.

The 15 Teams.

NumberTeam  NameTeam Leader
1E-MomentsEmily Nakabuye 
2Yo Uganda LimitedPenny Kamusiime  
3Team SpecEdith Ndagire 
4W-SaccoNassanga Jalia
5Kanzu Code LadiesAretha Kebirungi
6GreenGrabValentine Masicha        
7AchorsNanteza Nuriatt     
8UgMartDiana Nafuna     
9Hack GirlsHalima Bukirwa    
10Team KameezaSuzan Mbabazi    
11Alpteq SolutionsNamubiru Aminah    
12Team AffinityMusimenta Maria    
13Sky CodeMourine Tumuhaise    
14Team TimeEva Mirembe     
15Kuzimba ServicesEphrance Eunice Namugenyi     

Important Dates:

  1. 17th August to 4th September: Online Registration.
  2. 4th to 8th September: Eligible participants announced.
  3. 12 September: Women in FinTech hackathon kicks off.
  4. 14th to 17th September: Women in FinTech hackathon underway.
  5. 18th September: Women in Fintech summit.

Ends.

Registration for Women in FinTech Hackathon kicks-off.

17th, August, 2020: As part of its on-going Financial Inclusion efforts in Uganda and across Africa, HiPipo has today unveiled the Women in FinTech hackathon and summit.

Slated for 12th to 17th, September, the Women in FinTech hackathon will have developers convening to develop financial inclusion solutions that address their communities’ needs, aided by Level One Project principles and the latest payment technologies such as Mojaloop open source software. During the hackathon, the participants will interact with facilitators, mentors and judges drawn from across the world.

Registration for this first of its kind hackathon has kicked off today – 17th August 2020 and will go on until Friday 4th September 2020, after which shortlisted teams will be announced and guided on next steps. Eligible participants will be those that will have registered a team of 2 to 4 participants; the team leader must be a woman and at-least 2 of the team members must be women too.

Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox and Mojaloop Foundation, this women focused hackathon will culminate in to the Women in FinTech summit on Friday 18th September.

While announcing these two activities, Innocent Kawooya, the CEO of HiPipo noted that it is important to have more women involved in financial technology as this will ensure that products and services on the market are well-tailored to serve women, who while are the majority are less included.

“In line with both Bank of Uganda and Level One Project’s Financial Inclusion principles, the Women in FinTech hackathon and summit will promote the adoption of ICT-based financial services because they deliver affordable and innovative financial solutions to the poor, vulnerable and least included groups such as women., ”Kawooya said, adding;

“The project holistically supports both the United Nations and the government of Uganda’s efforts of using ICTs for socio-economic transformation. We need to bring more women on board so that there can be more products that properly address the needs of the majority women.”

The Women in FinTech Hackathon and Summit come at the back of the great success of the recently concluded 40 Days 40 Fintechs initiative and the FinTech Landscape Exhibition that attracted over 100 financial sector organisations from across Africa, between May 13 and July 30th 2020.

Important Dates:

  1. 17th August to 4th September: Online Registration.
  2. 4th to 8th September: Eligible participants announced.
  3. 12 September: Women in FinTech hackathon briefing for shortlisted teams.
  4. 14th to 17th September: Women in FinTech hackathon.
  5. 18th September: Women in Fintech summit.

Eligibility:

  1. A team of 2 to 4 developers.
  2. The team leader must be a woman.
  3. At-least 2 of team members must be women.

Benefits:

  1. Networking with fellow Developers and Facilitators from across the World.
  2. Mentorship from Industry Players and Business Leaders.
  3. Access to latest infrastructure and technology.
  4. Prizes to the winning team and all participants.

Ends.

E-commerce platforms urged to ensure real time settlements.

Our Reporter.

Electronic commerce platforms have been urged to settle financial obligations they have with partner businesses on the same day to enable them have sufficient cash flows to keep them afloat.

Speaking during the fintech Landscape exhibition at Sheraton Kampala Hotel, Damali Ssali, a trade development expert said that small businesses rely on daily sales to keep their business afloat and thus should be paid the same day.

It should be noted that while there are a number of financial technology companies that sell different goods to online buyers, they do not own the items they sell; they instead source them from third parties such as small businesses and deliver them to their clients, who either pay the fintech via mobile money or cash on delivery.

Ssali said that most times the small business owners operate on a small capital base and that when it takes several days to get paid, it constrains their ability to keep in business.

“Make timely payments to that woman in a market who has supplied the tomatoes which you have delivered to your client because that person is the most vulnerable in the entire value chain. They should not be exploited by the big players because they have to restock, feed their families and also have to serve other customers,” Ssali said.

Ssali also noted that international best practices dictate that a good e-commerce environment should be able to settle the liability of the person at the end of transaction on that same day.

The Jumia Food country manager, Timothy Mugume said the company understands well the value of same day settlement and does it religiously to enable its partners continue running businesses and continue supplying them and other customers.

Mugume noted that there are immense opportunities in e-commerce. He noted that online payments have grown tremendously during the ovid-19 pandemic crisis as people shifted to online purchases due to social distancing and lockdown measures.

The Head of payments at Safe Boda, Nicholas Kamanzi, also said that the ride-hailing firm does same day settlements because these small businesses need money to restock and continue operating.

He noted that previously, they could pay after a few days but they realised that the businesses needed money the same day and thus adjusted.

The Lusuku (garden online) founder and CEO Medhi Matovu alluded to the huge opportunity presented by Covid-19, saying that players need to focus on changing people’s attitudes towards e-commerce platforms to enable it play a meaningful transformative role in society.

The Information and Communication Technology minister, Hon Judith Nabakooba alluded to how the pandemic has fastened the adoption of e-commerce, saying that a multitude of transactions are increasingly being conducted electronically due to social distancing and lockdown measures.

She urged providers of digital financial services to seize the available opportunities to produce more products and services so as to eliminate any existing gaps.

Nabakooba said that the current situation presents numerous opportunities for prepared fintechs and other related technology service providers.

She noted that as people get used to the new normal, the uptake of e-services is bound to increase.

Exhibition

The fintech landscape exhibition sought to mark the end of the 40-days-40-fintechs project, which was organised by HiPipo, in partnership with Crosslake Tech, ModusBox and Mojaloop Foundation.

The engaged fintechs were equipped with interoperability skills, using Mojaloop, a switching platform with a centralised service that brings together digital financial service providers to help boost financial inclusion in Africa.

The HiPipo CEO, Innocent Kawooya said the successful execution of the 40-days-40-fintechs project, is expected to change the way financial inclusion is done in the world, transform millions of lives in years to come and change the way financial inclusion will be done in Uganda going forward.

He pledged that HiPipo will continue advocating for a level playing field for all fintechs across Africa to thrive.