In October this year, Kanzu Code responded to Start Up Uganda’s call for applicants to take part in its Digital Innovation Challenge of 2020. This would be the inaugural effort by Start Up Uganda in its commitment to source and build the capacity of promising innovations in various sectors of the eco system. Start Up Uganda, is an association of Entrepreneurial Support for Organizations in Uganda.
And, in partnership with: Financial Sector Deepening Uganda (FSDU), Ministry of Local Government (MoLG), Mobipay, Danish Refugee Council and Ensibuuko, embarked on this innovation challenge to develop use-cases that will be impactful for low-income populations.
In light of Kanzu Code’s focus to create inclusive financial digital tools that power businesses & communities, it became apparent to us that this was an opportunity we could not pass on. It was a chance to get in on the ground floor and be part of the solution that addresses the confounding effects the Covid-19 pandemic has wrought on the economy. The restrictions that came with trying to contain the spread of this virus are especially devastating to the low-income sectors of society. This demographic remains tremendously vulnerable to economic shocks due to the reduction or complete loss of real income, as well as the lack of access to credit.
And, in partnership with: Financial Sector Deepening Uganda (FSDU), Ministry of Local Government (MoLG), Mobipay, Danish Refugee Council and Ensibuuko, embarked on this innovation challenge to develop use-cases that will be impactful for low-income populations.
In light of Kanzu Code’s focus to create inclusive financial digital tools that power businesses & communities, it became apparent to us that this was an opportunity we could not pass on. It was a chance to get in on the ground floor and be part of the solution that addresses the confounding effects the Covid-19 pandemic has wrought on the economy. The restrictions that came with trying to contain the spread of this virus are especially devastating to the low-income sectors of society. This demographic remains tremendously vulnerable to economic shocks due to the reduction or complete loss of real income, as well as the lack of access to credit.
Our journey began with brainstorm sessions to see how best to adapt Kanzu Banking and make it more accessible to our target demographic.
Kanzu Banking is a microfinance core banking platform that simplifies the management of SACCOs, VSLAs and Investment Clubs.
We reasoned that the success we have had thus far in improving the financial prospects of the Associations we work with would prove useful to more Savings and Loan Associations; if only they could use it offline.
We also knew that creating access to liquidity amongst the members of these associations, would improve the sustainability of MSMEs across the country.
The Kanzu Code team decided that USSD would be the technology that transforms Kanzu Banking into a more inclusive platform able to benefit the low-income sections of society that need it the most.
We reasoned that the success we have had thus far in improving the financial prospects of the Associations we work with would prove useful to more Savings and Loan Associations; if only they could use it offline.
We also knew that creating access to liquidity amongst the members of these associations, would improve the sustainability of MSMEs across the country.
The Kanzu Code team decided that USSD would be the technology that transforms Kanzu Banking into a more inclusive platform able to benefit the low-income sections of society that need it the most.
We zeroed in on rural Uganda, and particularly the Village Savings and Loan Associations (VSLAs) which are the biggest source of credit for adults living there. The added USSD feature would make it possible for VSLA members to save and borrow without needing to wait for their weekly gatherings, since these communal meetings have been banned as an SOP measure to halt the spread of Covid-19. With our vision clear, we submitted our proposal to Start Up Uganda, and they agreed on the relevance of our solution because shortly thereafter, we got shortlisted to move on to the next phase: Boot Camp.
Start Up Uganda informed us that Kanzu Code was one among 10 teams that would be coached by their hub partner: Makerere Innovation and Incubation Center (MIIC), in the Financial Health for MSMEs challenge track. The other challenges were: Citizen Engagement, Leveraging Last Mile Distribution Networks and Digital Literacy. Like most ‘conferences’ being conducted right now, the Boot Camp was a virtual program. For three days, the participating teams were glued to their computers trying to make the most of the scheduled sessions.
The first two days consisted of trainings aimed at streamlining our proposals to best explain our solutions and their potential to address the challenges identified. These took on the form of one on one question and answer time between teams and coaches from MIIC, as well as group sessions were the teams got to meet and interact with each other.
The final day of the program was dedicated to listening to the pitches and announcing the winners. We had a panel of financial and digital experts who assessed the candidates based on the viability of the solution and their level of preparedness. They were looking for the best three solutions that would move on to the Accelerated Incubator phase and be developed further.
Just like our coaches observed, the enthusiasm and innovation demonstrated by the participating teams was impressive to say the least. It quickly became obvious that they were not only interested in the funding that was promised at the end of this journey, but more so in refining their solutions and positioning themselves to be most effective as financial innovators for the Ugandan people.
What Boot Camp made clear was that this was anybody’s game! The sheer amount of industry knowledge, ingenuity of solutions and their impact on our society was a credit to the financial sector as a whole, and a testament to its growth. Especially in regards to how widely it has embraced technology.
And as we listened to each candidate make their pitch, we certainly did not think that a win was something we had in the bag. It goes without saying then that we were stunned to realize that we had been selected as the leading team in this track! We are grateful for the opportunity to take part in the Incubator Period and would like to congratulate Pata Sente and Swipe 2 Pay, that qualified along with us!
And as we listened to each candidate make their pitch, we certainly did not think that a win was something we had in the bag. It goes without saying then that we were stunned to realize that we had been selected as the leading team in this track! We are grateful for the opportunity to take part in the Incubator Period and would like to congratulate Pata Sente and Swipe 2 Pay, that qualified along with us!
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