Damali Ssali; a Ugandan Chartered Accountant, Financial Inclusion Advocate, Business and Trade Development Expert has today urged start-ups to prioritize both proper financial management and quality products development because both are critical to the success of any business.
Damali Ssali made these remarks while delivering a mentorship session themed Business Financing and Financial Management at the third day of the Women in Fintech hackathon that is currently underway in Kampala, Uganda.
“Financial Management is as important as Product Development. I know you are developers and very competentin that field. It is not surprising that almost none of the 14 teams here are working with a financial expert. While this is fine right now, it cannot continue like this,” Damali Ssali noted, adding:
“You need to understand your business figures. The value of your product, the time you have spent on it and everything you have injected in. Even if you have a good product, if you don’t manage your finances properly, then you will face breakeven challenges.”
According to different studies, over 82 per cent of small businesses fail due to cash flow problems, a fact that makes prudent financial management a must if a business is to succeed.
Organized by HiPipo under its Include EveryOne program in partnership with Crosslake Tech, ModusBox, Mojaloop Foundation and Level One Project, this women focused hackathon has participants conceptualizing and developing different financial inclusion products with special focus on women in areas such as payments, lending, saving, e-commerce, e-education and e-agriculture among others.
The third day of the Women in FinTech Hackathon saw teams work on APPs integrations with APIs, discussed the Level One Principle of System Design and went through the Digital Financial Service Provider (DFSP) Boarding Journey.
The hackathon will culminate in to the Women in FinTech summit on Friday 18th September.