Posted on

Computing Palace Technologies seeks to close digital-gender gap with Her Duuka platform.

By Our writer

It is no secret that women are behind men when it comes to digital skills and are less-likely to have their businesses online compared to their male counterparts.

To close this gap, however, Computing Palace Technologies, an Information and Communication Technology (ICT) firm that specializes in software development, is introducing “Her Duuka”, a web-based e-commerce platform that will enable women post and sell their products online.

According to Felix Balitumye, the Team Lead at Computing Palace Technologies, this will enable women businesses, majority of which have been greatly impacted by the COVID-19 pandemic and the resultant lockdowns, to thrive.

Balitumye says that majority of women-led micro and small businesses have since collapsed due to failure to adapt to electronic commerce because of lack of digital skills among their proprietors.

Over the past few months, the firm has been teaching businesses digital skills to enable them use digital channels to market and sell their products.

“We noticed that many businesses had not adopted so much social media and other digital platforms to do business. But after holding a session with them and showing them how their businesses can evolve, they have adopted,” says Balitumye.

“We are not only teaching these women digital skills, we are also enabling them to adapt by selling their goods online. Whoever will be allowed to create an account on this platform must have been trained.”

This, he says, will also help boost financial inclusion as the women-business owners will only receive their payments through mobile money.

While the platform will primarily be free for all the women, Balitumye says that they might consider charging a small subscription fee in future for sustainability purposes.

This is the latest of a number of innovations by Computing Palace Technologies which deals in a range of ICT-oriented services including software development, development of financial products, websites design and hosting services, ICT consultancy, internship training, and customized ICT training.

Over the years, the firm has developed different management systems including Sacco management, School management, Hospital management, and Church management systems, among others to enable them operate more efficiently.

40-Days 40 FinTechs

Computing Palace Technologies is among the participants in the second edition of the 40-days-40-FinTechs initiative, organised by HiPipo under its Include EveryOne programme, in partnership with Crosslake Tech, ModusBox and Mojaloop.

Balitumye commended HiPipo for the initiative, saying that it has opened for its doors to new partnerships and also broadened its perspective towards financial inclusion and interoperability, which have been integrated in its systems development.

Being a gender-centric firm, however, Balitumye says there is need to for enhanced collaboration and support to bridge the current gender gap in the industry.

The HiPipo Chief Executive Officer Innocent Kawooya alludes that the second edition of the #40Days40FinTechs will showcase the best of the multitude of solutions and products one can think of in the digital space.

“We expect examples of innovations and brands operating in this space and also use this chance to learn, at no cost, from probably the most knowledgeable pool of global FinTech experts that are all scheduled to present this year,” he said.

Kawooya adds that FinTech in Africa offers attractive opportunities and that investors are rightfully picking interest in the various startups that are offering a plethora of services, ranging from payments and lending, remittances, cross-border transfers and neobanks, among others.

Posted on

Ticteq is helping people address their pressing needs through Crowd funding.

By Our writer

It is not uncommon in Uganda to hear stories of a student who has failed to complete their studies or a person who has been unable to travel to a certain destination for lack of money.

However, Ticteq, a Financial Technology Company (FinTech) has come up with a product that seeks to solve to this challenge by enabling people publically share their problems via a  common portal to fundraise money to address these pressing needs.

Dubbed Crowd Funding, the product which is on the Ticteq portal, allows anyone to post their problem that needs public support and well-wishers use the same portal to make contributions.

According to George Katuramu, the Ticteq Director, the causes can range from education to medical to social, among others.

When a person makes a donation, the benefactor automatically receives the money instantly at no cost. But Katuramu emphasizes that they follow up the funds to ensure that they are used for the intended cause.

 “With our portal, you can always know who donated, the total number of people who donated and the total amount donated and you can withdraw the money to your mobile money account or a bank account at any time but we follow up to ensure that the money is used for the purpose for which it was raised,” he says.

Although the product would salvage many people who we usually see on social media platforms conversing for financial support, Katuramu notes that most Ugandans are yet to appreciate the power of crowd funding.

“Most Ugandans think that crowd funding is for people who need organ transplant or surgery which is not true; it is for everyone. You may need tuition to complete your education or need money to travel, you can raise it through crowd funding,” he says.

“Simply share your story, giving details of what you need to do and how you want to do it. The people who will like your story and get touched to contribute towards the cause; they will do so,” he explains.

To popularize the innovation, Katuramu says the firm is undertaking an awareness drive on its website to create interest from the public.

Online ticketing

Besides crowd funding, the FinTech also offers the Ticteq product; an online platform that brings events’ organizers and revelers in one place, allowing them to sell/buy tickets for sports, theatre shows, music concerts, cinemas, comedy shows, and festivals among others.

Using the platform, event organizers can contact people who have bought tickets, and a customer can also get a refund in case they are unable to attend.

“This is a complete solution for someone who wants to organise a successful event, without worrying about tickets, fake notes, coins or being cheated at the entrance,” he says, adding that one simply visits www.ticteq.com to buy a ticket using either mobile money or a credit card.

Ticteq is one of the firms participating in the second edition of the 40-Days 40 FinTechs initiative organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

The initiative provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas.

Katuramu applauded HiPipo for the initiative, saying that it has helped shine a light on the great solutions being innovated by the various FinTechs to solve everyday challenges, which most people did not know about.

He, however, appeals to the government to support Uganda’s FinTech industry, noting that it holds the answer to boosting financial inclusion.

The HiPipo Chief Executive Officer Innocent Kawooya says this edition of 40-Days 40 FinTechs will be Uganda’s most comprehensive foray into things like distributed ledger technologies, Artificial Intelligence, Big Data, Automated Customer Relationship Management, cash management and lending platforms.

He notes that FinTech is the launchpad on which the promise of full global financial inclusion will be fulfilled.

“The #40Days40FinTechs #LevelOneProject shall show we have the innovators to take on today’s challenges,” Kawooya says.

However, he adds, a connecting thread will be how FinTechs urgently need interoperability and thus how open source frameworks such as Mojaloop and other technologies, are here to help, including guiding on how emerging frameworks such as #LevelOneProject principles can be used to engender sustainable financial inclusion impact.

Posted on

Beyonic is facilitating businesses continuity amid Lockdown.

By Our Writer

Many businesses globally have been affected by the lockdowns instituted by their respective governments to tame the spread of the deadly corona virus, wiping away livelihoods for millions of people.

However, Beyonic/ MFS Africa; a giant FinTech that facilitates payments integration across Africa has refined itself to help such businesses continue operating amid the lockdown to enable them survive.

Doreen Lukandwa, the Beyonic/ MFS Africa Vice President, Global Enterprises says: “In the current lockdown, a lot of businesses are asking themselves how they can continue to make money, reach their customers in the safest and most affordable way possible or how to scale their businesses beyond the confines of one district or country. We enable them do that and much more.”

“Also given the current situations where people have to work remotely and are disconnected from their customers, FinTechs like Beyonic have to be very innovative around how they enable businesses to continue to thrive.

 “This explains why we have focused on refining the answer to the question for you. When you get a Beyonic account, all you have to do is provide basic Know-Your Customer (KYC) to open an account and you will be able to continue operating your business without having to deal with physical cash. You only need to have the mobile money numbers of the people you would want to send money to or those you want to collect money from and communicate widely that you can accept payments through your platform,” she explains.

She adds that the FinTech is also implementing LevelOneProject principles by effecting all its outstanding payments within minutes.

This, according to Lukandwa, seeks to ensure that they use their digital platforms and available infrastructure to make market challenges obsolete.

“We are a solution provider to the challenges our partners face; it doesn’t matter how small or big your business is, we have a solution for you and we ensure real time settlements to facilitate your business growth.”

Beyonic facilitates payments integration across the African continent by integrating all telecoms in Uganda and in other African countries where it operates.

Thus, once one connects to the Beyonic platform, they will have access to all the networks across all countries where it operates, enabling access through a single log-in.

“When you log-in into that account as a business, you can effect payment to as many people as you would like to or receive payments from as many people as you would like to,” Lukandwa says.

Beyonic recently merged with MFS Africa, enabling it to increase the number of markets available for businesses to operate across the continent.

“To us making borders  matter less doesn’t just mean allowing your business go to many other markets but also things like equality, with gender being one of them,” she notes, adding that Beyonic/MFS Africa is women centric, with over 53% of its employees being women.

The FinTech is also deliberate at making more women-owned and led businesses access their platform to enable their businesses to thrive.

40 Days 40 FinTechs

Beyonic is one of the firms participating in the second edition of the 40-Days 40 FinTechs, organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

Lukandwa applauded HiPipo for the initiative, saying that it has provided a platform to aggregate information and players in the ecosystem to create awareness about available solutions to address market challenges.

She, however, notes that while Uganda is extremely entrepreneurial, this needs to be matched with the opportunity to scale and advance these enterprises.

“One of the areas in which we are lacking is reducing the cost of operations and scale; for a lot of these businesses, it is very expensive for them to have startup capital, employ staff, and maintain these businesses plus building capacity on best business practices. These are some of the primary loopholes where I think we need to get together as stakeholders to agree on what we want to achieve and how to achieve it and I think consolidating efforts around KYC would be key.”

The HiPipo Chief Executive Officer Innocent Kawooya applauds Beyonic, saying it has played a great financial inclusion role across Africa, as its products and services are impacting thousands of people at the last mile.

He adds that FinTech in Africa offers attractive opportunities and that investors are rightfully picking interest in the various startups offering a plethora of services, ranging from payments and lending, remittances and cross-border transfers, among others.

Currently, Beyonic can be accessed through www.beyonic.com or through social media, Facebook, WhatsApp, Twitter, and Instagram as its offices are currently closed due to the lockdown but will be reopened once it is lifted.

#40Days40FinTechs #LevelOneProject

Posted on

Pebuu school product promotes a cashless environment in schools

By Our writer

It has been widely documented that cash is one of the channels through which COVID-19 spreads.

While most parents are used to giving their children pocket money in cash, this, given the current pandemic, greatly exposes them to the virus.

In a bid to tame this, however, Pebuu Limited, a Financial Technology Company (FinTech) innovated the Pebuu School Product that has seen cash pocket money replaced with an electronic wallet.

The product, according to John Paul Semyalo, the company’s Chief Executive Officer, has been piloted in a number of schools and is working well.

“This is a post COVID-19 innovation because students will no longer be open to cash; they can now use their wallet which can be in form of their thumb print or a unique number,” Semyalo says, adding that it will help create a cashless environment in schools.

Pebuu, which is a women-centric brand, uses agents, who are spread across the country, to serve its customers.

Semyalo notes that the firm, which trades as Pebuu Africa, currently has 2,400 merchants countrywide, with 80% of them using Point-Of-Sale (POS) machines while 20% use a mobile App on their smartphones.

Pebuu partnered with telecommunications companies – MTN, Airtel, Africell and Uganda Telecom Limited (UTL) to distribute their products – mobile money, airtime, data, Over the Top Tax and other services, through its payment platform.

The FinTech started off with four agents five years ago, carrying only airtime as telecoms were at first adamant to on-boarding any FinTech for mobile money and the other services.

It is also partnering with banks, with three of them – Stanbic, GT Bank and Centenary, already on board, according to Semyalo, who adds that they are in advance stages of on-boarding other banks on to the platform.

“When you visit a Pebuu agent, you are able to cash-in or cash-out mobile money, pay your bills or do banking at the lowest cost possible,” Semyalo says.

Pebuu, which is among the firms taking part in the second edition of the 40-Days 40-FinTechs initiative, also has a Pebuu Care product, a micro credit solution that focuses on women and youth.

The product enables agents to borrow money in real time and pay back the loan in 24 hours or 30 days.

Commenting about the 40 Days 40 FinTechs, Semyalo said: “It is a great initiative; it brings together the different FinTechs to share ideas and the one unique thing is that it opens up the Ugandan FinTechs to the global space. Through this initiative, local FinTechs are promoted globally, which creates visibility for us so that when we decide to go out there and look for global partnership, in form of grants, equity or low interest financing, it becomes easy.”

The 40-Days 40-FinTechs initiative is organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

The initiative provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas.

Semyalo also notes that the firm uses Level One Project principles such as Know-Your-Customer (KYC) and real time settlement, which he says are key for competitiveness.

He explains that when on-boarding agents, the FinTech relies on KYC from telecoms or banks as every agent is required to have either a registered mobile phone number or that of the company’s director or a bank account.

The HiPipo Chief Executive Officer Innocent Kawooya notes that the 40-Days 40-FinTech project seeks to boost the African FinTech ecosystem to enable innovators enjoy sustainable profitability to help them design and deploy affordable and inclusive financial services for the poor.

He alludes that FinTech in Africa offers attractive opportunities and that investors are rightfully picking interest in the various startups that are offering a plethora of services, ranging from payments and lending, remittances, cross-border transfers and neobanks, among others.

“Each of these services solves unique sets of challenges. That is why we have this initiative because we want to contribute towards solving the unique challenges that the everyday person faces.”

Challenges

However, Semyalo notes that while the FinTech space in Uganda has evolved over the last five years, it is still quite hard and tough as most FinTechs are still grappling with liquidity challenges.

“For you to survive in the FinTech space, you must have liquidity; you must be aggressive, must be frugal, daring and brave,” he says, adding that those that will benefit are only those that will be resilient to celebrate their 10th birthday.

Posted on

Digital Finance is Africa’s opportunity to leap into the future – Xente

By Our writer.

Africa has been urged to take advantage of the current growth in digital finance to leap into the future.

According to the Xente Tech Limited chief executive officer, Allan Rwakatungu, adopting digital payments will allow faster financial inclusion and trade, an opportunity that the continent should take advantage of.

He notes that people’s adoption of digital payment methods and cross-border payments are on increase, accelerated by the COVID-19 pandemic. This, he says, has created an opportunity for financial Technology companies (FinTechs) and the African continent to leap into the future.

Xente Tech Limited is a mobile financial services and e-commerce platform that offers an all-in-one business account that helps business owners and finance teams manage expenses, make payments to team members, suppliers and to collect payments.

Key among its solutions are disbursements – sending mobile money, airtime or data groups of people and payment collections – collecting money from mobile money, Visa or MasterCard, on behalf of businesses.

Rwakatungu adds that the firm is also in the process of launching two other solutions including an Online Payments solution that will enable businesses make online payments with virtual Visa cards and an Expense Management solution that will enable businesses make payments for expenses such as fuel, meals, per diem and other expenses using cards.

This, Rwakatungu explains, will help drive Uganda towards a cashless economy.

“A lot of businesses today manage their expenses manually using cash or cheques. This means that when one needs money for everyday expenses, they have to walk to their accounts department. But now when people are working remotely, that is not possible anymore.

“However, this solution will help businesses continue to do everyday business payments during this pandemic and a lot of businesses are using our solution to pay staff, suppliers and other stakeholders during this pandemic from home,” Rwakatungu says.

While Xente has a number of clients including Jumia, M-Kopa and UAP, among others, Rwakatungu says that about 70% of the FinTech’s clients are women, who he says have been facilitated to work more efficiently.

40 Days 40 FinTechs

Xente Tech is among the 40 financial technology companies participating in the second edition of the 40-Days 40-FinTechs initiative, organized by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

The initiative which provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas, seeks to boost the African FinTech ecosystem to enable innovators enjoy sustainable profitability to help them design and deploy affordable and inclusive financial services for the poor.

 “Xente has participated in 40-DayS 40 FinTechs initiative because we believe in partnership and collaboration to move the FinTech industry forward,” Rwakatungu says.

For better service provision, Rwakatungu says that Xente implements LevelOneProject principles that put forward guidance for real time movement and settlement of transactions, which is important especially for people at the bottom of the pyramid.

“We put emphasis on things like progressive Know-Your-Customer (KYC), instant payments, same day settlements and ensuring that our customer care is responsive. To us, these principles give us a competitive advantage.”

Rwakatungu alludes that people are increasingly adopting digital payment methods and cross-border payments, accelerated by the COVID-19 pandemic, which has created an opportunity for FinTechs and the African continent to leap into the future.

He adds that adopting digital payments will allow faster financial inclusion and faster trade.

Solutions lined up

The HiPipo chief executive officer Innocent Kawooya also alludes that the second edition of the 40-Days 40 FinTechs will showcase the best of the multitudes of solutions and products in the digital space.

These will include discussions on and showcases of transformative technologies in the spheres like RoboAdvisor, payments, RegTech, InsurTech, lending, crowd funding and Neobanking, among others.

“Also in the showcase will be cryptocurrencies, Interledger, blockchain, digicash, lucre, cross-border payments, remittances, retirement schemes and new ways of operating bonds,” Kawooya notes, adding that more digital innovation will come in regards to Big Data and Artificial Intelligence.

Kawooya also alludes that FinTech in Africa offers attractive opportunities, especially for attractive startups.

“Investors are rightfully picking interest in the various startups that are offering a plethora of services, ranging from payments and lending, remittances, cross-border transfers and neobanks.

“Each of these services solves unique sets of challenges. For example; with cross-border payments comes the opportunity to erase the outrageous rates and bureaucratic bottlenecks that stymie transactions and thus trade among African countries,” Kawooya says.

According to Kawooya, the 40-Days 40 FinTechs initiative seeks to give exposure to the best emerging and transformative innovators of Africa.

“We able to implement this project successfully due to the generous support of the Gates Foundation through the LevelOneProject Initiative. 

The second edition of the #40Days40FinTechs project is expected to end on August 26, 2021.

#LevelOneProject

Posted on

40 Days 40 FinTechs Season Two Kicks Off.

HiPipo today successfully kicked off the 2nd edition of its 40 Days 40 FinTechs initiative, a grand showcase of exhibition, discussion and dialogue that is centered around offering exposure to those innovators that are enabling many, specifically those yet to enjoy financial inclusivity, the opportunity to become part of the digital economy by way of digital financial services.

‘This year we are aiming for a better understanding of the FinTech ecosystem,’ HiPipo CEO Innocent Kawooya revealed, adding, ’40 Days 40 FinTechs shall feature creators and innovators catering to multiple sectors. We shall also touch on interoperability at all levels, and generate appreciation and leverage for frameworks, like the Level One Project and Mojaloop, that are already in place to enable this’.

First to showcase was the Mallan Company led by its CEO Malcolm Kastiro. They gave exciting updates about their latest product named ‘Yassako’; an instant micro-credit facility for utilities, specifically electricity.

Malcolm revealed that the exposure brought by the inaugural 40 Days 40 FinTechs had boosted ‘Yassako’ uptake, and allowed Mallan to engage in more proactive planning on where they want to take the service. ’40 Days 40 FinTechs helps you go further,’ Malcolm revealed in appreciation.

He added that HiPipo and #40Days40FinTechs can ably further serve as a validation platform for fintechs, and quickly remove barriers to investment and funding, plus also be an asset in attracting the talent the industry needs.

Innocent lauded Yassako as a product that is well aligned with the Level One Project Principles, enabling low income earners to become part of the digital economy.

He further promised that HiPipo is intensifying its support, specifically in relation to documentation and sourcing for grants/funding.

Yassako Explained.  

While still in the pilot phase, the Yassako project, an innovation of Mallan Company Limited, has in a space of just a year grown its customer base to over 100 users every day.

The growing interest in the product is a testimony of how Financial Technology Companies (FinTechs) are helping solving day-to-day challenges facing millions of Ugandans.

Offered in partnership with Airtel Money, Yassako is an instant micro-credit emergency solution that enables users to recharge their pre-paid Yaka electricity on credit any time.

The product was introduced after Mallan Company, which specializes in Value Added Services and advanced credit services in the mobile payments space, noticed a gap in the market, when some Ugandans were running out of Yaka ( Electricity) units in weird hours after Umeme shifted its metering system from post-paid to pre-paid, something most Ugandans were not prepared for.

The solution has turned out to be a life saver for many Ugandans, who can now get electricity units on credit and pay within a maximum 30 days.

The company for now offers a minimum of sh2, 000 worth of Yaka units and a maximum of sh10, 000. Each credit attracts 15% service fee, according to Malcolm Kastiro, the co-founder and chief executive officer of Mallan Company Limited.

Kastiro explains that the low figures are intentional, given that it is an emergency solution. Additionally, they want to ensure that the amounts are not so big for customers to pay back.

“We just take you through that small fix you are in for that moment; probably it is lights, ironing or cooking. We allow you to get enough electricity units to do what you want to do so that the next day you go and purchase electricity,” Kastiro says.

Given that the service is offered in partnership with Airtel, it is for now available to Airtel customers only.  Kastiro, however, says that the company is in talks with MTN to have the service offered to its customers too.

Additionally, he notes that the company has plans to roll out the credit solution to pay television service providers such as Dstv and GoTv among others.

However, National Water and Sewerage Corporation (NWSC) customers will have to wait a little longer as Kastiro says that the post-paid nature of bill payment makes it tricky. Additionally, the bills involved are also too big.

He, however, expresses optimism that since NWSC has plans to introduce the pre-paid metering system, they will engage it once the system in rolled out in future.

Additionally, there are also plans to engage other electricity distributors, especially those serving the upcountry areas, offer the service to their pre-paid users.

Eligibility

For one to qualify for the Yassako credit solution, s/he must have been an Airtel subscriber for at least three months. To qualify for a certain amount of credit, one must have spent at least twice the credit value they are requesting for.

40 Days 40 FinTechs

Mallan Company Limited featured on Day One of the second edition of the 40-Days 40-FinTechs initiative, organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, Level One Project and sponsored by the Gates Foundation.

The initiative which provides a platform for FinTechs and stakeholders in the digital and financial technology space to exhibit their products and share ideas, seeks to boost the African FinTech ecosystem to enable innovators enjoy sustainable profitability to help them design and deploy affordable and inclusive financial services for the poor.

Kastiro says that the 40-Days 40 FinTechs has given it a platform to reach more customers, interact and engage with other key stakeholders.

Kastiro notes that Mallan Company implements LevelOneProject principles such as real time payment and same day settlement. Additionally, he says that the Know-Your-Customer (KYC) principle is also key as they cannot extend credit to someone that we don’t know.

“We must have information about you so that we do the credit scoring, so that we know whether you qualify and if you do, how much do you qualify for. These are fundamental features that we need for us to offer a good service,” he notes.

At the end of the day One session, the HiPipo chief executive officer Innocent Kawooya noted: “We are proud to kick off the 40-Days 40 FinTechs season Two by showcasing Mallan Group. Initially mooted in our first edition, we are glad that it is now ready for market, in no small part due to the support 40-Days 40 FinTechs offered and continues to do so.”

He added that Yassako is a fine example of the transformative technology that can positively change societies and communities.

“This is the first of its kind in East Africa and on the entire African continent that enables customers get electricity on credit. It offers great opportunity for home businesses and SMEs that might need critical assistance at vital points of the production value chain,” Kawooya says.

He adds: “ As we talk of digital lending, borrowing and all other service points on the digital ecosystem, it should not be forgotten how vital it is that products like Yassako exist to help and attract many to on-board onto digital rails, taking the first crucial step to financial inclusivity.”

Despite the enacting of the National Payments Systems Act mid this year, Kastiro, however, says that it poses a risk of creating monopolistic tendencies in the industry, given the stringent requirements required to get an operation license.

#LevelOneProject

Posted on

Registration for Women in FinTech Hackathon kicks-off.

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

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

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

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

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

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

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

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

Important Dates:

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

Eligibility:

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

Benefits:

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

Ends.

Posted on

E-commerce platforms urged to ensure real time settlements.

Our Reporter.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Exhibition

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

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

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

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

Posted on

Conducive policy environment key driver of digital solutions – experts.

Our Reporter.

Financial technology companies (fintechs) have called for a conducive environment to enhance the adoption of digital financial solutions.

The appeal was made by Oscar Ofumbi, the Head of Business at Lend in a Box, a financial technology company during the two-day fintech landscape exhibition at Sheraton Kampala Hotel last week.

According to Ofumbi, the lack of a conducive policy makes adoption of digital financial solutions difficult.

“If you have a good policy, adoption will be a lot easier because when you talk about an ecosystem, you are talking about the people that are involved in the entire value chain. You need a good policy to ensure that each and everyone’s interest are well taken care of,” Ofumbi said.

It should be noted that while Parliament passed the National Payment Systems (NPS) Bill, 2019 about a month and a half ago, that will among others seek to regulate and provide for the safety and efficiency of payment systems and issuance of electronic money, the president is yet to assent to it.

Citing the Data Protection and Privacy Act (2019), the National Broadband policy and the NPS Bill, the Information and Communication Technology Minister Judith Nabakooba said that the government has set up a conducive legal regime that supports the growth of the sector.

However, Ronald Azairwe, the Pegasus Technologies managing director said that while there is more regulation which is expected to level the playing ground, the NPS is a double edged sword, which he said could make it a little harder for fintech startups to start. This, he said, is because of the whole licensing regime they are supposed to undergo.

“Regulation stands in the way of innovation; we have erratic regulations that sometimes come up and stifle innovation,” he said.

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

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

The HiPipo CEO, Innocent Kawooya said HiPipo will continue advocating for a leveled playing field for all fintech players but noted that collaboration is needed to achieve this.

He said the project will not only change the way financial inclusion is done in the world but also transform millions of lives in years to come and change the way financial inclusion is going to be done in Uganda going forward.

Kawooya alluded to the need to secure payment platforms, saying that without that, people will lose trust and confidence in the digital payments systems.

“HiPipo recognises that this 40 Days 40 FinTechs season is just the beginning, and so much more needs to be done especially around raising the levels of confidence of customers in the digital payment systems. We shall continue with the same fearlessness: we are proud to continue forging Africa’s digital and financial landscape. And with the potential we have seen, with the talent we have helped nurture, we know that to ‘Include Everyone’ is more than just a dream, it is something we are making real…,” Kawooya said.

Posted on

Customer centricity is key in promoting digital financial inclusion.

Our Reporter.

Financial technology companies (fintechs) have been urged to ensure customer centricity in the development of digital financial products, as it will be key in enhancing financial inclusion.

Speaking during the two-day fintech landscape exhibition to mark the end of the 40-days-40-fintechs project at Sheraton Kampala Hotel, Wendy Nanfo, the customer delivery supervisor at Jumo Uganda said customer centricity will enable fintech players focus on customer needs and thus provide innovate products that best suit their needs.

“We need to focus on customer needs; investigate the actions and the artifacts of all the touch points on a customer journey. Knowing who you are serving helps you understand the data and be able to provide a product that best suits your customer,” Nanfo said.

Customer centricity is having a product or service that responds to customer needs at all times.

Nanfo commended HiPipo for advocating for Mojaloop software, saying that it will provide an interoperable solution which is expected to be a game changer in the fintech space as it will provide players with an alternative source of data.

“You need data to be able to serve the person at the bottom of the pyramid. So being able to plug into an API that has data from other sources will help us produce products that best suit our customers,” she said.

The Buladde Financial Services financial services manager John Mark Golooba also alluded to the need to offer simple to use digital financial products to enable people who are still financially excluded to adopt.

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

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

Across Africa, it is estimated that only about 43% of people in sub-Saharan Africa are financially included while in Uganda about 78% of the population is financially included both formally and informally.

This is mainly because of high transactional costs, especially across different service providers, which experts say is an obstacle to achieving meaningful financial inclusion.

Currently, providers of digital solutions have to build everything on their own, which is expensive as there is no single loop. This means that they have to charge high transaction fees that are hard for poor customers to afford. Additionally, more services end up being a closed loop where customers can only transact with other customers using the same service.

Lowering cost would therefore require shared platforms like Mojaloop, unto which all players can plug at a low cost, which will help lower both on-network and off-network transaction costs.

Simple products

Daisy Kavinya Mwanzia, senior manager banking, MTN Group  said there is need for simplification of financial products, saying it will be key in facilitating adoption of digital financial solutions that include everyone in society.

She said Mojaloop has laid a good foundation, which will provide for the simplification of digital financial solutions and thus enhance financial inclusion across the globe.

The Flutterwave country lead Nielsimms Sangho said his fintech, which specializes in building infrastructure that can be used by others to build products, will use its expertise to help innovators develop relevant products that can be used by everyone, including those who cannot speak English.

The Lend in a Box Head of Business Oscar Ofumbi on the other hand urged fintechs to embrace cyber insurance so as to externalize risks by allowing the insurance company take on any related costs suffered in case of an attack.

Additionally, Ofumbi urged them to use a two-factor authentication, a multi-factor method that requires users to input different pieces of evidence before they are granted access to the account or system. This, according to him, will ensure an enhanced level of security for players in the fintech sector.

He noted that cyber risks are becoming a challenge for the sector, given that it could either be perpetuated by either an employee or a third-party service provider and that using insurance or a two-factor authentication would be very helpful.

The HiPipo CEO, Innocent Kawooya said HiPipo will continue advocating for a leveled playing field for all fintech players but noted that collaboration is needed to achieve this.

He said the project will not only change the way financial inclusion is done in the world but also transform millions of lives in years to come and change the way financial inclusion is going to be done in Uganda going forward.

Kawooya alluded to the need to secure payment platforms, saying that without that, people will lose trust and confidence in the digital payments systems.

“Without secure digital financial services, the world cannot achieve full financial inclusion because if there is a lot of fraud and businesses losing money in an ecosystem, people will not use it; they will keep money in their bags or assets and in the end, we shall not have money to grow the economy,” Kawooya said.