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Registration for Women in FinTech Hackathon kicks-off.

Nicholas L Ntulume
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Registration for Women in FinTech Hackathon kicks-off.

For Immediate Release.

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 latest 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.

https://www.digital-impact-awards.com/blog/event/women-in-fintech-hackathon/

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.
  • 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.

E-commerce platforms urged to ensure real time settlements.

Nicholas L Ntulume
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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.

Conducive policy environment key driver of digital solutions – experts.

Nicholas L Ntulume
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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.

Customer centricity is key in promoting digital financial inclusion

Nicholas L Ntulume
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0
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.

Busia border front line staff receive Personal Protective Equipment from European Union amidst COVID-19.

Nicholas L Ntulume
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0
Busia border front line staff receive Personal Protective Equipment from European Union amidst COVID-19.

The European Union (EU) Ambassador to Kenya Simon Mordue, in partnership with TradeMark East Africa (TMEA), visited the Busia One Stop Border Post (OSBP) – the border crossing point between Kenya and Uganda – to deliver Personal Protective Equipments (PPEs) to the border authorities on the Ugandan and Kenyan side.

The delivery was witnessed by Kenya’s Ministry of Health Chief Administrative Secretary (CAS) Dr. Rashid A. Aman, PS Ministry of EAC Kevit Desai and his Ugandan counterpart Edith Mwanje, UgandaRevenue Authority Commissioner for Customs, Abel Kagumire, TMEA Chief Executive Officer (CEO)Frank Matsaert, TMEA Kenya Country Director, Ahmed Farah, TMEA Uganda Country Director, Moses Sabiiti and Busia County Commissioner Joseph Kanyiri.

This is part of the EU’s wider support for mitigation measures against the spread of COVID-19 and continous safe trade in Kenya across all the Kenyan borders. Today’s symbolic handover will cover the needs of customs, immigration, security, and port health officials on both sides of the border for a period of 3 months.

Making his remarks at the event, EU Ambassador to Kenya Simon Mordue said: “Trade is the lifelineof the economy and many millions of both formal and informal jobs depend on it. By working together closely the Kenyan and Ugandan Governments are ensuring that trade can continue through the border posts in Busia and Malaba throughout this COVID-19 crisis. Government agents working in the front line are essential to the crossborder flow of goods and need to be properly protected. Today’s first delivery of PPEs displays the EU’s support to this.”

On his part, Kenya’s Ministry of Health CAS Dr. Rashid A. Aman thanked the European Union for their continuous support to the government’s efforts to fight COVID-19, further saying; “Since the first case of Covid-19 was announced in March, Kenya has since registered 11,673 confirmed positive cases as of 16th July 2020. Busia remains one of the hot spots for the spread of the virus. The PPEs beinghanded over to the Joint Border Management Committee will strengthen both Uganda and Kenyan governments measures of making our borders safe and open for trade. Given the vulnerability and exposure of the frontline workers to the virus, protection of all border personnel is paramount in ensuring they work in safe and optimal working conditions so that trade continues uninterrupted. As always, please wear a mask, practice social distancing, wash your hands and sanitise. That is the only way to beat the disease.”

The European Union is the largest donor to the Kenya component of TMEA’s Safe Trade Emergency Facility (STEF) programme with a contribution of KES 600 million (EUR 5 million). STEF was launched to respond to the rapid spread of the COVID-19 pandemic which has hit East Africa’s border crossingpoints, causing some of the worst disruptions in history. The usually busy land borders are a main vector of human transmission from one country to another. In response, governments have adopted mandatory testing of border users at crossing points. Yet, crossing points have shortages of Personal Protective Equipments (PPEs) for front line staff and there are frequent reports of border officials contracting the disease. Inadequate or no PPEs for frontline officers, especially for port health and security personnel, is causing delays in border clearance processes; for example, the Busia and Malaba crossing points continue to face long traffic queues of many kilometres on both sides of the border. The PPE’s include key items agreed in consultation with governments, port health authorities and advice from medical agencies at regional and international levels.

Today’s PPE delivery is part of a number of interventions that the EU is funding in Kenya to help ensure the flow of safe trade and protect critical front line staff. Other interventions funded by the EU under the STEF include: technology to enhance truck driver testing and tracking; the installation of smart gates at the border; the development and implementation of relevant protocols to enhance efficient and safe trade; supporting trade policy, standards and SPS; policy advocacy and improving ecommerce; and the development of safe trade zones to support formal and informal traders at the borders. This support is complemented by a grant from Ireland of more than KES 10 million focusing on the establishment of a Safe Trade Zone for female cross border traders in Busia. Other members of Team Europa, in particular the Netherlands, Denmark and Finland support TMEA activities across Eastern Africa region.

TMEA CEO, Frank Matsaert said that TMEA was committed to supporting the border authorities and the border users, to ensure medical compliant trade between adjoining States and the region. He noted that the support is critical to facilitate the safe continuation of trading activities and especially protecting livelihoods.

#40Days40FinTechs: Trade-Lance; using technology to leave a lasting mark in people’s lives.

Nicholas L Ntulume
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#40Days40FinTechs: Trade-Lance; using technology to leave a lasting mark in people’s lives.

By Our writer

While the COVID-19 crisis has taught people the importance of digital technologies in all aspects of life, its importance has been greatly felt in the financial space.

An increasing number of transactions are progressively going online as social distancing and the lockdown proved that it is only technology that can be harnessed to keep things moving, irrespective of the situation at hand.

This has played out well for Financial Technology Companies (FinTechs), which are aggressively innovating to bridge the gap.

Among them is Trade-Lance, a firm that provides integration and aggregation services to telecoms, financial institutions and utility companies, among others.

Established about 15 years ago, the financial technology company, offers a range from Value Added service solutions including project management, business audits, business analysis, systems architecture, systems development, systems integration, data centre design and management, and ICT training.

Trade-Lance is also the mobile money aggregators to MTN, Airtel, Africell in Uganda and have integrations with various banks and utility companies in Uganda, according to Ewolu Nelson Mandela, the firm’s Sales and Marketing Analyst.

The firm harnesses technology to offer a range of products including micro loan support, touch pay, M-ticketing, online betting solutions, M-rent, Katale, remittances across networks, airtime to all networks, SharaPay and merchant solutions, among others.

Under micro loan support, the firm offers support for Moneylenders, donors and Saccos. The product also offers SMEs the provision to pay out loans to their customers as a well a medium for collecting premiums.

The Touch Pay product on the other hand offers a fast and secure way of paying fees, thus eliminating the need to queue in banks and sending pocket money to children at school, using mobile money. The solution also provides a closed loop student wallet system that enables parents send money to students while at school, which can be spent in areas parents are certain of.

The M-ticketing solution allows one to sell event tickets using mobile money, via a USSD code, thereby eliminating paper tickets and offering a convenient and secure way of managing events.

Trade-Lance’s Online Betting Solution enables its clients to send bets to their favourite betting companies directly from their mobile phone while the M-rent solution is used by property owners and realtors to manage their properties, collect rent and pay service providers.

This, according to Ewolu, enables one to monitor their properties’ cash flow and to plan maintenance schedules with service providers as well as paying their dues at your own convenience.

On the other hand, Katale is an online market place that offers online presence for retailers and wholesalers a shopping option for their customers to order for goods online have delivery done while the remittances solution offers a unique and exclusive service where one can send money from a mobile money account to a recipient on other networks. It also offers international remittances in partnership with PostBank.

It also does airtime resale service to all networks while the SharaPay, a web based platform, makes multiple payments easy; it helps to manage payrolls for any organization that wish to pay their staff and service providers, thereby eliminating insecurities associated with handling large sums of money.

Merchant payments/Collections: This payment option reduces the hustle of carrying cash around for customers visiting bars or restaurants and customers pay using mobile money.

Regional links

The firm also operates in South Sudan, where it delivered the Unified Mobile Money platform and provided a broker to the Unified mobile money platform. All third party integrations in the country use its platform.

In Ethiopia, it Trade-Lance provided the project management for the Mobile Money platform with Dashan bank. The firm provides consultancy for telecom companies and Non-Governmental Organisations in Kenya and Rwanda.

Trade-Lace is among the firms participating in the 40-days-40-FinTechs initiative organised by HiPipo, in partnership with Crosslake Tech, ModusBox and Mojaloop Foundation.

The initiative seeks to enable FinTechs to innovate solutions that facilitate cross-network financial transactions at minimal risks to enhance access to financial services.

Running for 40 days, the project will see the participating 40 FinTechs acquire interoperable development skills to improve access to financial services, using the Mojaloop open source software.

The HiPipo chief executive officer Innocent Kawooya applauded Trade-Lance for thinking interoperability despite the existing limitations that come with connecting and integrating with the different players.

He noted that interoperability even between telecoms in Uganda is still very expensive.

“For every single transaction, you are charged a minimum of 13%, which is very high for finance,” Kawooya said.

He added: “So the 40-days-40-FinTechs initiative is part of our 15- year journey of advocating for digital transformation.”

In organizing the 40-days-40-FinTechs project, Kawooya said that HiPipo wants to use the knowledge and skills acquired from its association with some of the founders of new edge technology – Microsoft, Google, Linux and Facebook – to create a leveled ground that allows everyone  to play in the same playing field.

He said that working collaboratively will promote innovation and in turn boost financial inclusion.

Kawooya noted that COVID-19 has also shown people that this is the time for everyone to think digital.

He further noted that anyone who innovate around mobile in Africa is destined to succeed, given that Africa is an economy, which people refer to as a mobile first continent.

“It has been proved that all those who innovate around the mobile easily get to capture the market and easily get to grow and to sustainably serve  and transform lives,” Kawooya said.

Kawooya said that HiPipo seeks to ensure that the world, starting from Africa, achieves full digital transformation, given the enormous opportunities that come with digital exposure.

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