Firm seeks to increase women participation in fintech space

BUSINESS | GENDER

Like most countries especially in Africa, Uganda still struggles with a huge gender diversity challenge in the financial technology space.

Very few women are founders, leaders or even work in financial technology companies (Fintechs) - firms which use technology to enhance financial processes such as facilitating mobile payments, loan provision, bill payments and money transfers, among others.

Research by DHR International, a global executive search firm, only 8% of fintech directors worldwide are female.

Although there are no readily available statistics, women participation in financial technology in Uganda is negligible.

However, HiPipo, a local digital and financial inclusion company seeks to change the narrative for Uganda.

As part of its on-going financial inclusion efforts in Uganda and across Africa, HiPipo has organised the Women in fintech hackathon and summit under its Include EveryOne program, in partnership with Crosslake Tech, ModusBox and Mojaloop Foundation.

Slated for September 12 to 17, the hackathon will have developers convene to develop financial inclusion solutions that address their communities' needs, aided by Level One Project principles and the latest payment technologies such as Mojaloop open source software.

Level one principles include open loop interoperability between all providers, instant funds transfers and same day settlement, efficient and tiered Know-Your-Customer and adequate and shared fraud service.

During the hackathon, the participants will interact with facilitators, mentors and judges drawn from across the world.

The HiPipo chief executive officer Innocent Kawooya said the programme seeks to among others support women to become key players in the fintech space in Uganda and the African continent at large.

He added that women should play a major role in the fintech industry, saying that having more women involved in financial technology will ensure that products and services on the market are well-tailored to suit their needs.

He alluded that while women are the majority, they 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.

He added: "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."

Eligibility

To participate in the hackathon, developers must have registered a team of two to four participants, with the team leader being a female.

Additionally, at least two of the team members must be women.

The hackathon will provide networking opportunities for female developers and mentorship from industry players and business leaders.

The women focused hackathon will culminate in to the women in fintech summit to take place on September 18.

The Women in fintech hackathon and summit come on the back of the recently concluded 40-days-40 fintechs initiative and the fintech landscape exhibition that attracted over 100 financial sector organisations from across Africa.