This is Nicholas Ntulume Luyimbula. Many know me as DJ Nick – a radio host and deejay.
Well today, I am not playing your favourite music.
Instead, I am here to share with you an ANTIDOTE that will keep all of us SAFE.
This is a call for you to embrace digital financial services. I mean, now than ever before, we should all be doing digital transactions. Receive your payments through your bank account or mobile money and transact electronically.
Encourage your Rolex (eggs in chapatti) guy to accept mobile payments. Advise your market lady to get a pay bill number. Teach your laundry person the advantages of transacting electronically.
This is a digital era and no one should be left behind.
We must include everyone because AN ECONOMY THAT INCLUDES EVERYONE BENEFITS EVERYONE.
Allow me thank the HiPipo Foundation for spearheading this Digital-Financial Inclusion awareness drive.
Wash your hands, sanitize, social distance, stay home and transact electronically.
This COVID19 pandemic caught the entire world off-guard. Not even your favourite pastor foresaw it. Even those that allegedly foreknew it, never prophesied about the same.
With its unprecedented outbreak, states have reacted by issuing the highest (Level 4) DO NOT TRAVEL advisories, closing borders and instituting curfews, partial and full lockdowns. Unfortunately this may go on for some months.
While this is happening, all countries are now actively advocating for digital cashless economies as a way for reducing the spread of this deadly virus. Working home, E-commerce and Digital Financial Services are the new normal.
In East Africa, Digital Financial Services providers swiftly responded to the roaming danger of the Corona Virus by waiving several transactional fees. For example, telecoms like MTN Uganda and Airtel Uganda have for now suspended sending/transfer charges on Mobile Money and Airtel Money respectively. But withdraw charges have been maintained.
Additionally, several banks and micro finance institutions have scrapped several charges including those on Account to Wallet Transfers (bank account to mobile money), Agent Banking and other digital banking services.
Indeed, these sweetens are all good music to the public ears.
Nonetheless, several questions come up. Is that enough? Can’t these service providers do better now and in future? Did it have to take a pandemic to occur for these players to realize that the multiple charges were anti financial inclusion? Will this economic crisis occasioned by the Corona Virus disease teach financial sector players some lessons about the problem they create by just focusing on earning super normal profits and bonuses annually yet locking out the majority at the bottom of the pyramid?
Like HiPipo Foundation puts it; an ECONOMY that INCLUDES EVERYONE, BENEFITS EVERYONE.
As such, it is my hope that Digital Financial Services players will use this crisis to proactively design accessible and affordable products that will ensure that the poorest of the poor is able to transact electronically.
When this comes to an end, the new normal should be DOING AWAY WITH ALL MONEY SENDING/TRANSFER CHARGES AND SIGNIFICANLY REDUCING WITHDRAW AND TRANSACTIONAL COSTS.
*Digital Impact Awards Africa* will be featured under the *Include Everyone Summit*
The program constitutes
Interoperability and Open APIs Hackathon,
Include Everyone Summit ,
Digital Impact Awards Africa.
This will bring together different digital and financial inclusion stakeholders from across Africa. The project will discover and promote products and services plus innovations which are of strategic importance for Africa’s drive to effectively reap maximum digital dividend that will catalyze Africa’s development.
Given the strategic importance of digital inclusion and financial inclusion in Africa, we call upon all players in the different economic sector industries that embrace digital in their businesses, plus those that provide or use financial services to participate.
The 5th Digital Impact Awards Africa (#DIAA2018 #IncludeEveryone) is underway. As part of our #IncludeEveryone program #DIAA2018 is the leading event honouring the best in digital across Africa. DIAA2018 focus is on financial inclusion. Nomination submission entries are open from June 25th and will close by July 25th 2018.
