Updates

Our Reporter.

When Ephrance Eunice Namugenyi’s father started a paver and block-making business, he contacted his daughter to use her Information Technology skills to market his products.

The two sat down and agreed to do something much bigger; create a digital marketplace for building materials.

“I also work at Kyambogo University where I meet students who don’t have jobs after school yet they are good at architectural work, engineering, etc….so, I said we can as well market professionals,” says Namugenyi.

It is this small meeting in April 2020 that led to the birth of Kuzimba Services – a digital payment solution that allows clients to purchase building and construction materials and services. Right from purchasing land to surveying to drawing architectural plans to building; Kuzimba provides the technical know-how.

Ephrance Eunice Namugenyi, the Founder and Managing Director of Kuzimba Services says the biggest challenge people face is the hustle of looking for genuine building materials at the right price. So, Kuzimba services works with construction professionals and genuine service providers and guarantees delivery of the right quality and quantities to the client’s construction site.

How it works

When a client gets onto kuzimba.com and maybe they want iron sheets, they click on the item and input the number and type they want. Then the quotation is made.

“Then we receive the notification and we call the client and get more details about the delivery,” she says.

The client is supposed to make a down payment of at least 50 percent electronically and then complete the full payment on arrival. Namugenyi notes that since April 2020, roughly the time when Covid-19 lockdowns started in Uganda, they have received more than 800 unique customers and over 60 repeat clients.

“Covid-19 came as a blessing. It was a good start for us. Being a teacher, this business stood out for me because I could make some money during Covid-19 and many people used the period to finish their building projects because they had some time on them. Many people called us because they were scared of moving. The challenge was transporting. We had to actually work very hard to deliver.” she says.

She adds that life after Covid-19 is much better because transport is easier and people are adopting digital financial systems faster. Kuzimba is gender-sensitive, with at least 51 percent of the team being women.

“I have personally struggled to scale through as a woman entrepreneur. It is a bit hard for a woman to convince a man that you can deliver maybe cement or sand to a construction site. But we have had to convince ourselves that we can do it. It takes a lot of peer mentoring, the more you do something, the more you become confident about it,” she says.

40 Days 40 FinTechs

Kuzimba, who are the defending champions of the 2021 Women in FinTech hackathon, comes as participant number 19 in this year’s 40 Days 40 FinTechs initiative.

Namugenyi says she is indebted to HiPipo for giving them a platform to build confidence; especially the Women in FinTech Hackathon which pushed her to the front.

“I realized there are many women in this space and I can actually make it. Thank you for marketing us. I don’t think of failing anymore. I think if this initiative is made countrywide, banks will understand the importance of working together,” she says.

The #40Days40FinTechs platform is run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa.

The platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products & Services and also share their ideas on how more of us, especially those unserved and underserved by the present financial systems, can be brought into the fold.

It also offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.

HiPipo CEO Innocent Kawooya noted that this year’s edition of 40 Days 40 FinTechs is cementing the achievements of the previous editions – where over 60 FinTechs have been transformed – but also building on them to leverage digital financial inclusion in East Africa and beyond.

“Thanks to initiatives like 40 Days 40 FinTechs and Level One Project among others; DFSPs, and FinTech stakeholders across Africa will soon gain access to fully functional IIPS regulatory sandboxes to prototype, build and test innovative digital products while evaluating Mojaloop technology with the aim of solving data/infrastructure localization government regulations and directives,” Kawooya said.

He added: “40 Days 40 FinTechs initiative is bringing together DFSPs and stakeholders (including regulators and development partners) to drive discussions on building instant and inclusive payment systems that will solve the most emerging challenges that limit low-income users from onboarding onto formal financial platforms.”

Our Reporter.

Marie Mintalucci has spent a number of years supporting female-led groups across Sub-Saharan Africa to create self-sustaining ventures. However, during this time, she has mainly made two observations.

One, women often borrow huge sums of money for unprofitable purposes like sending children to school or putting a new roof on the house. However, they often motivate for this credit as money for improving their businesses to increase the likelihood of obtaining the loan.

Two, the group micro loans that these women qualify for are often risky and expensive. Moreover, those loans are typically not in line with individual needs.

“With this in mind and some exciting behavioral science, I developed the idea of WomenSave to empower these women to meet their own self-defined financial goals on their terms and conditions with personalized savings plans,”Marie Mintalucci, the WomenSave Executive Director noted.

WomenSave is a non-profit organization started in 2020 that empowers unbanked women in rural East Africa to meet their financial goals with personal savings plans and mobile money.

All participants are taken through one-on-one financial advisory services, financial literacy training, customized goal-based saving plans, and critical instructions on how to open and use a mobile money account.

Mintalucci stresses that her research proved that web-based saving has the power to give women a real voice and a risk-free tool to join the digital economy. The project, which was first piloted in Western Uganda, targets women who live below USD 2 a day.

“We started in 2020 and today we have reached approximately 1,300 clients in Western Uganda who collectively have deposited over USD 84,000,” she says.

But her biggest satisfaction comes from the 1,165 financial goals achieved including buying livestock, paying school fees, purchasing home goods, making home improvements, investing in businesses and covering healthcare expenses. In addition, clients have more than doubled their individual reserve funds.

“WomenSave itself is not a financial service provider. We are the bridge between existing mobile money services and this market segment (rural women),” she explains.

She however acknowledges that her initiative is just a drop in the ocean because globally, the state of female financial inclusion is still very bad.

“There are nearly one billion women unbanked globally and in Uganda alone, approximately five million,” she says, noting that there is need to address both demand and supply constraints.

“On the demand side, we need to build trust and onboard women on the digital financial system in a welcoming manner. On the supply side, we need to show banks that this segment can be profitable. WomenSave aims to tackle both of these challenges, to fundamentally change the way banks welcome women and moreover the way those women use financial services to make their goals a reality,” she says.

40 Days 40 FinTechs

WomenSave is the 18^th participant in this year’s edition of #40Days40FinTechs.

Mintalucci applauded HiPipo for this initiative that is critical in raising the importance of what is being done in the financial inclusion space to inspire conversations, improve donations, investments and partnerships.

According to HiPipo CEO, Innocent Kawooya, WomenSave is a step in the right direction for women financial inclusion especially in rural Africa.

“The most beautiful thing is that WomenSave is run on a unique model. Many women crave things but lack proper means of making targeted savings. This model is the solution to that need,” he said.

Kawooya added that this year’s edition of 40 Days 40 FinTechs is cementing achievements of the previous editions – where over 60 FinTechs have been transformed – but also building on them to leverage digital financial inclusion in East Africa and beyond.

“Thanks to initiatives like 40 Days 40 FinTechs and Level One Project among others; DFSPs, and FinTech stakeholders across Africa will soon gain access to fully functional IIPS regulatory sandboxes to prototype, build and test innovative digital products while evaluating Mojaloop technology with the aim of solving data/infrastructure localization government regulations and directives,” Kawooya said.

The #40Days40FinTechs platform is run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa.

The platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products & Services and also share their ideas on how more of us, especially those unserved and underserved by the present financial systems, can be brought into the fold.

It also offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.

Our Reporter.

In Africa, the sources of business capital are usually personal funds, family, friends and loans. The first three are usually the ideal sources while the fourth is the most realistic.

As such access to affordable and readily available credit is key to the success and sustainability of businesses. Big and well-established businesses easily get funds from financial institutions because they have the required documentation and collateral security.

Unfortunately, the same can’t be said of start-ups, small and medium sized enterprises (SMEs). It even gets worse for informal businesses, which are the majority.

But with increasing uptake and advancement in technology, the future is looking brighter. Already, a few institutions are offering affordable digital loans to individuals and SMEs.

One of such organizations is Numida; a digital platform that provides convenient and unsecured working capital loans to African start-ups and SMEs. It doesn’t ask for paperwork, no collateral and the loan is processed within 24 hours. Since 2017, it has so far lent out over USD 16 million to SMEs. That is about UGX 60 billion.

Numida is the 16^th participant in the 2022 40 Days 40 FinTechs initiative.

We had a detailed conversation with Ana Grajales, the Numida Uganda Country Director. Below is what she had to say about Credit, FinTech, supporting Small Businesses, Women Empowerment and Financial Inclusion.

QN: To those hearing about you for the very first time, what is Numida and what do you do?

ANS: Numida provides unsecured working capital loans to micro and small businesses through our mobile app. Our loans require no paperwork, no field visits, no collateral, and are disbursed quickly.

We are working to be the first and largest mobile platform in Africa focused on offering digital, convenient, and responsible financial services to semi-formal African micro and small businesses. Our ambition is to enable at least 1 million small business owners on the continent to achieve their dreams by 2030.

QN: Who is eligible for your credit facilities? What does one need to access your credit?

ANS: The people eligible for Numida loans are those that follow in this category;own a business and have some kind of proof of ownership, have a National ID (or Passport or Driving Permit), and have mobile money numbers in their names.

If you meet these requirements, then the next step is to download the Numida APP and fill in details about your business and upload some photos. Numida staff will then contact you and follow up. The loan is then sent to your phone through Mobile Money.

 QN: Tell us more about how you are supporting informal and undocumented businesses.

ANS: Our clients are businesses and business owners with different degrees of formality. From the mobile money shop around your corner; to your tailor or your favorite clothes shop or your local pharmacy. We lend them 30-day, working capital loans; starting from UGX 200,000 to UGX 10M; with flexibility that really matches the needs of the business.Our service is all about convenience. First time borrowers can get a loan within 48 hours of applying, and repeat customers can get their loan disbursed to their mobile money account in seconds; due to our efficient operations and proprietary technology.

QN: For the time you have been in business, how many Ugandans and local businesses have you extended credit to? How much credit have you given our so far?

ANS: We started lending to businesses in 2017; since then we have lent to more than 25,000 micro and small businesses.  We have disbursed more than USD 7 Million worth of credit to this segment of customers and we are excited to keep helping micro and small businesses grow.

There are 1.1 million micro and small businesses in UG and they contribute about 75% of GDP, so it is about time that micro businesses have the right tech and financing to match their needs.

QN: How is Numida enhancing Women Financial Inclusion?

ANS: Because we tailor our requirements to the business needs, we have been able to serve more informal and undocumented businesses, which are also more likely to be owned by women. Currently women make up 48 per cent of our portfolio, and this has been intentional.

In terms of staff, we are 54 percent female and similarly split on managerial positions. We intentionally seek diverse team members and build an environment that can retain diverse talent and help them thrive.

QN: As an entity actively involved in the FinTech space, are you implementing Level One Project Principles which are Industry Best Practices such as Tiered KYC, Accessibility on Low-Cost User Devices, Real-time/Immediate funds transfer, Same-day settlement, Pricing Transparency and Irrevocability?

ANS: We use the same principles to design our product; though we apply them differently. Tiered KYC is allowing customers to engage with you with minimum requirements or less of a KYC burden; and our whole philosophy is lending to informal businesses that may not have all of the documentation or requirements needed by commercial banks.

Same day settlement is a core principle of our product; we give convenient loans and services, within 24 hours or within seconds; we settle transactions on a near-instantaneous basis. Our application shows customers their outstanding balance, at any time, as well as up-to-date information about their business and maximum loan quote.

QN: In your opinion, how does the 40 Days 40 FinTechs initiative support the industry?

ANS: The 40 Days 40 Fintechs initiative showcases the diversity and innovation in our space; visibility is important in facilitating attention, creating support and nurturing potential collaboration and partnerships. We are happy to take part.

40 Days 40 FinTechs.  

Now in its third edition, #40Days40FinTechs has quickly grown into one of the world’s premier showcase events for the innovations that are enabling ever more people to join the digital economy space. That is surely going to remain the case, in large part due to the inspiration and collaboration that HiPipo partners – Level One Project, Mojaloop, ModusBox, and Crosslake Technologies generate, but mostly because of the continuing generous support of the Gates Foundation.

Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products & Services and also share their ideas on how more of us, especially those unserved and underserved by the present financial systems, can be brought into the fold.

“The 40 Days 40 FinTechs initiative offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.” Noted Innocent Kawooya, HiPipo CEO.

Ends.

Our Reporter.

One of the biggest challenges faced by Ugandan migrant workers working in the Diaspora is money remittance. The cost of sending money is very high, ranging between five and ten dollars for transferring little amounts. On top of this, many have been defrauded of their hard-earned money – sometimes by their own relatives and friends who misappropriate it.

Imagine coming back home after two years of hustle in the Middle East and you realize that the house or business you were funding was all a hoax! That’s why we have lots of cases of depression and suicides among ‘returnees’.

It is ‘these’ depressions that Pivot Payments came to heal through an online banking system that allows one to conveniently manage their money without using a third party.

“The person just needs to download our mobile application and they will be able to save, send or spend money. This application is good for the Kadamas (Migrant Workers), as they are known. When they access Pivot Payments; they can save their money there because we have got a wallet; they are able to spend because they can pay bills directly from wherever they are for the people back home such as water and electricity bills or school fees; they can as well send it to the bank or mobile money wallet,” says Princess Shamirah Kimbugwe, the Founder and CEO Pivot Payments.

Born during the Covid-19 pandemic, Pivot Payment has received tremendous uptake because of the increasing demand and adoption of digital financial services.

“We were born in Covid. So, we were born out of fire….Covid in a sense shaped our resilience as a company. You have to fight to get a customer. Covid gave us a way to address the digital needs of that particular customer. Most businesses are closing, downscaling…but we have had to strengthen, we are going into other markets. We are expanding. So, Covid has harnessed our business…” says Kimbugwe.

According toKimbugwe, close to 170,000 people are banking with them with more than 16,000 using the mobile application. The platform has so far handled about 14 million US dollars in transactions. 

“Migrant workers from other countries are calling for our services. We are soon opening shop in Kenya, Tanzania and Ghana. Our ambition is to be in 10 markets across Africa by the end of next year,” she says.

Given that they primarily target migrant workers in the Middle East, Kimbugwe says more than 70 percent of their customers are women, since many are there as domestic workers.

Prohibitive laws.

Kimbugwe notes that while Uganda’s FinTech industry has lots of promise, there are still many regulatory bottlenecks.

“The FinTech industry in Uganda is still in the infancy stage. If you have over 70 FinTechs in Uganda, how many of them are licensed? Only 14! What does that tell you about us? Availability of FinTechs is there but maturity is not there. When you come to regulation, there is a new regulation that is being operationalized. But the enforcement has gaps,” Kimbugwe notes, adding;  

“The law is financially prohibitive.  When you say the minimum capital requirement for a FinTech to be licensed is UGX250m, money supposed to sit in the bank, then there is a grey area. FinTechs are run by young people who can’t afford to raise such money! Uganda has attracted just about 250m US dollars in FinTech investment but Kenya is close to 1bn dollars and Nigeria 2bn dollars. What are they doing right that we are not? It goes down to the environment, the laws. Let’s look at regulation; how we attract players. If Google and Amazon are setting up in Nairobi, why not in Kampala. Why? Let’s revise our tax regime. Regulation regime.”

40-Days 40-FinTechs

Now in its third edition, #40Days40FinTechs has quickly grown into one of the world’s premier showcase events for the innovations that are enabling ever more people to join the digital economy space.

That is surely going to remain the case, in large part due to the inspiration and collaboration from the project partners – Level One Project, Mojaloop, ModusBox, and Crosslake Technologies generate, but mostly because of the continuing generous support of the Gates Foundation.

“Knowledge is power. The 40 Days 40 FinTechs initiative has given us knowledge of the existing players and what they are doing. You have opened a door for information and collaboration. If you realize that someone is doing something, you can partner and achieve more,” Kimbugwe says.

The 40 Days 40 FinTechs initiative offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.

HiPipo CEO Innocent Kawooya appreciated Pivot Payments for simplifying banking and managing finances.

“Convenience is a very strong pillar for the success of any business and that is exactly what Pivot Payments is providing for our migrant workers. They can now comfortably be in Dubai and pay schools fees for their children back in Iganga, Masaka or Luweero without hustle. That is an ultimate financial inclusion model,” he said.

Kawooya added that this year’s edition is cementing achievements of the previous editions – where over 60 FinTechs have been transformed – but also building on them to leverage digital financial inclusion in East Africa and beyond.

“As HiPipo, our extensive effort and advocacy is partly for the intention of championing digital innovation and interoperable instant and inclusive payment systems (IIPS) in Africa to a point where our innovators enjoy and achieve sound profit margins to help them keep designing and deploying affordable and inclusive financial services for the poor,” he said.

Our Reporter.

Many Ugandans are full of business ideas but their biggest bottleneck is the lack of capital and inability to access credit. For a financial institution to give your business a loan, they will ask for a trading license, national ID, bank statement, tax report among others.

They therefore get stuck in the informal sector where growth and expansion is very limited.

This is one of the reasons why Tawaza Diva was formed, to, first, provide affordable finance to women and youths in the rural and informal sector but also to transition them into the formal sector.

According to Winfred Nandawula, the TAWAZA Program Director, Tawaza Diva is a product of Tawaza Initiative, a development solutions hub established in 2018 currently operating as a non-deposit-taking financial institution. Tawaza has so far changed lives of more than 1000 women and youth in the rural and informal sector by giving them micro loans.

Nandawula says her passion for financial inclusion dates back to 2012 when she harbored the idea of teaching women some financial literacy, especially how to save for the future.

“The idea didn’t pick up at all,” she says, noting that she realized that the problem was actually bigger than financial literacy; it was financial inclusion

“As women, the social-cultural norms do not allow us to step out there and access finance because we need collateral, guarantors and sometimes banks would ask us to have our husbands sign for us…so, access to finance was difficult. We realized the actual problem was the limited penetration of banks. There were no branches in rural areas. That is when mobile money started and we were excited. We said this will increase financial inclusion.”

But although mobile money significantly improved financial inclusion, people took time to accept it, especially in the villages.

“They were skeptical about storing their money on the phone…what if it gets lost? That is why they chose to keep money at home or in kiosks and they end up losing it all in case of a fire outbreak or break-in. So, we had to teach people about technology and how these platforms work, safely.”

Since inception in 2018, Nandawula says Tawaza has picked pace, especially after the Covid-19 pandemic. The platform now boasts 86 individual borrowers and more than 600 people clustered in women and youth groups.

She, however, acknowledges the challenge that borrowers are finding it difficult to repay the loans, due to the bad business environment posed by the post-Covid effects.

“Our target now is to onboard these women and youths from the informal sector into the formal sector. This will help us access bigger credit/stimulus from partner banks or even Uganda Development Bank,” she says.

“There is not much that can be done if we don’t get women and youth into the formal sector…So, we are trying to formalize them without creating much tax burdens and other requirements.”

Meanwhile, Nandawula appreciates #40Days40FinTechs initiative for being an advocate for the adoption of financial technology because there is an urgent need to demystify the bad attitude towards Financial Technology. She, however, wants better laws that protect both the customers and providers of digital financial services.

40-Days 40-FinTechs

Tawaza is the 14^th participant in Season Three of the #40Days40FinTechs initiative that seeks to shine a light on the unique stories about innovations that are enabling ever more people to join the digital economy space.

The initiative is run under HiPipo in partnership with the Level One Project, Mojaloop, ModusBox, and Crosslake Technologies with support from the Gates Foundation.

According to HiPipo CEO Innocent Kawooya, Tawaza’s focus to bail out women and youths is core to HiPipo’s Include Everyone program.

 “Women and young people are the drivers of the next generation. We must do everything possible to fully include them in the digital financial value chain,” he said.

He further called on digital innovators and FinTechs around East Africa to embrace 40 Days 40 FinTechs as Season three covers physical destinations in Uganda, Kenya, Tanzania, Burundi and Rwanda.

Kawooya added that this year’s edition will cement achievements of the previous editions – where over 60 FinTechs have been transformed – but also build on them to leverage digital financial inclusion in East Africa and beyond.

The #40Days40FinTechs platform is run under HiPipo’s broader Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa.

The platform offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.

Our Reporter.

Anyone doing business in Uganda will tell you that paying rent is one of their biggest nightmares. Whether you have made profits or not; whether you have spent the month sick or away attending to a patient, or whether you were in a Covid-19 lockdown; the landlord will always want their rent paid in full and on time!    

Failure to pay rent has actually been identified as one of the biggest reasons for the high turnover of businesses, especially in city arcades and malls.

It is against this background that Merchandise Uganda – an online marketplace – was formed.

Nurudin Busingye, the Merchandise Uganda General Manager says prevailing trends call for cheaper ways of doing business, and nothing beats online trading in cost-effectiveness.

“We realized that there is a lot of inequality in business where people don’t have money to rent at strategic locations. So, we said you can have your stock at home or you can import products and put them in a warehouse and open up an online shop on Merchandise Uganda to showcase your products to both local and international markets,” Busingye said.

On top of this, there is an estimated 20 million Ugandans who don’t have access to markets yet they have products to sell. And the rest of the population is looking for those products.

“So, at Merchandise Uganda, we developed this system to ensure that sellers have access to buyers and vice versa with just the use of their phones or computers,” he adds, noting that the main focus is on women SMEs.

“We see ourselves as a revolutionary company transforming traditional trade to global trade. People now work from home and have adopted technology; our goal is to ensure that Ugandan products are known not only to the local market but also the global market.”

HOW IT WORKS

When you have a business or products to sell, you just visit www.merchandiseuganda.com and open up a shop. A seller/trader is required to provide their name or business name, location, contact details, good photos of products and videos of how the products work (if need be).

When someone wants a product, they go to the website or download the Merchandise Uganda app and search for the product they want. Then people with such a product will be listed and the client can contact them directly.

“We have a partnership with delivery companies. All our suppliers are assigned to these logistics companies. So, when the client makes an order, the delivery company is notified to pick the product and deliver it,” he says, noting that clients use mobile money and banks to make payments.

“We are working on creating e-wallets to create a complete eco system…”

Started in 2019, Busingye says the Covid-19 pandemic saw a huge rise in the number of users with numbers jumping from less than 200 to more than 600 in just one year and more than 10 million product views.

“This is a good number. Remember these people don’t go to Merchandise Uganda to chat; they go there to do business,” he says.

Going International.

Merchandise Uganda is the 12^th participant in this year’s 40 Day 40 Fintechs initiative by HiPipo.

Now in its third edition, the 40 Days 40 FinTechs initiative offers participants useful tools and an introduction to the industry’s emerging technologies, such as Mojaloop Open Source Software, and guidance from Level One Project foundational material. The skills gained from this initiative cover Level One Project Principles, Instant and Inclusive Payment Systems (IIPS), Inclusive Finance and FinTech in general.

Busingye is full of praise for the 40 Day 40 Fintechs initiative for having given them free publicity in last year’s edition which is already paying dividends.

“We recently had a partnership with a European company which wants to do business with Ugandan suppliers. We also got contacts in South Africa who want us to open a branch that side. All this was a result of the 40 Days 40 Fintechs 2021 edition,” he says.

And for Innocent Kawooya, the CEO HiPipo, this revelation is testament to their mission of connecting the global markets.

“The beauty about the digital market is that it has no barriers, and no borders. Merchandise Uganda’s story gives us the satisfaction our goal of Including Everyone is taking shape,” he said.

Busingye however calls for more sensitization of Ugandans about the use of technology and digital tools.

He adds that they introduced a program to support women get online shops for free.

“We are conducting trainings for women. We have over 65% women-led businesses on our platform. Our aim is not to make money, but to support the communities, especially women,” he says.

Meanwhile, Kawooya says Digital Innovators and FinTechs around East Africa should be more eager to embrace 40 Days 40 FinTechs as Season three covers physical destinations in Uganda, Kenya, Tanzania, Burundi and Rwanda.

He added that this year’s edition seeks to cement achievements of the previous editions – such as Merchandise Uganda – but also build on them to leverage digital financial inclusion in East Africa and beyond.

“As HiPipo, our extensive effort and advocacy is partly for the intention of championing digital innovation and interoperable instant and inclusive payment systems (IIPS) in Africa to a point where our innovators enjoy and achieve sound profit margins to help them keep designing and deploying affordable and inclusive financial services for the poor,” he said.