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Tag: Fin Techs

  • #LevelOneProject: 17 Teams shortlisted for the 2021 #WomenInFinTech Hackathon

    #LevelOneProject: 17 Teams shortlisted for the 2021 #WomenInFinTech Hackathon

    Kampala: Following a two-weeks long online registration process and continuous evaluation of all entries, we are happy to unveil the 17 teams that will participate in this year’s #WomenInFinTech #LevelOneProject Hackathon and Summit.

    Altogether, we received over 40 applications majorly from Uganda but also from Tanzania, Kenya and Ghana.

    The Women in FinTech Hackathon will convene developers – 75 per cent of them being women – between 8th and 14th October to come up with financial inclusion solutions that address their community needs, aided by Level One Project principles and latest technologies like Mojaloop Open Source Software (OSS). The shortlisted teams are women-led, with 2 to 4 members, and each team having at-least 75 percent female composition.

    The Hackathon, organized by HiPipo in partnership with Crosslake Technologies, Modusbox, Mojaloop and Level One Project, will culminate into the Women in FinTech summit on Friday, October 15th, 2021 where the three top teams will be announced and share USD5,000 in prizes.

    “I am happy to note that the registration process went on smoothly with over 40 teams applying. We went through all entries and thereafter shortlisted the best 17 teams. Even though we would wish to have all the 40 teams participating because they are deserve it, we are constrained by the ongoing COVID-19 pandemic, financial and space restrictions. We encourage those that didn’t make the final list to continue pursuing their products as every effort counts in this financial inclusion journey,” Innocent Kawooya, the HiPipo CEO noted while unveiling the Women in FinTech initiative.

    He added: “Like we noted recently, the top three teams in the Hackathon will be shortlisted to be a part of the inaugural 90-days Women-in-FinTech Incubator.

    The Incubator is a program designed to further concretise their product development and business acumen, and improve their readiness for the fintech industry.”

    “Most of all, as we continue to profess, the initiative continues to serve the truth that 100% financial inclusion will only occur if effort is directed to bringing more women into the digital innovation and business space. HiPipo, with its Include Everyone program, and in concert with the Gates Foundation and other stakeholders, is proud to continue serving this purpose. We promise a fantastic arena to acquire and share the digital skills towards that end.”Empowering Innovators HiPipo is proud to remain one of the continent’s premier advocates for the creation, dissemination and adoption of digital financial services, and we remain highly enthusiastic to provide the ways and means for our innovators to fully develop solutions that will collectively lead millions of our people to better lives and improved livelihoods.

    The inaugural Women in FinTech initiative in 2020 exceeded expectations and left no doubt that women are ready to play a starring role in the digital financial services space and can fill the product gap the sector currently contends with.

    All the 15 participating teams in 2020 presented excellent ideas, and HiPipo is more than pleased to reveal that it supported three (3) of them to grow into startups, each with a Minimum Viable Product (MVP) that’s ready for the market, which was a success to an extent that they went on to take part in the recently-concluded 40 Days 40 FinTechs initiative.

    Shortlisted Teams and their Team Leaders.

    Important Dates: 8th to 14th October: Women in FinTech hackathon underway.

    15th October: Women in Fintech Summit. Benefits: Networking with fellow Developers and Facilitators from across the World.

    Mentorship from Industry Players and Business Leaders. Access to latest infrastructure and technology.

    USD 5000 Prize Money to be shared by the winning teams.Fully paid 90 days Incubator Program for three top teams.

    Prize Money Breakdown:

    Winning Team : USD2000 and participation in 90 Days Incubator Program

    First Runner Up : USD1000 and participation in 90 Days Incubator Program

    Second Runner Up: participation in 90 Days Incubator Program. To the lucky participants, see you soon. For now, STAY SAFE.

  • We are the bank for the unbanked, says Airtel Uganda Chief Commercial Officer

    We are the bank for the unbanked, says Airtel Uganda Chief Commercial Officer

    The low transaction costs, innovative products and a wide network coverage that makes its products and services easily accessible to everyone, irrespective of location, has made Airtel Mobile Commerce Uganda Limited “a bank” for people who were previously unbanked. This is according to the Airtel Uganda Chief Commercial Officer, Amit Kapur.

    Amit Kapur says that while majority of Ugandans had been excluded from the financial system partly because services were out of reach for people especially those in rural areas, Airtel Mobile Commerce has over the years invested to ensure that such access financial services.

    Apart from offering mobile money services, Airtel Mobile Commerce, which was recently given a payment services license by Bank of Uganda following the enactment of the National Payments Systems (NPS) Act, also offers savings and loan products.

    “People at the bottom of the pyramid need savings and loan products like anyone else but their requirements are simpler; they want products which are convenient, safe and affordable and our products are designed keeping those requirements right at the heart of it,” he says.

    He adds that it is the designing of customer-centric products that will help the country achieve the financial inclusion agenda.

    On its savings product, Kapur says that the institution offers a 5% interest rate on daily average finances as it seeks to maximize the benefits to customers while ensuring convenience and safety of their money.

    In addition to the current loan and savings products which it offers in partnership with partners like JUMO and KCB, Kapur says that the organization is in the process of launching Quick Loans – a check-out loan product that will be accessed across the country.

    “We have worked all this past period to expand the role of Airtel services to drive financial inclusion right down the person at the bottom of the pyramid. We know that driving financial inclusion to the bottom of the pyramid is a huge task but that is the reason we exist,” Kapur notes.

    He adds: “Our services can be accessed at any location throughour vast network of 110,000 agents and the 1,400 Airtel Money branches across the country.”

    Additionally, Kapur notes that while the COVID-19 pandemic has disrupted businesses across the entire African continent, it has also brought forward the entire digital financial services industry forward by a couple of years.

    “The pandemic has put this industry right at the centre of ensuring financial inclusion to the bottom of the pyramid. Using cashless financial services like mobile money is one important way in which you can reduce contact and the risk of COVID-19 transmission,” he explains.

    To achieve full financial inclusion, however, Kapur says there is need to build an entire eco-system so that one does not have to withdraw the money from their mobile money account to complete a transaction but simply pay digitally. He says there is also need for more digital savings and credit products.

    “It is important to build the ecosystem; and that is where partnerships with the various merchants, banks, partnerships to build savings products, partnerships to build loan products,which become extremely critical for the development of this entire ecosystem, are important,” he notes.

    Airtel Mobile Commerce Uganda Limited is among the firms participating in the second edition of the 40-Days 40-FinTech initiative that is organized by HiPipo in partnership withCrosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

    Kapur says that the initiative has created visibility that will accelerate uptake of the various innovative solutions on the market to further boost financial inclusion.

    He adds that with NPS Act, BOU guidelines and the excitement from players, Uganda is in the process of building a vibrant FinTech industry that will be among the most vibrant ones across the continent.

    The HiPipo Chief Executive Officer, Innocent Kawooya says that the second edition of the 40 Days 40 FinTechs has showcased several innovations around distributed ledger technologies, Artificial Intelligence, Big Data, Automated Customer Relationship Management, cash management and lending platforms, among others.

    He adds that this is an indication that with the right support, FinTechs will help Uganda and Africa achieve full financial inclusion.

  • ChapChap Africa oiling MSME’s financial inclusion journey through aggregation

    ChapChap Africa oiling MSME’s financial inclusion journey through aggregation

    Despite contributing immensely to Uganda’s Gross Domestic Product and employing the largest number of Ugandans, Micro, Small and Medium Enterprises (MSMEs) face a multitude of challenges, including limited access to credit.

    Commercial banks do not want to extend credit to these entities as they are considered risky, have no collateral and most of them have unregistered businesses.

    Identifying this gap in the market, ChapChap Africa, a low cost mobile payment application (App), sought to bridge it by bringing MSMEs into a digital age and enable financial inclusion for them and their customers.

    Emmanuel Emodek, the Team Lead at ChapChap Africa says that with the App, MSMEs are able to tap into extending financial services such as mobile money to do deposits, withdraw as well as bill payment services in just five minutes.

    “If you want to access mobile money right now as a service, 90% of businesses would fail to access it because they do not have formal documents like a bank account that has been operational for six months. They would also fail to tick the box of being a registered business. They would also fail to raise a minimum of $400 to be able to access the lines,” he says.

    Emodek explains that in partnership with telecommunications companies, ChapChap has been able to aggregate and lower these requirements close to zero so as to increase the uptake of these solutions.

    “Today if you want to run a mobile money business or a bill payment solution in this country through the ChapChapplatform, it will take you five minutes to be on-boarded.

    “All they need is an application, $5 and a simple Know-Your-Customer (KYC). They do not have to have a bank account and they are able to start running business,” Emodek says.

    In a span of three years, Emodek says about 17,000 businesses have been on-boarded.

    The ChapChap mobile payment platform was launched in 2017 in Uganda, initially allowing customers to pay for digital goods and services and do online shopping while earning cashback on their transactions.

    Additionally, Agatha Kyozira, a member of the Customer Support Team at ChapChap Africa notes that by introducing the digital economy to MSMEs’ day-to-day activities, ChapChapAfrica has created credible financial profiles for these businesses, which has indirectly opened for them multiple credit opportunities.

    “These businesses today have been able to tap into these financial institutions to be able to access credit. We want inclusion for everyone; if we level the playing ground, we will eliminate so many things that hinder businesses from participating,” Kyozira said, adding;

    “This is in line with our goal of ensuring that these enterprises are seen, have access to manufacturers, financial institutions, governments and a fair advantage to compete thereby improving the livelihood of women and youth by providing employment for sustainable development.”

    40-Days 40-FinTechs

    ChapChap Africa is among the firms participating in the on-going second edition of the 40-Days 40-FinTechs programme, organized by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

    Emodek commended HiPipo for the initiative, saying that it has created for them the much needed visibility.

    “Developing a product is the easiest bit but marketing it is the hardest and most expensive. A lot of Tech organisations have less spend on marketing because they cannot afford the mainstream media.

    “We mainly serve the low income people market; if you charge them high, they shy away from the product. So the charge has to be low. But if you went to a media organisation to place an advert, what they ask for would kick you out of business,” he says.

    He adds: “But 40-Days 40-FinTechs is that moment in life where you are in darkness then someone shows up with a candle and says I am going to amplify you.”

    The HiPipo Chief Executive Officer Innocent Kawooya alludes that FinTech is the launchpad on which the promise of full global financial inclusion will be fulfilled.

    “The 40-Days 40 FinTechs LevelOneProject shall show we have the innovators to take on the challenges,” he says.

    He, however, notes that FinTechs need to be prepared with appropriate products and have appropriate real time payment systems in place to support an inclusive, interoperable digital marketplace that is both thriving and safe.

  • Kuzimba services; helping Ugandans access all building materials online

    Kuzimba services; helping Ugandans access all building materials online

    From bricks and cement to painting, plumbing and décor services, anyone undertaking a construction project can now access them under one roof, just with the click of a button, thanks to Kuzimba Services.

    Established in April 2020, Kuzimba Services, the online web Application, aids estate, site or home building by providing fast engineering solutions and making purchases of building materials easy.

    According to Kuzimba Services Business Store Manager, Ephrance Eunice Namugenyi, people no longer have to physically move looking for the materials as they can now be accessed online and delivered at their construction site.

    Additionally, the firm also provides access to building experts, carpenters, architects, interior designers, cleaners and engineers and travel insurance, among others.

    Namugenyi says that once one visits the business website;www.kuzimbaservices.com, they create an account by inputting all their details before they can proceed to make the different purchases for the needed building materials.

    “When one gets online and they register; Kuzimba gets a message that someone has initiated a purchase of a certainmaterial. When we get the email, we send them an RFQ and a work plan, depending on the material they have requested for.

    “They then sign on the document and send it back and we makethe necessary arrangements for the clients to receive their order. At Kuzimba Services, we give you reliable service delivery in the fastest time possible as long as you sign up and keep an account with us,” she explains.

    Kuzimba Services participated in the Women in FinTech Hackathon in September 2020, which Namugenyi says created for them visibility and addition to exposing them to latest financial technology trends and new technologies.

    The participation in the Hackathon saw them develop a cash management system, a fundamental requirement for any online business, which has enabled them operate efficiently.

    40-Days  40 FinTechs

    Kuzimba Services is also participating in the ongoing 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.

    Namugenyi alludes that the platform is an opportunity for Kuzimba Services to be marketed and to grow to another level.

    The HiPipo Chief Executive Officer Innocent Kawooya also alludes that the 40-Days 40-FinTechs initiative 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.

    Kawooya adds that FinTech is the launch pad on which the promise of full global financial inclusion will be fulfilled. He also notes that FinTech in Africa offers attractive opportunities as investors are rightfully picking interest in the various startups that are offering a plethora of services.

  • Giving businesses global online visibility is merchandise Uganda’s delight

    Giving businesses global online visibility is merchandise Uganda’s delight

    Many micro and small enterprises in Uganda still lack online presence due to, among others, absence of digital skills to enable them open and run social media platforms or websites.

    The desire to help them have an online experience to market and create visibility for their products forced Merchandise Uganda, an e-commerce platform, create an online marketplace that has enabled them connect to global markets easily.

    According to Nurudin Busingye, the Merchandise Uganda General Manager, the platform was established after realizing that over 15 million Ugandan businesses do not have online display of their products.

    Busingye says Merchandise Uganda, which is gaining prominence in Uganda, has supported over 200 businesses, which now have online shops and thus have an opportunity to interact with their buyers globally.

    Established in March 2019, the platform allows merchants to open mini-showrooms through which they market their products to potential buyers by posting product photos and adverts, reviews, tips and videos.

    Busingye says that the platform has also enabled their clients to connect directly with manufacturers in China to supply them goods without them having to travel to China, which has reduced their cost of operations.

    “The businesses use our platform to remain connected to their suppliers; even in the lockdown where people were not allowed to move, those who subscribed to Merchandise Uganda remained relevant because their shops were open and used our delivery team to deliver the products to the buyers,” he explains.

    They facilitate a number of sectors including agriculture, construction, manufacturing, legal logistics, hotels, education and family, general merchandise and health, among others, where people post their products, depending on the category.

    One can subscribe to Merchandise Uganda upon entering their business details and paying Shs 50,000, Shs 100,000 or Shs200,000 depending on the category chosen, then submit quality pictures of the products being marketed.

    In a bid to support women, Busingye notes that Merchandise Uganda trained 30 members of the Uganda Women Entrepreneurs Association in digital skills to enable them promote their businesses online.

    Additionally, Merchandise Uganda also offers three months of free services to all women enterprises that subscribe to the platform, help them brand their businesses and support them in getting social media accounts to market their businesses.

    40-Days 40-FinTechs

    Merchandise Uganda is among the companies taking part in the ongoing second edition of the 40-Days 40-FinTechs, organized by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates 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.

    Busingye commends HiPipo for the 40-Days 40-FinTechs initiative, saying that it has created for them visibility, noting that from last year’s edition, they were able to get a partner that linked them to the American Embassy, through which their clients started selling to people in the Diaspora.

    To further support the growth of the Uganda’s FinTech industry, Busingye requests the government to put in place enabling policies, especially in relation to access and cost of internet and also offer tax incentives, saying FinTechs are playing a big role in promoting a cashless economy.

    The HiPipo Chief Executive Officer Innocent Kawooya says the 40-Days 40-FinTechs initiative 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 adds that FinTech in Africa offers attractive opportunities and that investors are rightfully picking interest in various startups offering a plethora of services, ranging from payments and lending, remittances and cross-border transfers, among others.

    Merchandise Uganda can be accessed on www.mrchandiseuganda.com

  • PayTota seeks to bridge payments, on-boarding market gaps

    PayTota seeks to bridge payments, on-boarding market gaps

    While some people saw the outbreak of the COVID-19 pandemic as a major setback, to Erasmus Okurut and his team at PayTota Uganda, it created an opportunity which they have grabbed with both hands.

    Okurut, the PayTota Chief Executive Officer, says the pandemic and the lockdown that followed thereafter opened their eyes to the pain-points that existed in the market, especially in terms of purchase, payments and automation when it comes to on-boarding and same-day settlements.

    The desire to create a solution to the pain-points saw the birth of PayTota Uganda Limited, a white label branded platform that is building Africa’s next generational platform to solve problems over mobile and the web, established last year.

    According to Okurut, the firm seeks to deliver convenient and hassle-free purchase, payments and on-boarding services across markets where it operates.

    In addition to Uganda, the firm is currently scaling its operations and already establishing offices in Tanzania and hope to set up shop in Ghana, Zambia and Kenya.

    PayTota products target the real estate and the travel industry, specifically tours and travel players.

    “We are building a platform and telling everyone interested to simply plug into our platform, have your own branding and be able to go into the market even the next day if the due diligence is duly completed,” Okurut explains.

    He adds that they have established partnerships in Uganda and across its key target countries to ensure that they meet their promise of delivering seamless services.

    “Our on-boarding platform is automated and as soon as you log in and give your details, your contract will be sent same day and it depends on how fast you will be, on your end but we ensure that it is seamless and fast,” Okurut says.

    Additionally, Okurut explains that PayTota is in final stages of developing and launching an Expectant Mothers’ product thatwill be delivered in partnership with some financial institutions and insurers.  

    “This product will be targeting expectant mothers; right from the day you notice you are pregnant,” he says, adding that they are running a similar pilot in Ghana.

    “We believe that with time, we will be able to ensure that every mother is happy when they are on-boarded onto PayTota.”

    PayTota is among the firms taking part in the ongoing 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.

    Okurut applauded HiPipo for the project, saying that it has created awareness for Uganda’s FinTech industry.

    “We are participating for the first time but I have confidence that PayTota will be sounding in someone’s ears and opportunities will be cracked from the platform provided,” he said.

    Okurut also applauded Bank of Uganda for passing the National Payments Systems (NPS) Act, which he says will create confidence in Uganda’s FinTech industry and attract the much needed capital that has always been passing by to other markets like Kenya, Nigeria and Rwanda, among others.

    “We have been lagging behind in terms of attracting investments mainly because investors could not risk their money with FinTechs in a market without regulation; because they know the founders can disappear with no trace.”

    The HiPipo Chief Executive Officer Innocent Kawooya also notes that FinTech in Africa offers attractive opportunities and investors are rightfully picking interest in the various startups that are offering a plethora of services.

    He adds 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.

    PayTota can be accessed on www.paytota.com and all social media platforms.

  • Jumo’s Wewole gives a boost to financial inclusion efforts

    Jumo’s Wewole gives a boost to financial inclusion efforts

    Being cash strapped has never been a good experience for anyone, neither is the hassle of moving from one financial institution to another shopping for a good loan deal.

    This is, however, made easy with Jumo’s Wewole product, a micro-credit solution that provides a convenient way for mobile money subscribers to access loan facilities via the mobile money platform.

    Jumo specialises in social impact financial products, which it offers in partnership with Mobile Network Operators (MNOs) and Financial Service Providers (FSPs) to enable especiallySmall and Medium Enterprises (SMEs) access credit, savings and insurance products.

    The Wewole product is offered in partnership with Airtel Uganda and can be accessed via USSD by dealing *185# and select option 8 for Wewole.

    Under the Wewole product, customers access loans ranging from Shs 1,500 to Shs 800,000, depending on their credit scoring and need.

    The loan is payable between seven and 30 days. Failure to clear the loan within the agreed period attracts a penalty and may affect one’s creditworthiness and size of the loan the next time they need it.

    $3bn disbursed

    Wendy Nanfo, the Country Operations Coordinator Jumo World Uganda, says the firm has disbursed over $3 billionworth of loans to over 18 million customers and SMEs in seven markets across Africa and Asia, with a 97% repayment rate yet the Cost of Risk has reduced to 4%.

    Nanfo says that the company uses advanced data science and machine learning to create the fastest and leanest financial services infrastructure, using Advanced Data Engine, End-to-end banking technology and a Flexible-operating platform.

    Wewole is an unbiased product as anyone above 18 years can access a loan as long as they have a mobile money registered Sim card. No further documentation, paperwork or collateral is required.

    “Currently, for every three customers served by Jumo, one is a woman. This has gone up from one woman in every five customers and constitutes almost 40%of disbursements on our platform,” Nanfo notes.

    She says Wewole has performed well during this period of the COVID-19 pandemic, registering an increase in disbursement, hitting the Shs 100 million loans mark.

    She attributes the performance to product flexibility and meeting specific needs of the market segment and demand.

    Jumo modified its portfolio strategy to suit the needs of customers in the current times, including continuing to disburse loans to repeat customers, waiving late payment fees for the lockdown periods and extending loan repayment terms and continuous customer engagement, among others.

    40-Days 40 FiTechs

    Jumo is among the firms participating in the on–going 40-Days 40 Fintechs initiative, organised by HiPipo in partnership with Crosslake Technologies, ModusBox and Mojaloop Foundation, and sponsored by the Gates Foundation.

    Nanfo says the initiative has given FinTechs an opportunity to learn, discuss common challenges and how to best resolve them by sharing ideas.

    “The initiative is our voice; in the inaugural edition, we talked about interoperability and FinTechs have become more open to the idea. As the demand goes up, I am sure that we will see it implemented,” she says.

    While Uganda’s FinTech industry has made commendable progress, Nanfo says there is still a lot of room for growth.

    “I think FinTechs need to focus more on other aspects of the business like product development, customer experience, collaborative organisational structures and how to attract investors, to ensure sustainability,” she notes, adding that there is also need for more players in other aspects of financial services ranging from innovative insurance, wealth management and even education financing.

    The HiPipo Chief Executive Officer Innocent Kawooya alludes that FinTech is the launch pad on which the promise of full global financial inclusion will be fulfilled.

    He adds that this edition 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.