The inaugural 40 Days 40 FinTechs initiative for Tanzania has kicked off with a focus on tracing the journeys of financial technology stakeholders from all over the country.
First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.
It is aimed at promoting innovation and collaboration among FinTechs in Africa. The initiative is designed to provide FinTechs and startups with mentorship, training, exposure, and networking opportunities to help them grow and scale their businesses.
“For more than 40 days, the initiative will shine a spotlight on Tanzanian FinTechs that are breaking down digital barriers and transforming lives for the better. We are traversing the entire Tanzania and engaging innovators at all levels. There are several exciting FinTech solutions and each day, a unique story will be told and amplified across media to garner maximum visibility and impact,” Nicholas Kalungi, the HiPipo COO noted while kicking off this project.
He added: “By shining a spotlight on these innovators, we aim to inspire others and create a ripple effect towards the creation and dissemination of technology that enables financial inclusivity. Many startups that have participated in the program in Uganda have gone on to receive funding and support, and have successfully scaled their businesses. We even better outcomes for Tanzania.”
40 Days 40 FinTechs initiative Tanzania is part of HiPipo’s broader Include EveryOne Program that is generously supported by the Gates Foundation and implemented in partnership with Level One Project, ICTC Tanzania, Ideation Corner, Cyber PLC Academy, INFITX, NG Films, Founders Academy and Mojaloop Foundation.
The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. Minus 40 Days 40 FinTechs, other initiatives under the Include EveryOne Program are the FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit and Incubator, Digital Impact Awards Africa and the Digital and Financial Inclusion Summit.
HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.
HiPipo has kicked off its implementation of the Include EveryOne program in the United Republic of Tanzania with a detailed introduction of the Level One Project Principles to FinTechs, Innovators and other Financial Inclusion stakeholders.
The Level One Project is an initiative of the Gates Foundation’s Financial Services for the Poor (FSP) program, which is part of the Global Growth and Opportunity division. The Level One Project is focused on enabling financial inclusion by meeting the needs of low-income users—both individuals and merchants—as well as the digital financial services providers (DFSPs) that serve them.
First released in 2015, Level One Project Principles are a set of industry best practices that guide countries, regions, or commercial organizations working to create real-time retail payments systems that are designed to meet the needs of low-income consumers. The principles include Tiered KYC, Availability on Low-Cost User Devices, Real-time/Immediate funds transfer, Same-day settlement, Pricing Transparency and Irrevocability.
In essence, these principles remind FinTech players that their solutions must be Accessible, Reliable, Valuable, Affordable, Profitable and Equitable.
“In a world divided by digital disparity, the Level One Project has emerged as a harbinger of hope, charting a path toward a future where financial inclusivity is a tangible reality for millions. This visionary initiative transcends the conventional role of a guide, evolving into a strategic roadmap that envisions a world where every individual, regardless of their economic standing, is seamlessly integrated into the formal financial system,” Innocent Kawooya, the HiPipo CEO noted following a successful workshop in Dar es Salaam.
He added: “We are glad the Gates Foundation developed these Level One Project principles. They simplify financial inclusion for solutions’ designers and end-users. We are excited to be here in Tanzania and happy to work with like-minded individuals and organizations to enhance digital and financial inclusion.”
This development came on the back of the signing of a long-term digitization partnership between HiPipo and the Tanzania Information and Communication Technologies Commission (ICTC) in October. Through this partnership, HiPipo will roll out its Include EveryOne program in Tanzania with a special focus on empowering and transforming Women, the Youth and millions in the Informal sector.
The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. This initiative is set to break new ground through research advisory, stakeholder collaboration, and capacity building for ICT professionals in Tanzania!
HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.
The government of Tanzania has lauded HiPipo’s deliberate digital and financial inclusion efforts that continue to address longstanding disparities, close gender diversity gaps and advocate for equity for thousands of underserved and unserved populations across Africa.
As proof of its commendation of these digital and financial inclusion works, the government through the Tanzania Information and Communication Technologies Commission (ICTC) has signed a long-term partnership with HiPipo.
Dr Nkundwe Moses Mwasaga, the director general of the Tanzania ICTC noted that the partnership with HiPipo is timely as it tackles key issues such as limited awareness about technology solutions, knowledge gap and gender inequality.
To actualize this partnership, HiPipo has already rolled out its Include EveryOne program in Tanzania with a special focus on empowering and transforming Women, the Youth and millions in the Informal sector.
The #IncludeEveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. This initiative is set to break new ground through research advisory, stakeholder collaboration, and capacity building for ICT professionals in Tanzania!
“We are ecstatic to announce that a pivotal agreement has been signed and sealed between HiPipo and the Tanzania Information and Communication Technologies Commission. This promising collaboration is aimed at expediting financial inclusion in Tanzania, under the renowned HiPipo Include Everyone Program, with the generous backing of the Gates Foundation,” Innocent Kawooya, the HiPipo CEO noted.
He added: “Through this agreement, expect a showcase of FinTech giants, Women in FinTech innovators, and burgeoning startups from Tanzania. The Include Everyone program activities operated globally by HiPipo will play a crucial role in promoting financial inclusion, driving economic growth, fostering ICT investment, advising stakeholders, and building a resilient, knowledgeable group of Digital Innovators and ICT Professionals in Tanzania.”
Furthermore, the Tanzanian government bestowed HiPipo with the Best Partner in Supporting ICT Innovation 2023 award during the 7th Tanzania Annual ICT Conference held in Dar Es Salaam, Tanzania recently.
“We are honoured to receive this appreciation from the government of the United Republic of Tanzania. Our dedication remains unwavering in advocating for digital innovation, FinTech Innovation, and Financial Inclusion,” Kawooya noted while receiving this award.
HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.
The 2023 Digital Impact Awards Africa celebrated pioneering achievements and innovations in the digital sphere, honouring exceptional organizations and individuals who have showcased significant strides in advancing financial inclusion in Africa.
MTN Uganda & MTN MoMo took home the biggest award after being crowned as the Digital Brand of the Decade for their remarkable impact from 2014 to 2023 – the 10 years that this project has been running.
Standard Chartered Bank and Centenary Group received accolades in the Digital Brand of the Year category, with Diamond and Gold awards, respectively.
The Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion, and Cyber Security. The Awards recognize companies and stakeholders that are spearheading the use of digital mediums to serve communities and promote financial inclusion.
“The criteria of the nominees are always tight. Some innovators and companies have won every single year for their innovations and dedication to Digital Financial Inclusion,” Innocent Kawooya, the HiPipo CEO said.
The Digital Impact Awards Africa is part of the broader Digital and Financial Inclusion Summit organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies and generously supported by the Bill and Melinda Gates Foundation.
Winners celebrated.
Hon. Joyce Nabbosa Ssebugwawo, the Minister of State for ICT applauded the winners for their contribution to developing Uganda and Africa. She challenged them to continue innovating as this is the only sure way of transforming their communities.
The accolade for CEO of the Year was bestowed upon Fabian Kasi of Centenary Bank, who claimed the Diamond award, while Richard Yego of MTN MoMo was honoured with the Gold award.
Under the category of Community Digital Empowerment Excellence, Cente Tech’s Digital Messaging Platform for Catholic Dioceses clinched the prestigious Diamond award, with Oracle Academy securing the Gold recognition.
FutureLink Technologies’ MSacco stood out in the Financial Inclusion Excellence category, while Standard Chartered Bank excelled in Digital Banking Excellence.
In the Banking Innovation Excellence arena, Post Bank’s latest Wendi Digital Wallet emerged as a frontrunner. Centenary Bank and Pride Microfinance Limited claimed top honours in Community/MFI Banking Innovation Excellence, securing the Diamond and Gold awards, respectively.
Airtel Money’s Micro Merchant earned acclaim in FinTech Innovation Excellence, while MTN MoMo triumphed in Financial Services Digital Excellence.
For Consumer Goods Digital Excellence, Movit took home the Diamond award, closely followed by Jude Color Solutions with the Gold distinction.
Utilities and Government Services Digital Excellence recognized Uganda Registration Services Bureau (URSB) with the Diamond accolade and the National Water and Sewerage Corporation (NWSC) with the Gold recognition.
In the domain of Technology Services Digital Excellence, Comviva emerged as the standout performer.
Below is the full list of all winners.
Community Digital Empowerment Excellence.
Digital Messaging Platform for Catholic Dioceses by Cente Tech – Diamond
Oracle Academy – Gold
Financial Inclusion Excellence.
MSacco by FutureLink Technologies
Digital Banking Excellence.
Standard Chartered Bank
Banking Innovation Excellence.
WENDI Digital Wallet by Post Bank
Community/MFI Banking Innovation Excellence.
Centenary Bank – Diamond
Pride Microfinance Limited – Gold
FinTech Innovation Excellence.
Micro Merchant by Airtel Money.
Financial Services Digital Excellence.
MTN MoMo
Consumer Goods Digital Excellence.
Movit – Diamond
Jude Color Solutions – Gold
Utilities and Government Services Digital Excellence.
During the 2023 Digital and Financial Inclusion Summit, industry stakeholders noted the need for improved infrastructure to improve business operations and counter the surging instances of fraud.
Held at Kampala Serena Hotel, the 2023 Digital and Financial Inclusion Summit was organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies and generously supported by the Bill and Melinda Gates Foundation.
Sanyu Gila, who graduated from university in 2015, found herself unable to secure formal employment. This led her to explore the potential of the mobile money agent business as an alternative means of livelihood.
“Over the years, I have grown and scaled this business, but it hasn’t been without challenges. Fraud prompted the closure of some outlets I had opened. Inexperienced employees posed vulnerabilities to my business resulting in big losses. The declining telecom commissions, taxes, and network issues have also eroded customer trust in some of the products,” Gila shared.
Similar sentiments were echoed by Aturinda Tryphine and Gloria Mirembe; also, Mobile Money Agents during the summit, which focused on ensuring the safety of customers’ funds and platform security.
The summit fostered discussions essential for advancing digital and financial inclusion across Africa.
“We face capital limitations. Sometimes you forego bigger transactions because you do not have enough float. As a result, you miss out on commission as well as customers who may not come back to you,” Gloria said.
Hon. Joyce Nabbosa Ssebugwawo, the Minister of State for ICT, stressed the necessity of enhancing Fintech infrastructure to safeguard customers and agents.
“HiPipo has championed digital financial inclusion excellence. As we navigate this era, our efforts should extend beyond to empower underserved communities. FinTech has reshaped business, but the escalating cyber threats highlight the need for cybersecurity,” she remarked.
National Payment Switch taking shape.
The anticipated launch of a national switch in payment processing in the near future aims to revolutionize financial transactions, enhance liquidity management, and streamline Anti-Money Laundering and Countering the Financing of Terrorism capabilities. This initiative is forecasted to strengthen cyber surveillance while significantly reducing transaction costs for retail digital payments such as mobile money users.
Andrew Kawere, the Deputy Director of the National Payments Systems at the Bank of Uganda, said the primary objective of the national switch is to act as a catalyst for efficiency and interoperability, promoting standardized practices in financial transactions.
“We envisage the national switch being delivered as a safe and affordable public good that supports innovation. Digital transformation has been proven to have a positive impact on financial inclusion by providing an avenue for the disadvantaged to access financial services and to participate in the money economy,” he said.
The summit gathered key stakeholders driving digital and financial service adoption across Africa, including policymakers, young entrepreneurs, and innovators.
Dr. Warren Carew, Managing Director at INFTX, noted the challenges in developing an interoperability system.
“Addressing fraud in mobile money platforms requires identity infrastructure. Focusing on interoperability can reduce barriers to financial services,” Carew noted.
Innocent Kawooya, the HiPipo CEO, applauded the project’s partners for their thoughtful commitment to enhancing digital and financial inclusion across Africa.
He noted that through partnerships and deliberate support, a lot of ground has been covered with millions of end-users onboarded on to the digital and financial inclusion train in the last decade. Nonetheless, he said that much more effort is needed for complete inclusion to be achieved.
HiPipo takes this apt opportunity to unveil the 2023 Digital Impact Awards Africa nominees. The release of the nominations follows the completion of both the entries’ submission and verification processes that have been ongoing since mid-July.
The shortlisted nominees come from hundreds of entries done through the nomination portal and direct digital submissions by potential contenders and their supporters.
The unveiling of the nominees effectively kicks off the voting process that will go on until Friday 17th November. While all nominees are winners, the overall winner per category will be determined by a combined public-jury vote.
Celebrating a decade of digital transformation, the 10th edition of the Digital Impact Awards Africa is slated for 17th November 2023 at Kampala Serena Hotel as part of the annual Digital and Financial Inclusion Summit.
Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion, and Cyber Security. The Awards recognize and celebrate stakeholders who are spearheading the use of digital mediums to serve communities. They further celebrate digital excellence across the continent; big or small, local or international.
On the other hand, the Digital and Financial Inclusion 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 the security of platforms in the Digital Financial Services ecosystem.
The 2023 summit will bring together hundreds of delegates including C-Level executives who are spearheading the scaling, adoption, and usage of digital and financial services across Africa, policymakers, young entrepreneurs, and innovators in the Digital and Financial Inclusion ecosystem. The summit will shine a spotlight on how businesses have recovered from the disruptive impact of the COVID-19 pandemic, and Cyber Security threats among other key topics.
It will have over 50 speakers from government, 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, e-commerce delivery agents, etc.)
Both the Digital Impact Awards Africa and Digital and Financial Inclusion Summit are organized by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies and generously supported by the Bill and Melinda Gates Foundation.
A team of three engineering students from Mbarara University of Science and Technology (MUST) has won the 2023 Women in FinTech Hackathon.
The winners were announced at the 2023 Women in FinTech Summit presided over by Hon Joyce Nabbosa Ssebugwawo, the Minister of State for ICT at Mestil Hotel, Kampala. The summit was the climax event for the 2023 Women in FinTech Hackathon which run from 10th to 17th August.
Named E-Parking, the winning team is made of three engineering students namely; Christine Amutuhaire, and Charity Ainembabazi; both doing Biomedical Engineering and Elian Mwesiga who is pursuing Software Engineering
Though in its early stages, their winning product; E-Parking is a financial technology-powered solution that will on launch ‘introduce a mobile app to revolutionize the parking experience in Ugandan cities’.
To win, these young innovators presented a functional minimum viable product (MVP) that clearly demonstrated how their digital platform would simplify parking processes and enhance resource management.
The E-Parking MVP has features such as QR Code-Initiated Parking, Real-Time Payments enabled by Mojaloop software, App Tokens for Payments and Session Alerts.
They beat stiff competition from more than twenty-five other teams, including BorePay and Business Banking Hub; which came second and third respectively.
“We are super excited. We definitely believed in our product but didn’t see this win coming. The Hackathon has been mind-blowing. This win has vindicated our solution. We intend to continue pursuing it and eventually launch it. We thank all the participants for their health and positive competition. In a special way, we thank HiPipo and its partners for organizing a proper Women in FinTech event,” an overjoyed Christine Amutuhaire, the E-Parking Team leader noted following their victory.
BorePay the team that came second is developing a USSD-based payment platform that will guarantee safe water for rural communities through continuous collection of boreholes’ repair and maintenance fees from the residents in addition to other forms of fundraising while Business Banking Hub offers an inclusive bulk payment solution for the unbanked informal sector.
In her remark, Hon Joyce Nabbosa Ssebugwawo applauded HiPipo for using Technology to champion women empowerment, noting that the government will continue to support initiatives intended to empower Women and the Youth.
“Even as Uganda boasts a female population of 50.71% in 2020, women are extremely represented among the unbanked. They face many challenges, notably in accessing digital technology, acquiring skills, and availing financial products,” Hon Joyce Nabbosa Ssebugwawo said.
She explained: “HiPipo’s Women in FinTech training steps in to bridge this gap. We are proud of HiPipo and its partners for their commitment to levelling the field. Their dedication pushes Africa closer to tapping into its full digital dividend, ensuring all benefit from digital financial services. The collaboration between HiPipo and the Ministry of ICT is pivotal. It is not just about offering services; it is about understanding the deep-rooted social norms that obstruct women’s financial rise. This insight, complemented by research from the Level One Project, offers a deeper perspective on these challenges.”
Top Seven Teams.
The top seven teams were E-Parking – 4m, BorePay – 2m, Business Banking Hub – 1.5m, FinHub – 1m, HPaysa – 1m, Tax on Point – 1m and Simbula Tugende – 1m.
“We received over 100 submissions from which we shortlisted 30 teams from Kampala, Mbarara, Kabale, Kisoro Gulu and Nairobi. On day one of the hackathon, two teams did not turn up. We then remained with 28 teams that actively participated until the final presentations’ day when one team dropped out owing to an emergency that required their attention and physical presence,” Charlotte Neeza, the HiPipo FinTech Event Manager said, adding;
“The remaining twenty-seven teams met the judges on Thursday and demonstrated their solutions. All these twenty-seven teams are FinTech Champions. Because all the twenty-seven teams are winners, they are sharing the USD 10,000 collective prize.”
Running for the 4th consecutive year, this Hackathon is part of HiPipo’s broader Women in Fintech initiative that also includes a Summit and Incubator program.
“The cardinal purpose of these inter-twined initiatives is to champion women’s financial inclusion through active participation in the initiation, development, and rolling out of financial technology products that are well-tailored to serve women and everyone,” Innocent Kawooya, the HiPipo CEO said, adding;
“We are exceptionally supporting efforts towards closing the Gender Gap in Access to Technology, Skills, and Usage of Digital Financial Services. Several of our Women in FinTech Alumni are currently running sustainable Tech companies. We implore the 2023 winners and all participants to continue with their innovations, complete them and launch them.”
Between 2020 and 2022, the Women in FinTech Hackathon, Summit, and Incubator project attracted over 4,000 participants and directly trained more than 300 women. Through dedicated mentorship, many of these Women have since graduated as Software Engineers and Computer Science specialists. Some have ideated, developed, and launched Financial Technology products that are transforming their communities while others have received seed capital from both the project and external contributors to further pursue their dreams.
The Women in FinTech initiative is implemented by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Crosslake Technologies and Ideation Corner and supported by the Bill and Melinda Gates Foundation.
After a long week of solutions’ ideation and development, the 2023 Women in FinTech Hackathon teams have today pitched their final minimum viable products – MVPs to the Hackathon Jury.
The over 30 teams were each given up to 10 minutes to demonstrate how their developed solutions work. The young and nascent innovators used this time to wow the Hackathon Jury of six judges.
Of the six judges, three attentively followed the presentations physically whilst others followed the proceedings remotely. For each developed solution, the judges were looking out for innovativeness, business value, feasibility, potential impact, and integration with Mojaloop Open Source Software.
The judges also paid a keen interest to adherence to Level One Project Principles such as Same Day Settlement, Realtime Payments, Tiered KYC, and Transaction Irrevocability.
“The fourth edition of Women in Fintech Hackathon has embodied the transformative power of women in technology. Through a systematic approach, the Hackathon has tackled real-world Fintech product development; from problem statement and business case formulation to solution design, prototyping, and MVP dry run. This structured process fostered collaboration, innovation, and skill growth, all while emphasizing inclusivity,” Cleopatra Kanyunyuzi, the Hackathon Lead Facilitator and CEO of Club Tangaza, adding:
“The hackathon’s success has showcased how diverse teams of women can break barriers and lead change in the Fintech sector. This event also highlighted the boundary-less nature of innovation. Such initiatives hold the key to a more inclusive, innovative future for Fintech.”
But even after the final pitches, there was still some more time for learning. Stella Lugalambi, the Co-Founder and Managing Director of Hamwe East Africa tipped the participants on Overcoming Challenges and Building Resilience.
Mrs Lugalambi urged the young innovators to consider formalizing their FinTech solutions through registration and in the long run, getting regulator licenses.
“Right now, Financial Technology is regulated by the Bank of Uganda. As an innovator, find out where your product falls and understand what is required to register it. Even if you don’t get a license immediately, at least you will know what is required when that time comes.”
She urged the participants to remain, firm, resilient and focused on achieving their dreams.
“There are indeed problems to do with funding and digitization. Most of your target audience doesn’t even have smartphones and computers, but this should not discourage you. For whatever you are doing, do your best to find ways of funding your businesses without seeking commercial loans fast as they put a lot of pressure on start-ups.”
Overall Winners to be known at Women in FinTech Summit.
With the Hackathon curtains coming down; there was a visible sense of anticipation; with several teams very optimistic and in high spirits while others were evidently anxious.
Even though all participants are financial inclusion champions, the overall winners of this year’s Women in FinTech Hackathon will be announced and receive their share of the USD 10,000 collective prize money at the 2023 Women in FinTech summit on Friday, 18th August at Mestil Hotel, Kampala.
This will be in addition to the winners automatically qualifying for the Women in FinTech Incubator program that will run from September until December 2023.
The past week has been exciting and action-packed. We have seen teams develop their nascent ideas into minimum-viable products. The majority of the teams have indeed put in so much effort and we really appreciate this. To us, all the teams are victors. They have submitted their final MVPs and we shall tomorrow get to know the overall winners.
The Women in FinTech Hackathon, Summit and Incubator Program is implemented by HiPipo in partnership with Level One Project, Cyberplc Academy, Crosslake Technologies, INFITX, Ideation Corner and Mojaloop Foundation and supported by the Bill and Melinda Gates Foundation.
For the past one week, the over 100 Innovators taking part in the 2023 Women in FinTech Hackathon have been focusing their energies and resources on developing time and lifesaving financial inclusion solutions.
With just one day to the end of this year’s Women in FinTech Hackathon, the participants are putting their best feet forward and tying up all loose ends as they ready themselves for their final submissions on Thursday 17th August.
On Day Six, the teams dug deep into the workings of application programming interfaces (APIs).
According to IBM, an application programming interface or API is a set of defined rules that enable different applications to communicate with each other.
An API ‘acts as an intermediary layer that processes data transfers between systems, letting companies open their application data and functionality to external third-party developers, business partners, and internal departments within their companies.’
Paul Baker, the Principle Product Manager at INFITX took the teams through the workings of the Mojaloop APIs, showing them the different ways, they can integrate the Mojaloop family of APIs in their solutions.
“If your desire for Mojaloop knowledge is more technical, then try running a cut-down version of Mojaloop Locally where the API can be called and the logs of the micro-services interrogated. The Mojaloop Community supports various ways of running Mojaloop locally.”
In preparation for making their final submissions, the teams also had an in-depth pitching and presentation coaching session led by Flavia Eleanor Kasenge, the chief operating officer at EzeeMoney.
In her presentation, Kasenge defined pitching as how you describe the best version of yourself or your business; what you do, how long you have been doing it, and why you are the best at that particular business.
She noted that there are different kinds of pitching such as Elevator Pitch, Investors Pitch and Sales Pitch.
“When at a pitch, introduce yourself using catchy words, replace fear with confidence, be smart, and bring your A game. Stand out from the get-go because first impression is key. Do enough research and master your data –Have enough depth and clearly show an understanding of your business,” Kasenge said, adding;
“Importantly, end memorably; preferably with a life story of how you came up with the product. That conclusion can be as serious as that or as simplistic as a joke.”
Running for the 4th consecutive year, the Women in FinTech Hackathon is part of the broader Women in FinTech initiative that also includes a Summit and Incubator program; all implemented by HiPipo in partnership with Level One Project, Cyberplc Academy, Crosslake Technologies, INFITX, Ideation Corner and Mojaloop Foundation and supported by the Bill and Melinda Gates Foundation.
The 2023 Women in FinTech Hackathon will culminate into the Women in FinTech summit on 18th August 2023 where the best-performing teams and individuals will be announced and receive their share of the USD 10,000 collective prize money. This will be in addition to the winners automatically qualifying for the Women in FinTech Incubator program that will run from September until December 2023.
Driven by passion and an unsatisfied appetite for success, the over 100 Innovators participating in the 2023 Women in FinTech Hackathon have their priorities well set out.
It is this desire to succeed that is keeping most of the participants awake throughout the night; some turning the Hackathon venue into their temporary home, taking short naps on wooden desks and the floor before waking up to resume their financial technology solutions’ design and development.
With the 2023 Women in FinTech Hackathon entering the final and most decisive days, the Teams were introduced to minimum viable products (MVP) on Day 5.
A product Plan defines a minimum viable product, or MVP, as a product with enough features to attract early-adaption customers and validate a product idea early in the product development cycle.
According to Dorothy Kabarozi, a Full Stack Software Engineer and Facilitator of the Women in FinTech Hackathon, the creation of minimum viable products (MVPs) raises the developers’ confidence and opens multi opportunities for partnerships and possible funding ‘because creating an MVP, even if it’s a simplified version, can instil a sense of achievement and sureness.’
“In a Hackathon like this, MVPs encourage participants to think creatively and find innovative ways to address challenges. This empowerment comes from the realization that they have the capability to design solutions that can make a difference in financial inclusion, benefiting themselves and others, “Dorothy Kabarozi said.
She added: “MVPs inspire developers like the young women and men we have here to pursue further opportunities in the tech field and beyond, knowing they have the ability to contribute meaningfully. Lastly, MVPs allow participants to demonstrate the tangible impact of their ideas. This can lead to partnerships, funding opportunities, or further development to scale the solution, which in turn can have a lasting impact on financial inclusion and empowerment.”
Mentorship Sessions.
Osbert Osamai, the Head ICT Advisory, Research & Strategy at Centenary Technology Services, was the morning mentor and presented on key skills for effective Digital Transformation, urging the teams to interest themselves in learning more support skills as these would complement their competencies in products and solutions development.
“Away from developing great solutions, you need project & product management, communication, decision-making and digital marketing skills. You need emotional intelligence to know what to say when, how and why. You must continue to learn as this will aid your growth. Importantly, continue to seek collaborations and possible partnerships.”
Lyn Tukei, the Communications and Public Relations Manager at Capital Markets Authority, Uganda, took on the PR and Marketing Strategy training. In her afternoon presentation, she noted that successful brands are built by consumers, not companies.
“Ultimately, it’s the way consumers perceive a brand that defines it. It doesn’t matter what you think your brand promises. The only thing that matters is how consumers perceive your brand,” Tukei said, adding:
“You need to work to develop consumer perceptions that accurately reflect your brand or your brand is doomed to limited growth potential.”
Running for the 4th consecutive year, the Women in FinTech Hackathon is part of the broader Women in FinTech initiative that also includes a Summit and Incubator program; all implemented by HiPipo in partnership with Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Crosslake Technologies and Ideation Corner and supported by the Bill and Melinda Gates Foundation.
The 2023 Women in FinTech Hackathon will culminate into the Women in FinTech summit on 18th August 2023 where the best-performing teams and individuals will be announced and receive their share of the USD 10,000 collective prize money. This will be in addition to the winners automatically qualifying for the Women in FinTech Incubator program that will run from September until December 2023.
