Open APIs will Advance Digital Saving and Loans Innovations. Remarks of Innocent Kawooya CEO HiPipo

Digital Saving and Loans is offering quick small loans/saving remotely over digital channels such as for  M-Shwari in Kenya, Mokash and Wewole in Uganda.  Digital saving and loans can benefit borrowers as an alternative to informal lending sources to meet emergency liquidity needs of poor households and provide a first step into formal financial services.  In promoting financial services for the poor, banking and telecom organization should enable digital driven means for developing saving culture which would spur better and less risk lending trends and decisions.   P2P lending, SACCO lending can all be digitized if small Fintechs and developers are given the right tools and APIs to integrate into the financial platform of big Telecoms and banks. The data available already for customer GSM and Mobile Money transactions is a starting ground to help in offering well-tailored products to key segments of the poor, youth and women that we need to be more included in formal financial services.

“Open APIs will Advance Digital Saving and Loans Innovations. Under Include Everyone program, we believe that the more we promote OPEN API for identify (KYC), Data and Transaction use cases, the more we shall propel innovation to delivered financial services for the poor” remarks Innocent Kawooya CEO HiPipo.