Posted on

Social Lend Africa is using Technology to connect Borrowers to Lenders. #40Days40FinTechs Season 4 Day 17

For any businessman, anyone who can provide them with quick and cheap credit will definitely be their friend.

So, when Edward Mubangizi was introduced to Social Lend Africa, he saw it as a good opportunity to improve his supermarket business in Kisaasi.

“My friend told me that their financial services are friendly. I checked them out and downloaded their mobile Application. They requested to visit my businesses and they did it. They took a record of my stock and everything. The next step was asking me for the amount that I required,” he recalls.

Since then, Mubangizi has used the Social Lend platform without any challenges.

According to Marvin Peter Akankwasa, the CEO of Social Lend Africa Tech Limited, they came up with this digital lending peer-to-peer business marketplace to create a meeting point for lenders and borrowers.

“On one hand, we have borrowers who lack access to formal funding while on the other hand, we have lenders who lack operational processes to streamline their lending operations,” he says.

Akankwasa argues that at least 23 percent of the 1.5 million small businesses in Uganda are unable to access formal funding from financial institutions like banks.

“We have lenders who are engaged in predatory lending processes and lend with interest of up to 50 percent monthly,” he says.

Social Lend Africa brings different stakeholders together to create an equitable platform where both lenders and borrowers can get a fair deal.

“Borrowers get to borrow at affordable rates from 3 percent to 5 percent because most of their businesses, according to our survey, show that they don’t make more than 45% in their profit margin. Lenders get to enjoy our technology which analyses borrowers and scores them using smart algorithms so that they lend their money safely and profitably,” he says.

For a borrower to qualify, they must submit their contact and other Know Your Customer (KYC) information such as bio-data, national ID, and location.

“For businesses, we also take proof of business, ownership of the business, tax clearance certificates, and other compliance requirements,” Akankwasa says.

For lenders, all they need is proof of source of funds [is it employment or business].

“They don’t need a license to lend because we are already licensed to do that,” he says.

Akankwasa reveals that they have managed to put together a network of over 50 lenders and micro-lenders.

“We have reviewed over 3,000 loan applications and approved over 85 percent of them. We have also managed to get more than 900 downloads of the APP,” he says.

Akankwasa says that since they rely a lot on third-party aggregators who operate commission-based models, they are sometimes charged much more than they would love to.

“Some go as high as 3 percent. If a borrower is paying back about Shs 1m, then, they have to top up Shs 30,000 which makes using the platform incredibly expensive,” he says.

He is however happy that the 40 Days 40 FinTechs initiative is introducing a better community streamlining payments and making them cheaper and affordable for end-users.

Social Lend Africa is the 17th participant in Season Four of the 40 Days 40 FinTechs initiative organized by HiPipo to shine a light on emerging stories changing lives using financial technology.

This initiative is run by HiPipo in partnership with the Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Crosslake Technologies, and Ideation Corner with generous support from the Bill and Melinda Gates Foundation.

Life-changing stories from more than 100 FinTechs have been highlighted by this initiative in the past three years.

Posted on

Belle Beauty is delivering convenience in the Beauty Service Sector. #40Days40FinTechs Season 4 Day 2

After a long day’s work recently, Fetaru Charity Flavia was late for a surprise birthday party for her friend. To make matters worse, she needed a quick make-up but she couldn’t go to her usual make-up artiste and make it to the party in time.

“Then I remembered I could order for a makeup artist using my phone. I immediately went to the Belle Beauty App and they sent me someone close to my location,” she says of Belle Beauty, a digital marketplace that connects beauty service providers to customers.

“This service is convenient for me. Now every time I want makeup, I just go to the App and find someone to have it done anytime at my place or at their offices. I use Mobile Money when I am done. I am happy with their service,” she adds.

On this day, it was Namulamie Hillah, a Makeup Artist at Hillah Beauty Uganda that is listed on Belle Beauty, who saved Flavia’s day. And on her part, since she joined Belle Beauty in 2022 as a makeup service provider, Namulamie has lots of good things to say about this platform.

“I have so far worked on more than 100 clients. The App has connected me to many customers who want makeup. It has helped a lot to build my brand name and meet more people since they have a wide range of clientele including celebrities,” she says, noting that she offers all types of makeup ranging from bridal, casual, photo-shoot, indoor and outdoor.

She says that a platform like Belle Beauty has greatly helped her tap into the clientele group that prefers to be served at their places of convenience.

Covid-19 product.

According to Alice Sharon Namugerwa, the CEO of Belle Beauty, this is a product of the Covid-19 pandemic which especially affected salon women that were put out of business because of the lockdown.

“During the pandemic, we got to understand which sectors were essential or not regardless of their profitability. We saw that the beauty sector which employs between 30,000 to 60,000 people in just the urban centers was not catered for and it left a question of what happened to all these people,” she says.

“And remember that most of the people in the beauty sector are majorly informal and didn’t have any business continuity structures.”

With this in mind, Namugerwa came up with a cost-free online platform where beauty service providers could register and get connected to clients regardless of time, place, or conditions. In two years, the platform has on-boarded over 80 service providers and served more than 1,000 clients.

“We would have more service providers but some fail our quality assurance mechanisms because they are in the informal sector. However, we don’t turn people away; we still give them an opportunity to meet clients after undergoing training. We connect them to beauty schools to get skills so that quality is assured for our customers that use the platform,” Namugerwa says.

To avoid losses, customers are encouraged to pay upfront using digital payment platforms such as Mobile Money.

“When you utilize our platform, you are required to pay upfront using mobile money. Once the payment is received, the appointment is then fixed with the service provider who is paid on the same day when the work has been successfully executed. The service provider is also paid using mobile money. We try as much as possible to be cashless so that we can ensure that all the players in the transaction are happy and safe,” Namugerwa says.

40 Days 40 FinTechs

Namugerwa owes Belle Beauty’s meteoric rise to its association with the HiPipo Include Everyone Program.

“When we tell people that we have been around for one and a half years, they can’t believe it. We started off participating in the Women in FinTech Hackathon and by the time we were included in the 40 Days 40 FinTechs, we had grown. Being on this platform validated our idea. This platform has taken us to spaces that we would have worked a little longer to achieve because of the mentorship and visibility that comes with the platform,” she says.

Now in its fourth season, HiPipo’s 40 Days 40 FinTechs initiative has become a household name in the financial technology space of Africa. In the last three editions, more than 100 FinTechs have been showcased, highlighting stories changing people’s lives, especially in the under-served sectors.

According to HiPipo CEO Innocent Kawooya, the testimonies coming from users of these platforms are a testament to the great work done through this initiative.

He further urges innovators to continue targeting people at the bottom of the pyramid who urgently need financial technology services to improve their lives.

CHALLENGED!

Flavia notes that on top of connecting people to service providers, they should as well add beauty makeup products “so that it makes it easier for us to get them.”

Namugerwa says this is part of the plan and this provision will soon be available on the App.

On the side of service providers, Hillah says sometimes clients make appointments and when you come to the hub in Ntinda or go to the agreed location, the client does not show up.”

Meanwhile, Namugerwa says that while there are many challenges facing startups in Uganda, the biggest one is funding.

“I can’t address the regulatory aspect because you will still need funding to satisfy it,” she says.

“Most importantly, you must be very patient with a startup because even when you provide the first funding, it doesn’t mean that you are going to break through immediately. We need funding for our companies to run for like five years because what we are trying to do is an innovative solution in an economy that is just trying to get innovative,” she adds.

“There are still challenges of access to the internet yet most of the solutions we are coming up with need access to the internet…For example, if I have developed an App, I am mainly looking at the urban sector but I want my App to be a solution for those at the bottom of the pyramid. However, they don’t have access to the internet. We could use USSD but you also need funding.”

Belle Beauty has been featured as participant number two in the 40 Days 40 FinTechs initiative season four. This initiative is run in partnership with the Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies with support generous from the Bill and Melinda Gates Foundation.

Posted on

Registration for Season Four of HiPipo 40 Days 40 FinTechs opens with a focus on end-user experiences

Kampala, Uganda. We are happy to announce that registration for the fourth edition of the HiPipo 40 Days 40 FinTechs has opened. Without a doubt, the HiPipo 40 Days 40 FinTechs initiative has put the Innovation and Financial Inclusion bar very high; particularly showcasing both the time and lifesaving abilities of Financial Technology.

Although the 2020 and 2021 seasons ran in the middle of the COVID-19 pandemic, they laid the groundwork for this project with more than 200 submissions and about 85 shortlisted participants altogether. The third edition, which ran in 2022, was even much bigger and better as it focused on the East African region. Some 47 participants, drawn from Uganda, Kenya and Tanzania were featured, out of more than 150 submissions. It was captivating to find out how Financial Technology (#FinTech) is transforming the lives of millions from across the region.

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 and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.

“40 Days 40 FinTechs Season Four is here and will specially focus on not only Innovativeness but will also pay keen attention to the actual impact of each featured Innovation. We shall move to all regions in Uganda, in addition to engaging participants from across East Africa. In all these places, we shall interact with the Innovators and the end-users of their innovations,” Innocent Kawooya, the HiPipo Chief Executive Officer noted.

He added: “We shall seek to find out how all these innovations have changed people’s lives, how the innovators have made the communities they serve in better, and how they have contributed to economic transformation at all levels. We shall also collect feedback on what must be done to make these innovations better and how to scale them to reach even more people. This season, we shall tell the social, economic and cultural impact of FinTech Innovations.”

#40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.

Now is the time for Digital Innovators and FinTechs from all over East Africa to register before 12th May 2023 and stand a chance to participate in 40 Days 40 FinTechs Season Four. Participation is on a first-come, first-serve basis as long as your submission meets all the participation requirements.

Important Dates.

40 Days 40 FinTechs Participants Registration: 20th April to 12th May 2023. Registration link is available on www.HiPipo.org  

Profiling and Featuring 40 Days 40 FinTechs Participants:  1st May to 16th June 2023.

FinTech Landscape Exhibition: 7th July to 8th July 2023.

2023 HiPipo, Include Everyone Program Scope.
ProjectDate
40 Days 40 FinTechs20th April to 16th June 2023
FinTech Landscape Exhibition7th July to 8th July 2023
Women In FinTech Hackathon10th to 18th August 2023
Women In FinTech Summit19th August 2023
Women In FinTech Incubator4th September to 8th December 2023
Digital and Financial Inclusion Summit16th November 2023
Digital Impact Awards Africa17th November 2023
Posted on

Women In FinTech Magazine January 2023 Edition #LevelOneProject

We are excited to share with you the Women In FinTech Magazine—January 2023 edition. A magazine that is solely dedicated to Women In FinTech.

These women have set an example for other women to follow. The Women In FinTech magazine increases the visibility of female leaders in the field and strengthens their connections to other participants. It also encourages more women to pursue careers as innovators, entrepreneurs, and executives in financial services.

It is a compilation of interviews, opinions—and many more elements. This includes an impressive list of 100 #WomenInFinTech. The list recognizes women leaders in FinTech who are solving sticky gaps and creating solutions within previously excluded, untapped or underrepresented markets.

We express our gratitude to Cyberplc Academy, INFITX, Crosslake Technologies, Mojaloop Foundation, #LevelOneProject and the Bill & Melinda Gates Foundation for their generous support.

We also appreciate the efforts of the team that worked hard to produce this magazine.

We believe you will share it widely too.

Tap Here to Read/Download the Women In FinTech Magazine January 2023 Edition #LevelOneProject.

Posted on

FinTech and IIPS in Africa – A 40 Days 40 FinTechs #LevelOneProject 2022 report

Information and Communication Technology (ICT) has transformed Africa’s financial infrastructure. Initial focus has been on giving rich and middle-income users access to advanced digital financial tools. However, the Financial Technology (FinTech) industry will not support sustainable and inclusive growth fully unless all consumers, including low-income and vulnerable groups, which are usually excluded by the traditional banking network, are enrolled into the formal financial system.

HiPipo advocates for and supports Digital Financial Service Providers (DFSPs) who deploy solutions that meet Level One Project (L1P) Design Principles: accessible, reliable, valuable, affordable, and profitable. Indeed, we launched the 40 Days 40 FinTechs programme to encourage the development of a sustainable financial ecosystem that is geared towards meeting the needs of low-income users. Since the inaugural 40 Days 40 FinTechs season in 2020, we have profiled over 100 FinTechs. Working with our local and international partners, HiPipo has supported the nascent FinTech sector by providing access to technical and business skills. For example, we coordinate Mojaloop training that shows DFSPs how to build interoperable, digital payment systems that seamlessly connect stakeholders, such as individual users, banks, government entities, merchants, mobile network operators, providers, and technology companies.

As ever, we are most grateful for the ongoing support of the Bill & Melinda Gates Foundation.

This year, the 40 Days 40 FinTechs programme profiled 47 participants that offer unique solutions to local problems across Africa. For example, Little, a Kenyan FinTech, is revolutionising the transport sector. FutureLink Technologies enables SACCOs to access wholesale credit at 2.5% per annum while the average bank rate in East Africa is 18%. WomenSave uses mobile money accounts to enable unbanked women to save.

We are immensely proud of our success so far. For example, this year’s 40 Days 40 FinTechs campaign generated visibility estimated at roughly $9.1 million. We are confident that our work will be sustainable given our holistic, inclusive, multi-stakeholder and low-income user-focused strategy. For instance, this year, women participation was three times more than season one. Women-led FinTechs have created products in sectors such as agriculture, informal trade, merchants, healthcare, loans and savings.

We also work with relevant stakeholders to ensure that DFSPs and their customers have a governance structure to coordinate FinTech sector policy and regulatory activities. For example, new enabling regulation has created advantages, such as separation of telecom businesses from mobile money operations. Evidence shows increased consumer trust because financial and banking operations are licensed and supervised by relevant financial regulatory authorities. Yet, more work is required to address regulatory issues that still affect FinTechs, such as speed and cost of licensing.

In addition, despite their enormous financial inclusion potential, small FinTechs lack the capacity to build interoperable solutions. Other areas of focus include bettering the lives of the underserved groups, especially women. Moreover, the rising frequency of hacks, exploits and scams against financial solutions has increased the urgency of addressing cyber threats and vulnerabilities.

We are delighted to present to you six Thematic discussions and 47 innovative technical solutions that use financial technology to transform lives across Africa.

Read/Download FinTech and IIPS in Africa – A 40 Days 40 FinTechs #LevelOneProject 2022 report

Posted on

Here are the nominees for the 2022 Digital Impact Awards Africa

Following the conclusion of the entries’ submission and verification process, HiPipo is pleased to unveil the nominees of the 2022 Digital Impact Awards Africa.

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

The Digital Impact Awards Africa celebrate digital excellence across the continent; big or small, local or international.

The 2022 Digital Brand of the Year category will see five finance and technology giants go head to head as Centenary Bank is nominated alongside Standard Chartered Bank, Stanbic Bank, MTN Uganda, and Airtel Uganda while the Digital Campaign Excellence category has the Stanbic National Schools Championship drawn against Mpola Enjoyments by Bell Lager, Bolingo Extra by YOTV Channels in partnership with MTN Uganda and NSSF Hi-Innovator. Altogether there are 11 categories this year.

Voting in the 2022 Digital Impact Awards Africa will run until 18th November 9am. While all nominees are winners, the overall winner per category will be determined by a combined public-jury vote.

The Awards now in their 9th consecutive edition will be held on Friday 18th November 2022 at Kampala Serena Hotel as part of the annual Digital and Financial Inclusion summit.

The summit explores strategic trends and technologies that are shaping the future of Digital, ICTs, and Business. Special attention is paid to the safety of customers’ funds and security of platforms in the Digital Financial Services ecosystem.

This year’s summit will bring together C-Level executives that are spearheading the scaling, adoption, and usage of digital and financial services across Africa. The summit will discuss the disruptive impact of COVID-19 on the business ecosystem and what players are doing to recover.

Speakers will come from multinationals, large enterprises, small and mid-sized enterprises, and start-ups. Additionally, the summit will offer a platform for informal businesses (like market vendors, smallholder farmers, sole proprietors, public transporters, and e-commerce delivery agents, etc.)  

The summit and awards are using these 3 official tags; #IncludeEveryone, #DIAA2022, and #LevelOneProject.

Here is the full list of the 2022 Digital Impact Awards Africa nominees.  

  • Financial Inclusion Excellence.
    1. Letshego Digital Mall
    2. MTN MoMo Advance
    3. Group Loans for VSLAs by True African Limited
    4. Airtel Quick Loan in partnership with Housing Finance Bank and YABX
    5. MSacco by Future Link Technologies
  • Digital Banking Excellence.
    1. Stanbic Bank
    2. Centenary Bank
    3. Standard Chartered Bank
    4. ABSA Bank
    5. United Bank for Africa Uganda Limited (UBA)
  • Banking Innovation Excellence.
    1. Trust Mobile Loan | Finance Trust Bank
    2. 3600 Rewards Program | Standard Chartered Bank
    3. FlexiPay | Stanbic Bank Uganda
    4. CenteMobile Loans| Centenary Bank
    5. Eazzy Banking | Equity Bank
    6. Craft Silicon | Mobile Banking Solution – ELMA
  • Community/MFI Banking Innovation Excellence.
    1. Future Link Technologies  
    2. Pride Microfinance Limited
    3. Centenary Bank
    4. Post Bank Limited
    5. Letshego
    6. Finance Trust Bank
  • FinTech Innovation Excellence.
    1. Working Capital and Emergency Loans by Card Pesa
    2. Digital Ticketing for Transport services by KaCyber Technologies
    3. Sup Money by Jpesa
    4. Kawu Smart Card by Kawu Uganda
    5. Safecar by SafeBoda
    6. Jumia Food Mart by Jumia Uganda
    7. Bolingo Extra by YOTV Channels in partnership with MTN Uganda
  • Financial Services Digital Excellence.
    1. Standard Chartered Bank
    2. Comviva and Airtel Mobile Commerce Uganda Limited (AMCUL)
    3. Centenary Bank
    4. Stanbic Bank
    5. United Bank for Africa Uganda Limited (UBA)
    6. MTN Mobile Money Uganda
  • Consumer Goods Digital Excellence.
    1. Riham Group
    2. Jude Color Solutions
    3. Movit
    4. Club Pilsener
    5. Café Javas
    6. Bell Lager
    7. Jumia Uganda
  • Utilities and Government Services Digital Excellence.
    1. Ministry of Health
    2. NSSF
    3. NWSC
    4. UMEME
    5. URA
  • Technology Services Digital Excellence.
    1. Airtel Uganda
    2. Huawei Technologies
    3. MTN Uganda
    4. TECNO Mobile
    5. Cente Tech
  • Digital Campaign Excellence.  
    1. Stanbic National Schools Championship
    2. Mpola Enjoyments by Bell Lager
    3. Bolingo Extra by YOTV Channels in partnership with MTN Uganda.
    4. NSSF Hi-Innovator
  • Digital Brand of the Year.
    1. Centenary Bank
    2. Standard Chartered Bank
    3. Stanbic Bank
    4. MTN Uganda
    5. Airtel Uganda
Posted on

Women in FinTech Hackathon Winners and Participants celebrated

Our Reporter.

After an intense and knowledge-packed week, the 2022 Women in FinTech Hackathon, culminated in to the Women in FinTech Summit on the 16th of September.

The Women in FinTech Summit was characterized by colour and pomp as the top six teams were announced and rewarded. Even so, all the 20 Teams got their fair share of the collective USD 10,000 reward prizes.   

While presiding over the Summit, Owek. Hon. Joyce Nabbosa Ssebugwawo, the Minister of State for ICT noted that the Women in FinTech Hackathon is a noble idea that uplifts women and also fosters overall country development.

“We are happy that HiPipo and partners are exploring women’s formal and informal income-generating opportunities that add value to women’s lives and livelihoods using digital solutions. I thank HiPipo for applying a gender lens across all its projects and driving stakeholder influence to advance women’s financial inclusion and economic empowerment. To my daughters that have completed this program, I applaud you and thank you for your commitment. Please use this knowledge to uplift even more women,” Nabbosa said.

The Hackathon had a total of 20 women-led and women-dominated teams. Team Elevation was declared the overall winner and took home a cash prize of UGX 4,000,000 thanks to its product named Kutayarisha; which is a web-based platform that provides maternity services and products to pregnant women in Urban-rural communities with need to have timely and reliable access to maternity care.

 Academic Personal Assistant (APA), Oliwa Events, and Go Green came second, third, and four respectively while both Lands Resource and Insure Wallet tied at the fifth spot.

Prof. Maggie Kigozi, who was the Hackathon Chief Mentor advised the young developers to use the opportunity presented to them to transform and improve the lives of their communities.

“At an individual level, I am always ready and willing to help people attain success. If there is one advise I would give all of you today, it is pull up your sister. Please pull up your sister. Do not go alone because there is no much point. You will not go very far if you go alone,” Kigozi said. 

The Women in FinTech Hackathon and Summit were organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, ModusBox, CyberPLC Academy, and Crosslake Technologies and generously supported by Gates Foundation. The Summit had several thematic panel discussions and speeches.

“Leadership is the ability to see the grey areas and hear the unspoken words. When I talk about this I am asking you to check yourself and ask yourself that as a woman who wants to serve my nation, where do I want to play? Do I want a leadership role, a regulators’ role, innovator’s role, an investor’s role, or a consumer’s role?”, Princess Shamirah Kimbugwe, Pivot Payments Limited the founder and managing director said in her keynote address, adding;

“There is no question as to if a woman is a worthy player in the FinTech industry. There is just a question of where the woman should play in the value chain. There are a lot of opportunities for Women in FinTech. As a woman player, you have a whole list of opportunities that you can tap in to.”

On her part, Damali Ssali, the Private Sector Foundation Uganda (PSFU) chief of programmes and project officer noted that as a way of curbing high transactional costs in the financial technology industry, PSFU is working with partners, particularly HiPipo and Gates Foundation to implement the Pearl of Africa Instant and Inclusive Payment Switch.

Posted on

2022 Women in FinTech Hackathon participants make final presentations

Our Reporter.

After over a week of ideation, designing, developing, and coding, the 2022 Women in FinTech Hackathon reached its climax on Thursday 15th September with the 20 teams presenting their final minimum viable products (MVPs) to the judges.

Day five was very tense and action-packed as participants prepared for the final pitches. The 20 teams that made the final submissions were Her Duuka, Funa House Property, Tawaza Digital Varieties, Lands Resource, Oliwaa Events, Lima Pesa, Jibu, Academic Personal Assistant (APA), The Platter, Rental Pro, Sayl Kare, E-Truck Service, Insure Wallet, The Fintech Devotee, Tegeka Investment Club, Go Green, Autopay, Elevation, Sueno and Izere Education.

According to Innocent Kawooya, the HiPipo CEO, all teams met the minimum expectations of the Hackathon as they were able to have working MVPs and also integrated payment solutions from third parties.

“We have been amazed by what we have seen today. The twenty teams have really put in a lot of effort and extra hours to reach this far. From their presentations and product tests, you can clearly see great solutions,” Kawooya said, adding:

“It will be interesting to see how they move to the next steps in their products’ development. As prototypes, they are good, but then they have and in fact, must put in extra effort to complete the job at hand. We promise to continue supporting them in every way possible.”

On her part, Cleopatra Kanyunyuzi, the Hackathon Lead Facilitator and CEO of Club Tangaza noted that as a trainer, she was excited to see how the teams improved each passing day. She thanked the participants for their commitment to the hackathon and the broader women inclusion drive.

“It has been a busy week but yes, the teams have been very committed. You can see that each team has had tremendous growth compared to when they came here. On behalf of the facilitators, we wish all the teams the best for the future. Let them continue with their products even after the Hackathon,” Kanyunyuzi noted.

Now in its third edition, the Women in FinTech Hackathon is part of HiPipo’s commitment towards empowering women with the required digital and financial inclusion skills so that they can go out there; innovate, prosper, earn and develop their families and communities. 

The winners of the 2022 Women in FinTech Hackathon will be unveiled on Friday 16th September at Mestil Hotel and rewarded.

“We are all set for the Women in FinTech summit, which is a culmination of the Women in FinTech Hackathon. All participants are looking forward and optimistic about winning. The top 5 teams will be announced and rewarded at the summit. Even so, all participants will take home something because they are all winners. I take this early opportunity to congratulate all of them,” Charlotte Neeza, the HiPipo FinTechs Events Manager noted.  

The Women in FinTech Hackathon, Summit, and Incubator project is presented by HiPipo in partnership with Level One Project, Mojaloop, ModusBox, CyberPLC Academy, and Crosslake Technologies and generously supported by Gates Foundation.

Posted on

Women in FinTech Hackathon participants introduced to Mojaloop Open Source Software

Our Reporter.

Day three of the ongoing Women in FinTech Hackathon was action-packed, with participants working on their products’ MVP phase one.

In products’ development, MVP stands for a minimum viable product. According to ProductPlan, a minimum viable product (MVP) is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. The MVP is a critical milestone in the product development eco-system.

Minus the MVP, the participants were also introduced to Mojaloop Open Source Software.

According to Sam Kummary, one of the developers of Mojaloop, this software was designed to provide a reference model for payment interoperability. It can be used to overcome barriers that have slowed the spread of digital financial services.

In his presentation, Kummary took the teams through how developers and innovators can freely use the Mojaloop core code, join the community, and build inclusive, real-time payment systems to help support economies. He shared in-depth insights on the Mojaloop scheme, hub and platform and the roles that each play.

“Mojaloop can be used to create interoperable payment solutions in areas such as person-to-person transfers, payroll, and other bulk payments, account management and fraud monitoring,” Kummary said.

On his part, Innocent Kawooya, the HiPipo CEO noted that innovators can use Mojaloop to develop secure and interoperable payment systems that are acceptable globally.

“Payments Schemes around the world are in the process of implementing or considering implementation, of Mojaloop-based interoperable payments systems. Women in FinTech Innovators can use Mojaloop open-source software to support financial services companies, government regulators, and others taking on the challenges of interoperability and financial inclusion,” Kawooya said.

Still on Day 3, the teams were mentored on Product Management. This session was delivered by Mercy Angela Nantongo, the EzyAgric Product Manager.

Nantongo noted that Product Management is a continuous process that ensures that both the product owners and customers get the best results possible.

“Product Management is important as it is the first interaction with customers before any issues arise. It plays a key role in product marketing at initiation, before you build, while building the product, and after you complete the product. Product Management ensures that you are on top of the market trends. It ensures that your customers get the best quality of your product,” Nantongo said.

Organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, ModusBox, CyberPLC Academy, and Crosslake Technologies and generously supported by Gates Foundation, the 2022 Women in FinTech Hackathon has brought together 20 women-led teams this year. The week-long Women in FinTech Hackathon will culminate into the Women in FinTech summit on Friday 16th September at Mestil Hotel, Kampala; where the best performing teams and individuals from across East Africa will be announced and receive their share of the USD 10,000 collective prize money. The best teams will also automatically qualify for the Women in FinTech Incubator program that will run until January 2023.

Posted on

We are equipping Women with skills and right tools to transform Society

Our Reporter.

Day Two of the 2022 Women in FinTech Hackathon concluded with Teams completing their Solution and Prototype designs.

According to Boston Technology, a Solution Design is the first step towards the eventual physical deployment of any solution. It is a visual blueprint for what needs to be built out. On the other hand, a prototype design is an early sample or a visual model of a product created to test a concept or process.

With these two tasks completed, the teams are all optimistic that they will be able to each deliver a minimum viable product – MVP at the end of the hackathon.

According to the HiPipo CEO, Innocent Kawooya, the Women in Fintech Hackathon doesn’t only address the gender diversity challenge in the technology industry but also empowers women with the right skills and tools to think, design, innovate and transform societies.

“Seeing the teams getting down to serious work is a great deal for us because it shows how far we have come; from having a dream, putting it on paper as an idea and now executing it. The same process is what all innovators must go through to actualize their products,” Kawooya said, adding;

“The facilitators and mentors in this hackathon are equipping participants with the required technology skills and also introducing them to real life realities that they must overcome if they are to succeed.”

Now in its third edition, the Women in FinTech Hackathon is part of HiPipo’s commitment towards empowering women with the required digital and financial inclusion skills so that they can go out there; innovate, prosper, earn and develop their families and communities.  This year’s edition has gathered 20 Women-led teams of between two to four members each.

It is presented by HiPipo in partnership with Level One Project, Mojaloop, ModusBox, CyberPLC Academy and Crosslake Technologies and generously supported by Gates Foundation.

Minus the ‘FinTech’ technical work that the hackathon is about, the participants were on day two mentored by Cynthia Mpanga, a renowned public relations practitioner and corporate affairs manager at Standard Chartered Bank, Uganda. Her mentorship was focused on personal branding, public relations, and communication.

The week-long #WomeninFinTech Hackathon will culminate into the Women in FinTech summit on Friday 16th September at Mestil Hotel, Kampala; where the best performing teams and individuals from across East Africa will be announced and receive their share of the USD 10,000 collective prize money. The best teams will also automatically qualify for the Women in FinTech Incubator program that will run until January 2023.