About the DataHack4FI innovation competition in Uganda
Entries for the in-person Uganda DataHacks4fI country competition are now closed. You can still enter the virtual competition that runs from mid to end April – provided you have not already participated in the in-person event already. Registrations close on 14 April 2017 and final submissions from registered teams are due on the 25th.
From 31 March – 2 April, i2i in partnership with FSDU, UNCDF MM4P, Laboremus and L-IFT launched the Data Innovation Competition to advance financial inclusion. The hackathon attracted over fifty participants, comprising of seventeen teams, who were eager to solve problems and create solutions relating to financial inclusion by using publicly available Ugandan data.
Competitors teams were given access to Uganda National Small Business Survey (2013) and L-IFT Financial Diaries (2017) data, which they had to use to address one of the following problem statements:
According to the National Small Business Survey 2015, five out of 10 SMEs do not use formal financial services because they do not generate enough income. Based on the data, what type of financial services do low revenue business currently use (both formal and informal)? Which formal financial services could add value to SMMEs? And what would encourage the use of such services? Sub-question: Could we leverage technology to enable financial institutions to serve SMEs which do not have high business turnover?
Mobile money/digital financial services enable new business models and mechanisms for the provision of financial services to formerly unserved (or underserved) client segments. To date, mobile money has been successful in enabling remittances and payments. There is now the potential for digital financial services to move beyond this into a fuller range of products and services. These services have the potential to improve the lives of low-income individuals, provided that they meet real financial needs. Based on the financial behaviour of low income individuals in Uganda: design and recommend an innovative new product/service/solution that leverages the mobile money platform. Alternatively, if your analysis revealed another opportunity (not related to mobile money): we’d still like to hear about it. You make the case! Whatever solution you come up with, remember to support it with evidence.
Meet the top 10 teams from Uganda
Otim Francis and Peter Muzoora
#Smart Credit: An app which provides financial management and accounting for SMEs. It is a data engine that plugs into SME transactional and reporting data as well as FSP data to provide real time analysis and profiling of SMEs to provide better tailored solutions for SMEs.
Mugabi Collins and Emurwon Albert
BetSave/BetLoan: A mobile solution that allows betters to save 10% of all money won from a bet. The solution would link mobile money accounts with fixed banks accounts, thus allowing the users’ savings to accrue interest. BetLoan would allow users to bet on credit and would require users to pay back the loan before betting again. This application would keep a record of users’ betting activity, which would be able to be easily accessed by the user. It would also have customised advice messages in attempts to reduce the amount being bet per week as well as also highlighting potential investment opportunities.
Biko Jeremy, Israel Mikan, Okelle Moses and Katumba Noah
Farm Talk: A social platform that allows farmers to exchange ideas, news and gain access to markets to purchase and sell produce.
Boniface Okuda, Christian Wamambe and Lubega Charles
MoDBank: With a focus on low income farmers, ModBank would provide a solution that would allow them to save, get insured, make payments and access credit easily through a mobile based digital solution that runs on USSD. This would be achieved through providing them with financial statements, using credit scoring algorithms and partnering with financial service providers.
Victor Kiruluta, Gilbert Arinda, Kevin Arinda and Salym Senyona
Teleka: A USSD savings wallet that allows people living in rural areas to easily save and get interest on their savings.
Julius Mujuni, Innocent Roy Owor, Joel Mutatina and Philip Simbwa
Salary for Growth: A unique salary advance platform (web and USSD) and financial tracking tool that would be linked to mobile money accounts. The app would track income data and borrowing habits in order to determine whether to give a loan or not.
Agaba Bruce and Maylean Patrick
Secure Cash: An application (USSD) that will leverage mobile money to expand its reach to SMEs by offering account verification, business accounting services, credit and payment services.
Kauta Sentio and Leyla Abdi
BuzineesYo: This is a customised accounting software solution that addresses the barriers that SMEs face in growing their businesses, which is based on Uganda’s tax laws and regulations.
Hellen Nasuuna, Amos Welike and Steven Kasumba
nKumanyi: This solution would provide risk information and profiles to low income segments of the population by providing it to them at the transactional level, which in turn would reduce fraudulent transactions.
Paul Sennoga and Emmanuel Ssembuusi
InsureMe: A platform that monitors the fuel consumption of boda boda riders in order to provide them with health insurance cover using a customer royalty points system.
insight2impact (i2i) is a resource centre that aims to catalyse the provision and use of data by private and public sector actors to improve financial inclusion through evidence-based, data-driven policies and client-centric product design. Visit i2ifacility.org for more information.
Laboremus Uganda Ltd specialises in customised software development, solving business problems from concept to a fully tested and implemented solution. Visit laboremus.ug for more information.
UNCDF Mobile Money for the Poor (MM4P) Visit mm4p.uncdf.org for more information.
FSD Uganda supports innovation, conducts research and helps promote and improve policy, laws and regulation that shape the financial sector. Their objective is a deeper, broader and more inclusive financial sector in Uganda. Visit fsduganda.or.ug for more information.
Low-Income Financial Transformation (L-IFT) is a social enterprise specialising in a low-income financial transformation. Visit l-ift.com for more information.
The Innovation Village Uganda runs a series of specialised labs which for innovators in fintech, media, climate, agriculture, education, health and diversity. Visit innovationvillage.co.ug for more information.
GLADfarm Uganda aims to raise the status of farming in Uganda. Their Model Farm serves as a demonstration ground for Ugandan agricultural entrepreneurs, as well as a testing ground for modern and environmental-friendly farming practices. Visit gladfarm.com for more information.