AUGUST 2021
Poverty reductionIn Africa – Are SME’s the much need catalyst?
Profiting from Partnerships: Fintechs, Telcos, Insurance firms & Banks in strategic plexus…
Cover: JEREMY QUAINOO
INCLUSION AFRICAFINANCIAL
CONTENTS3. Editor's Note
27. Poverty Reduction in Africa are
SME’s the much-needed
catalyst?
39. Profiting from Partnerships:
Fintech's, Telcos, Insurance firms &
Banks in strategic plexus…MUCH-
NEEDED.
EDITOR'S PAGE
It ’s a pleasure to presentanother edit ion of InclusionAfr ica Magazine, the readershipfrom the last edit ion grewexponentia l ly across thecontinent and beyond.In this edit ion we bring to yourdesk some of the accomplishedmen in Africa contributing tothe growth of inclusion.Stay glued as each of ourfeatures has somethingcaptivat ing and unique aboutthem.As we col laboratively engage inthe growth and development ofthe ecosystem, we willcontinue to spotl ight variousindiv iduals and init iat ivesacross the continent .Thank you for being part of thisedit ion.
Olumayowa Ajetunmobi
Chief EditorFinancial Inclusion Magazine
Meet Our Team
Editor: Dr. Mercy Owuye (Ph.D.)
Creative Editor: Tafadzwa Munatsi
Content Creator: Funmilola Anjorin
Guest Contributor: Adewunmi Ojo
For comments and feedback kindly reach out to the editor at
Article Contributors:
Yasmina Francke
Dr. Genevieve Pearl Duncan Obuobi
Samuel Kojo Darko
Faheem Ali
Phyllis M. Tiller
Donna Charly C. LOUKAKOU is the DeputyPresident at Digital Frontiers Institute (DFI)Senegal. He is responsible for thedevelopment of the association in digitalfinance professional communities. He iscertified in Digital Money fromMassachusetts University and DFI and he isthe regional manager for the AfricaFrench-speaking region at the SoftwareGroup. He was a business analystConsultant at MicroSave Consulting and alocal expert consultant at AmaranteConsulting. Donna is passionate about theinfluence of technology, and he haspublished articles that are consulted bymore than +10000 people from financialservices providers across the region. He isbilingual and has traveled and worked indifferent countries. Donna is a father, andhe is happily married.
DONNA LOUKAKOU
August 2021 4
Dennis is a seasoned business executive withover 20 years of progressive operational andleadership experience across diverse businesssectors. He started his career with BritishAmerican Tobacco as a GraduateManagement Trainee and he has developedhis business and professional acumen in thebanking, telecommunications, manufacturing,and agricultural sectors. Dennis is the currentGroup Head of the Marketing andCommunications for the Mauritianheadquartered FMB capital Holdings Plc. Inthis role, Dennis drives the Marketing andCommunications agenda for the bankingoperations of the organization across Africa,where the group has its presence.Prior to his current role, Dennis was the Headof Marketing, Products, and Channels forBarclays Bank of Zimbabwe where he wasresponsible for marketing, digital channels,customer value propositions, retail segments,product development, and bancassuranceamong other areas. During his tenure in thiscapacity, he developed a passion for financialinclusion.
As part of his responsibilities, he led theorganization in developing and launchingseveral products and services that promotedfinancial inclusion. Among his manyachievements, Dennis introduced a CustomerValue Proposition for the youth segmentwhich resulted in the roll-out of youth-friendlybank accounts and debit cards among otherofferings. As the leader responsible forproducts and channels, Dennis alsochampioned the end-to-end process ofintegrating the bank’s customers’ accounts toEcocash, which is one of the largest e-walletsin Southern Africa. This project had asignificant role in driving the financialinclusion agenda of the bank.Dennis holds two Master’s degrees. The first isa Master of Science in Marketing, where hegraduated with distinction. His research forthat degree focused on private branding. Thesecond is a Master in public policy andgovernance (MPPG). His MPPG researchdissertation focused on the role of commercialbanks in promoting financial inclusion inZimbabwe. He is a Fellow of the CharteredInstitute of Marketing (UK), and a holder of theMarketing Practitioner Status (MPS), Dennisalso graduated with honours in Commerceand Marketing.
DENNIS MAMBURE
August 2021 5
Armando Massimiliano Sirolla is a seniorexecutive with over 20 years of experiencein finance, policy and digitaltransformation, including more than 10years in C-Suite positions at financialinstitutions in Afghanistan, Madagascar,Tanzania, and Zambia. Combiningfinancial expertise in emerging marketswith business development experience inEurope and South-Eastern Africa, he ismulti-lingual, and in addition to his nativeItalian, he speaks English, French, andPortuguese fluently, and he has a goodworking knowledge of Spanish. Armandois a fintech and business professional, whohas led digital transformations for stressedand growth-oriented organizations in thefinancial sector, with notableimprovements in customer service,efficiency and profitability. He harnesses akeen aptitude for building andmaintaining relationships with keystakeholders, including regulators andinternational organizations. This skillenabled his success in crisis and riskmanagement, including credit,operational, legal, and financial risks. Hisbusiness, as well as financial acumen isfurther augmented by an inclusiveleadership style that is focused onidentifying and developing local talents. Asa consulting expert to the digitaltransformation assessment team in theInternational Finance Corporation (amember of the World Bank Group), and aglobal development finance institutionfocused exclusively on the private sector indeveloping countries, he leads thedevelopment of a strategic digitalroadmap for commercial banks and MFIsfocusing on SMEs and the mass market.Moreover, he is developing a robustinvestment pipeline (including TA) inEastern Africa for concessional andcommercial funds to mitigate specificinvestment risks, especially in key sectorssuch as agribusiness, transport, and tourism.
ARMANDO MASSIMILIANO
August 2021 6
Brian was educated at Wits University with a BComand an MBA. He is currently a founding Directorand CEO of WIZZIT International. It is a globalpioneer in mobile banking and financial inclusion,Brian is regarded as a pioneer in digitalization andthe use of technology in banking the unbanked.He was a recent recipient of the South AfricanTechnology personality of the year award.WIZZIT was launched in 2004 and has since takenits technology and branchless banking anddigitalization models to emerging markets inAfrica, Central America, and Eastern Europe and itworks with 16 leading banks and has impacted thelives of 11 million previously unbanked people.Brian is listed in WHO’s Who of South AfricanBusiness as well as the International Biography ofDistinguished Leaders. He is an Ashoka GlobalizerFellow – a global network of Social Entrepreneurs.He has lectured and presented at seminars andconferences throughout the world including:•the Clinton Global Initiative where he presentedthe WIZZIT model as a means to “Bank a Billion”;• SIBOS in Osaka Japan and SIBOS Africa;•the G20 Financial Inclusion Summit in Mexico;•the Alliance for Financial Inclusion (AFI)•Banking Associations of Venezuela, Peru, Brazil,Honduras, South Africa, Botswana; Albania, andmany others•He has been invited as the guest speaker at theconferences of the Central Banks of Nigeria, Indiaand South Africa; Albania, Romania to mention afewBrian has presented at FATF and was invited to bea part of the subcommittees on financial inclusionand regulation.He has also been invited to present at the HarvardBusiness School on several occasions whereWIZZIT is featured as a case study as well as manyof the world’s leading business schoolsBrian is a keynote speaker at many leading globalconferences.Brian is married to an entrepreneur, and they have2 daughters and twin boys.
BRIAN RICHARDSON
August 2021 7
Ephrem RUTAGARAMA is a research economist with
+7 years of experience and has strong quantitative and
data analysis skills. Underpinned by strong experience
in macro and micro economic analysis, research, andthe ability to apply economics to policy and translate
complex analytics into operational strategies and
programs, he has strong experience in the design of
performance assessment frameworks, monitoring and
evaluation tools for an effective implementation of
development programs in the area of agriculture,trade, financial sector, and infrastructure development.
He also has proficient knowledge in research design
and coordination, impact evaluation, database
management, data visualization, and poverty and
financial inclusion analytics. Before joining the AFR,
Ephrem worked in NGOs and the private sector, andRwanda’s National Institute of Statistics. Ephrem is
always interested in conversations on issues in
economics, financial inclusion, statistics, and business
analytics. He holds a Master's Degree in Economics
from the University of Kigali.
Tunji Andrews is a Co-Founder of Awabah, Africa’s digital pensionplatform for the self-employed. He however regards himself asan economist, a financial inclusion advocate, and a CreativeEntrepreneur.
He spent years in research, he started in the heart of Nigeria’scapital market as an analyst before falling in love with financialliteracy and advancing the cause of financial inclusion. A causethat saw him go on to become an award-winning mediapersonality for his various TV, Web, and radio shows; he workedas a consultant across local and international organizations(Private and governmental) as an expert in areas of statistics,research, and financial inclusion. He was one of the 4-man teamthat developed Nigeria’s sector strategy for statistics in 2016, forthe National Bureau of Statistics, under the EU-SUFEGOR project.His current and future activities are tilted towards actively
advancing financial inclusion in Nigeria and Africa (which is whyhe pitched his tent with Awabah)
EPHREM RUTAGARAMA
TUNJI ANDREWS
August 2021 8
Olusegun worked for Knight Securities Internationalwho was the number one Market Maker on theNASDAQ and also with Citibank NA as a LiaisonOfficer in the Corporate and Inter-bank FX salesdivision. Olusegun began his career as a trainee withBarclays Plc in 1996, at their head office aftergraduation in 1995 from the London South BankUniversity Business School, the United Kingdom.
His Major Projects Include:• Served on the Sub- Committees for productdevelopment on the Securities and ExchangeCommission – (SEC) Nigeria, NASD, and the NigerianStock Exchange (NSE).• Launched Retail Bond and market making for theNigerian Stock Exchange.https://www.youtube.com/watch?v=XYGf37FyETw• System Implementation - Straight ThroughProcessing trading system (Reuters – Kondor+) andSunGard, ALM systems.• Played a major role in the procedure documentationof Nigerian GDR’s with the CBN (the Central Bank ofNigeria, Stanbic Nominees and the Bank of New York.• Due Diligence: Formed part of a quartet thatsuccessfully acquired a UK outfit as part of UBA’sstrategic international growth plans.• Developed the framework and comprehensive policydocuments for a shared services platform across 17countries for UBA Group.• ASEA Conference 2018 Panelist – SecuritiesExchanges Association: Regulatory Technology in TheCapital Markets.
Olusegun is a Prince2@ certified professionaland team player with enormous experience(24 years) in areas within the financialservices, technology, investment bankingoperations and capital markets. He hasworked across boards in the front, middleand back office capacities coupled withconsulting and technology sales which makehim confident in any audience.
One of his main passions is driving thefinancial inclusion for Africa which poweredthe creation of Jamborow, a Fintech platformthat fully automates the practices of SACCOSand similar groups (Vicoba) across Africa,including other financial services such asinsurance, healthcare, financial education,and investment.He was the former Account Director, WestAfrica for Governance, Risk, and Compliancewith Thomson Reuters. He was responsiblefor driving business development across theregion and providing GRC advisory servicesto regulators and operators across severalindustries. During this period, Olusegunplayed strategic roles by participating as apanelist and organizing committee for theNigerian Risk Awards and the annual ACAMSconference.He joined Thomson Reuters from DunnLoren Merrifield, a fully serviced investmentbank where he served as a Senior VicePresident responsible for trading operations,risk, and compliance. Other previous rolesinclude the UBA Global Markets (UBACapital) as the Head of Operations beforeprogressing to the position of the ChiefOperating Officer; a 2 year stint at the top USinvestment bank, Goldman SachsInternational, where he worked as a part of alarge project team in the Operational Riskand Controls area. He joined Goldman Sachsfrom a major brokerage firm, Tulletts LibertyPLC (currently known as Collins Stewart)where he spent 3 years working on the fixedincome trading floor in specialist supportand project role.
OLUSEGUN GEORGE
August 2021 9
Jeremy Quainoo is a digital finance professional with over a decade’s worth or experience
in the banking and fintech industries. Jeremy has a passion for the execution of innovative
digital financial services to advance transformation and inclusivity in emerging markets.
He is currently the Country Operations Director and Strategic Partnerships Lead at Jumo
Ghana Limited. Jumo is a fintech that partners with large banks and MNOs to provide
progressive financial services to the underserved population across Africa. Prior to joining
Jumo, Jeremy worked most of his career in a tier one Ghanaian bank where he was the
manager for retail strategy and digital products. He also served concurrently as an agile
scrum master in the banks digital office where he was focused on the application of agile
methodologies to advance the banks digital transformation agenda.
Jeremy holds a first degree in Banking and Finance from the Central University College
and an MBA from the Australian Institute of Business, Adelaide. He is a Project
Management Professional (PMP®), Agile Certified Professional (ACP®), Professional
Scrum Master (PSM®), Certified Scrum Master (CSM®) and on course to become a
Certified Digital Finance Practitioner (CDFP®).
JEREMY QUAINOO
Stanley is a Payments Executive and BusinessLeader with a strong drive for partnerships,strategic digital transformation, emergingpayments, and financial inclusion. He is currentlya Director at Mastercard.
He is the Vice President of the Governing Councilfor Fintech Association of Nigeria (FINTECHNGR)and was the immediate past Chairman of theCommittee of e-Business Industry Heads ofNigeria (CeBIH).
before, joining Mastercard, Stanley was the Headof Consumer Payments for the Ecobank Group,supporting 33 countries across Africa, anddoubled as the Head of Distribution for EcobankNigeria. He also served as the Head of DigitalBanking in Standard Chartered Bank supportingretail markets across Africa.
Stanley is a licensed Project ManagementProfessional (PMP), Certified Cards &Payments Professional (CCPP), an Associateof the Chartered Institute of Bankers ofNigeria (ACIB), and a Fellow of the Instituteof Credit Administration (FICA). He holdsan MBA in Technology Management fromADBU India, a Post-Graduate Diploma inDigital Business (PGDDB) from EmeritusSingapore and has completed executivemanagement courses from ColumbiaBusiness School, Massachusetts Institute ofTechnology (MIT), Fletcher School of Law &Diplomacy (Tufts University), Terry Collegeof Business (University of Georgia), amongstothers.
He is currently a Doctoral Researcher at theUniversidad Catholica San Antonio deMurcia (UCAM) in Spain with a researchfocus on Greening the Banking & PaymentSystems as a key component of achievingthe global climate and sustainabilityobjectives.
STANLEY JACOB
August 2021 11
Kevin has experience in working within Mobile Money, Banking, Telecommunications,
Healthcare, and currently he is with the Technology and Payments space, at Mastercard. Having
had the privilege of working in these highly dynamic sectors, his innovative skills have been
tried and tested. He had the opportunity to be a Product Manager in one of the world'spioneering mobile money platforms, M-PESA. This gave him greater insight into the world of
FinTech and Financial Inclusion. His experience and exposure have continually driven him to be
innovative, strategic and versatile in the ever evolving and dynamic world. He has invaluable
and solid experience in Digital Innovation, Product Management, Strategy, and with a great and
growing passion for Digital Financial Services driving Financial Inclusion.
Kevin is a firm believer that Digital Financial Services are only transformational when they are
part and parcel of the user’s life. Financial inclusion has formed a basis for this transformation.
Merging innovation within the financial services space with seeing how solutions can be built
around the users in areas such as Agriculture, Health, and Education is what moves the needle.
In his opinion, it is the next grand phase of financial inclusion and what providers should focus
on.
He asserts that “Financial inclusion is about opening up a path to opportunity, let us be the lightto this path”.
Daniel is an experienced banker with over 12 years of experience in thefields of sales, service, and relationship management.He is a relationship supervisor at the BRAC Uganda Bank where he isdirectly involved in activities that help the women at the bottom ofthe pyramid to have access to formal banking services through boththe traditional banking channels and access to digital finance. Heholds a certificate in Financial Inclusion Policy from the Frankfurtschool of finance and management.
DANIEL ALUBA
KELVIN AMATESHE
August 2021 12
Andrew is the Co-founder and ManagingDirector of Zeepay. He is an expert onBanking and Mobile Payments with over15 years of experience in Banking andBusiness Development. Andrew’sexperience spans the world of Marketingand Banking as he has held variouspositions from being a Brand Manager forNESCAFE to holding roles such as theHead of Retail, Head of Corporate –Manufacturing Business, Head ofTransaction Banking, General Manager forStrategy, General Manager for BusinessPerformance, all in Banking and aBusiness Development Head and LeadStrategy Consultant for the Big FourConsulting. Andrew has had theopportunity to work with institutions suchas the Commonwealth Secretariat, Nestle,Barclays UK, GT Bank, Ecobank, UT Bankand PricewaterhouseCoopers.
In his spare time, Andrew speaks onMobile Payments and Banking and hasbeen featured as a guest speaker atseveral International Conferences. Hispassion lies within Financial Inclusionand Mobile payments. He is a product ofthe University of Hull and the Universityof California, Los Angeles. He has livedand worked in three continents – Europe,North America, and Africa.In Africa, he worked in more than sevenmarkets including Nigeria, Kenya,Uganda, Rwanda, Ghana, Burundi,Zambia, Malawi, and South Africa. He hasalso been part of the key retaildeployments across Africa and comes onboard with in-depth retail and paymentsexperience.
Andrew Takyi-Appiah
August 2021 13
He has executed Financial Inclusion projects under the European Union, MasterCardFoundation, ACF, Weilt HungerHilfe, NRC, Palm Corps, USAID, World Bank Group, AfricanUnion, AfCFTA, RAP-Network, UNCDF, AfDB, DFID, JICA, GIZ Frameworks, NGOs, CBOs, CSOs,Governments, and Private Sector Cooperation targeting different segments including women,youth, persons with disability, refugees and hosting communities, Micro, Small and MediumEnterprises and Governments. Henry Clarke Kisembo (PhD) is the Founder and Current ChiefManaging Partner at Development Associates Link International (DALI) which is a GlobalConsulting and Project Management Firm founded in 2004 in Kenya now headquartered inKampala, Uganda while operating through its Regional Hubs in Pune, India overseeing Asiaand the Middle East, Pretoria, South Africa overseeing Southern Africa, Hargeisa, Somalilandoverseeing the Horn of Africa, Corona, California overseeing the Americas and Pacific Regionsincluding Latin America hinged on Financial Inclusion as the Main pillar;He has also worked and served in different roles within the United Nations CapitalDevelopment Fund (UNCDF) Digital Finance, USAID PHS for Health Financial Inclusion, PHBDevelopment Financial Inclusion, and Value Chains development, the International RescueCommittee in Sudan, VSO under the Training for Enterprise Development in Kenya, YESRwanda promoting Inclusive development for young persons in Rwanda, The Private SectorFoundation in Uganda Heading the Business Development Arm in Uganda, and as the Head ofProjects at MTN Group in Uganda under the village phones program that sought to leverageGSM for the development of Rural Markets, Financial Inclusion Advocate at FinMango, and aStrategist at the University of Chicago – MAIDP. He is a Lecturer at the Uganda ManagementInstitute and a media personality on Financial Inclusion.
Dr. Henry Clarke Kisembo is a Systemsprenuerwho engages enthusiasm and passion to makechange happen and harness them to createrapid, impact-driven, sustainable developmentand Social Impact; bringing 21 years of hands-onexperience in the Private Sector, Agrifinance,Development Finance, Project Design, andManagement, Remittances, Market Systems,Financial Inclusion, Rural, and Communitydevelopment, Mental Wellbeing, MSMEs,Financial Literacy, Digital Finance, AgencyBanking, Business Strategy, Policy andRegulation, Gender gap analysis and bridging,Value chain development, Fund and ResourceMobilization, Financial and Business Modelling,Institutional development, Investment andFinance, Qualitative and Quantitative Research,Micro Insurance, Humanitarian Response,Refugee Finance, Nexus Approach, FinancialServices Development, and Grant Managementand has Undertaken small, large, and complexprojects within Sub-Saharan Africa and the AsiaPacific Region.
HENRY KISEMBO CLARKE
August 2021 14
Henry Chukwu is a Programme Manager atEnhancing Financial Innovation and Access (EFInA)which is a financial sector developmentorganization that promotes financial inclusion inNigeria.He has over 12 years of professional experiencewith cross-functional background in DigitalFinancial Services (DFS), FinTech, Agent Banking,Microfinance, Project/Program Management,Business Development, and Operational Strategies.He shares the vision of the National FinancialInclusion Strategy and has been passionatelyinvolved in implementing initiatives gearedtowards its actualization. He is also an advocate ofSustainable Development Goals (SDGs), and theneed for concerted efforts in solving the world’ssocio-economic challenges.He has extensive experience working within thelow-income segment, developing, and deployinginclusive financial products/services that meet theneed of low-income people. He has been active insupporting stakeholders within the financial sectorthrough his works around research, technicalassistance/capacity, and advocacy.He is also the Deputy Chair of the Central Bank ofNigeria’s (CBN) Financial Inclusion ChannelsWorking Group.
HENRY CHUKWU
Kojo Dougan is a Senior Consultant at KyriosDougan Inc and an Advisor to several fintech'sand startups with the responsibility of ensuringthe best practice approach and developingfrictionless user experience modules in digitalchannels. Kojo is an experienced BusinessOperations & Strategy Executive with a passionfor skills development, mentoring and ademonstrated history of working in theinformation technology and services industry.Kojo is the Vice President of the Digital FinancePractitioners in Ghana, and he is also a memberof the Steering Committee of the Alliance ofDigital Finance Associations. He is a CertifiedSolutions Provider with 20 years of experience indeveloping iterations and strategizingtechnology solutions for the private sector. He isrecognized for his leadership strategies, buildingrelationships, and planning useful digitalfinance solutions for financial inclusionproviders. He is dedicated to achievingefficiency, entrepreneurship, and long-termresults.
KOJO DOUGAN
August 2021 15
Kombe Kaponda is a Financial MarketsInfrastructure (FMI) Networks and SecuritySpecialist, a Central Banker by career, and aseasoned ICT Networks and Security SolutionsEngineer by profession with over 19 years of ICTmanagement and progressive experience inICT financial markets Infrastructuremanagement, and cybersecurity. Kombe is avery active contributor to SADC and the globalfintech and digital innovations agenda and iscurrently sitting on the ITU (InternationalTelecommunication Union) ArchitectureInteroperability committee, Taxonomy &CBDC, Digital Currency Ecosystem GlobalInitiative Working group. He is currently theChairperson for the Central Bank of Zambia(BoZ) FinTech Working Group, a technologythink tank working on monitoring andoverseeing the development of FinTechand regulation of technology-enabledsolutions through (Regtech) to improveoverall financial inclusion.Kombe is a scholar with a Doctor of BusinessAdministration (DBA) degree; he holds aMaster’s Degree in ICT Regulation, Policy, andManagement (MEng.); he has a Bachelor ofScience in Computer Science (BSc.) and he is aChartered Digital Finance Practitioner (CDFP)certified by DFI with the Tufts University underthe Fletcher School of Law and diplomacy,Certified financial Technologies (FinTech)specialist with the University of Hong Kong.
KOMBE KAPONDA
Kombe is also a founding trustee of theAssociation for Digital FinancePractitioners in Zambia (ADFP), anassociation formed to promote digitalfinance products, Payment's systemssensitization, and oversight consumerprotection in digital financial servicesand services usage, and improvement byoffering technical advice in building theDFS ecosystem in the country.
He has authored, co-authored andpublished several papers and booksincluding books such as the Evaluation ofPolicy and Regulatory Challenges of DFSICT Ecosystem: Case for Zambia withcopies available on Amazon and anInvestigation into the State ofCryptocurrencies in Zambia. He is a keenfollower of the latest developments inthe ICT use cases for development (ICTD),passion for the blockchain andcryptocurrencies, great interest in thetechnology used to improve the lives ofordinary citizens around the globe, andpassionate about farming for foodsecurity and likes DIYing.
August 2021 16
His other strengths are in marketing, partnerships, and leadership. Previously, Seroney Co-Founded Eastpesa, which is a Pan African remittance platform currently serving the East Africaregion. His major role was in the growth and partnership activities. He has also helped variousfintech startups across the region from product scoping, customer targeting, and growth.Academically, he holds a BSc degree in Information Technology and another BSc inChemistry from Jomo Kenyatta University of Agriculture and Technology (JKUAT). He iscurrently pursuing a master’s in Marketing & Psychology at Arden University (UK). Seroney saidthat “with the growing internet and smartphone penetration, Africa presents an excitingopportunity for any innovator genuinely committed to solving real problems using technology.The ratification of the ACFTA will surely prove a game-changer especially in the areas ofregulatory compliance and movement of goods/people. If people can pay, borrow, lend, betonline seamlessly, there is no reason they shouldn’t access insurance in even an easier way.Let’s do this”.
Seroney Memba is the Founder & CEO ofCHAMASURE Seroney. He is a fintech enthusiastwith a strong bias towards solutions that drivefinancial inclusion for people in underservedcommunities. As Founder and CEO ofCHAMASURE, he is leading a fresh and talentedteam with a vision to avail insurance for everyone.To craft suitable products for customers at thelowest end of the economic pyramid, he worksclosely with informal welfare groups andorganizations who are often left out of themainstream insurance setup. With their slogan of#InsuranceForAll, and together with the team atChamasure, they are building an AI platform thatenables instant customer profile creation,generation of suitable covers, and seamless claimprocess with a payment period of less than48hours (Aimed to reduce to 12 hours). He hasaccumulated more than 8 years’ experiencedriving growth in the startup ecosystem. Alongthe journey, he has perfected the art ofcombining product alignment with customerexperience.
SERONEY MEMBA
August 2021 17
Moustafa obtained a Master of BusinessAdministration (MBA) from John Sulstonbusiness school, in the UK in Major StrategicManagement and he is a Doctor of BusinessAdministration -DBA Candidate there.Moustafa Elshennawy is a Financial InclusionExpert, FinTech Consultant, and CorporateTrainer. He designs, develops and deliverstraining programs in Business, banking, andFinTech Domains with more than 15 years ofexperience in banking operations, creditoperations, Letter of guarantees operations, andInternal Audit.Moustafa is Head of the Financial Inclusion
Department at Faisal Islamic Bank of Egypt, Hecompleted many training courses in Banking,Finance, Risk, Governance, ContemporaryLeadership, Management, and Blockchain forBusiness.
Moustafa is a mentor partnering with Amideastto coach Youth in their career path, and how todiscover themselves and their passion and towork on it and develop themselves. He supportsand encourages professional development of hismentees and provides actionable guidance tohelp them achieve their goals.
Moustafa is an enthusiastic and result-orientedleader, with a versatile skill set.. He is fascinatedby the opportunities that blockchain andFinancial Technology (FinTech) could bring to theFinancial Service Industry.
MOUSTAFA ELSHENNAWY
August 2021 18
He grew to be the Head of Operations atWisrod Investments, one of Zimbabwe’scurrent largest microfinance with 32branches across the country after joining itat its inception. He set up the operations ofMlatho Financial Service, a registeredmicrofinance company in Malawi andgrew it to 3 branches within a year. He alsoworked with the team at the First MutualMicrofinance in setting up its operations.
He is currently the Chief Operating Officerat Platinum Micro Finance (Pvt) Ltd inZimbabwe, and he is responsible forsuccessfully implementing the strategyagreed with the Board; delivering the levelof financial, operational and socialperformances expected while keepingrisks under control; maintaining anddeveloping a good relationship withauthorities and key strategic partners.
Joseph Z. Tore believes that if the social andeconomic changes in the world will happen,then we must take up a wealth ofopportunities in counter-intuitivecollaboration between profit and non-profit.For over nine years in the microfinance sectorfostering the financial inclusion mantrathrough innovation, he has been working onthe most urgent questions to tackle howeconomic security and income formarginalized people can be improved tofight poverty. Confidence in microfinance'sability to improve the lives of the poorpropelled him to specialize in the fieldthrough the accredited microfinance and riskmanagement courses from the FrankfurtSchool of Finance and Management,Germany. The expertise has helped him tocreate the best product for the poor andfound ways of delivering it. Joseph quicklylearned the challenges faced by clients andfound a strategic approach that has allowedhim to deliver complex financial inclusioninitiatives both locally and internationally toover 50,000 households. A unique concept isshaped by unique training; his expertise hasbeen informed by rich experience in startingand managing microfinance venturesfocusing on sustainability in developingeconomies. Basing on his experience he hasconcluded that, if changing people’s lives isthe ultimate, entrepreneurs fosteringfinancial inclusion are constantly challengedto innovate, design, and scale up sustainablesocial lending products.Joseph developed a passion for financialinclusion which surpasses the need toadvance his career but has an impact onhis community and catalyzes the lives ofpeople from the cycle of poverty.
JOSEPH Z. TORE
August 2021 19
Selassie Tay is a business development, finance,operations management, and social impactprofessional with eight years of work experiencein digital payments, microfinance, sanitationfinancing, and rural livelihood development. Hehas additional professional experience in trainingand providing access to seed funding for youngentrepreneurs across Africa; and providingbusiness management consultancy, advocacy,and policy influencing at the national level todrive financial inclusion. His contribution to thefinancial inclusion in Ghana includes the reviewof Ghana’s digital finance policy and the draftingof a data protection and privacy policy to guidethe internal handling of data by fintech's inGhana. Beyond his professional endeavors, heruns a community give-back project that unlocksdecent livelihood opportunities forunderprivileged women. He also volunteers withthe Financial Inclusion Forum Africa.
Selassie holds a Master’s degree in Finance; aBachelor’s in Banking and Finance; andCertificates in Law and Regulation of InclusiveFinance, Instant and Inclusive Payment Systems,Microfinance, Credit Administration, and SocialEntrepreneurship. He is a Fellow of severalleadership programs including the Dalai LamaFellowship; Young African Leaders’ Initiative;Emerging African Leaders’ Programme by theUniversity of Cape Town; and the EmergingLeaders’ Programme under the auspices ofMohammed VI King of Morocco. Selassie ispassionate about solving social problems withtechnological innovations.
SELASSIE TAY
August 2021 20
Dr. Rotimi Nihinlola (ACA, MSc, PhD), is a financialinclusion practitioner, socio-economic inclusion and apoverty eradication advocate, and a senior pan-Africanbanker with over 25 years of banking experience inNigeria and across Africa. In addition to leading thefinancial inclusion banking business, Dr. Nihinlolaplayed several senior roles in the EcobankTransnational Inc (parent of Ecobank Group)supervising teams across over 30 countries in Africa andbeyond including as the COO of the Consumer Bank,Group CFO, Cluster MD International offices, Head ofAlliances and Corporate Development, Director of theboards of the microfinance bank’s subsidiaries, etc. Dr.Nihinlola was also a former senior lecturer and researchfellow of the Lagos Business School. He is a charteredaccountant with a BSc in Accounting as a scholar of elf-Petroleum, MSc in Economics (The University ofSheffield, England), and a PhD in Human & SocialServices (Walden University, USA). An alumnus of theHBS-ACCION strategic microfinance leadershipprogram of Harvard Business School, Dr. Nihinlola isalso an author of an Amazon best-selling book titled ‘APoverty-free World: from Dream to Reality’. Currently,Dr. Nihinlola is engaged in executing digital financialservices and banking projects focused on expandingthe delivery of banking services to the unbanked inAfrica.
ROTIMI NIHINLOLA
August 2021 21
POVERTY REDUCTION IN AFRICA - ARE SMEsTHE MUCH-NEEDED CATALYSTS?
“ E X T R E M E P O V E R T Y A N Y W H E R E I S A T H R E A T T O H U M A N S E C U R I T Y E V E R Y W H E R E ” . – K O F I A N N A N .
Poverty is a ubiquitous phenomenon. It is
simply defined as a state of being poor and
unable to afford basic human needs such as
food, shelter, and clothing. Hence, poverty is a
state of need, not being able to access
necessities of life that support actual dwelling, a
state of helplessness (Asikhia, 2010).
The United Nations (UN) describes it as:
1. denial of choices and opportunities, a
violation of human dignity. 2. a lack of basic
capacity to participate effectively in society. 3.
not having enough to feed and clothe a family.
From the perspective of the World Bank, the
term may be defined, “as people living on $1.90
(GHC11.08) or less per day.” While the existing
statistics portray varying degrees of poverty,
across the populace in all five continents, a
rather grim picture of the phenomenon is the
reality in Africa, sadly.
Poverty in Africa is very severe, not just in the
countryside, but also in peri-urban and urban
areas where the provision of infrastructure and
social services is relatively minimal or in some
instances, non-existent. A high number of rural
dwellers are dependent on agriculture for food
and income, which in turn depends on rainfall;
a natural occurrence they have no control over.
Research shows that a good percentage of the
poor in Africa are engaged in small businesses
such as food selling, dress making, vulcanizing,
hairdressing, or food processing (Asikhia, 2010).
Notwithstanding these ventures which success is not
predicated upon any natural occurrences like
rainfall, about 6.8 million Ghanaians (Ghana
Statistical Service) and almost 83 million Nigerians
(National Bureau of Statistics) still live in poverty. It is
notable, that despite a steady decline, having been
recorded, in the poverty rate in Ghana, ie; 76.70% in
2005, 59.80% in 2012, and 56.30% in 2016, the
prevalence of the occurrence has not been
addressed.
What governments all over Africa have failed to
explore effectively is the pivotal role SMEs (Small and
Medium Enterprises) play in poverty reduction.
Several interventionist measures have been
instituted to mitigate the key obstacles SMEs face,
chief among which is the offering of financial-related
support to this category of businesses.
Unquestionably, this intervention, among several
others, has not fully addressed their needs and
concerns as these needs transcend a mere boasting
of their financial fortunes. For instance, the Ghana
Enterprises Agency (formerly NBSSI) provides both
financial and non-financial assistance to Micro Small
and Medium Scale Enterprises (MSMSE). In the case
of non-financial support, they offer training on
financial literacy and management, and business
formalization (still finance-related), and not all SMEs
can access this training, particularly those in rural
areas.
August 2021 22
Dr. Genevieve Pearl Duncan ObuobiBanker /SME Consultant
SMALL AND MEDIUM ENTERPRISES
SMEs are business entities whose employeenumbers fall below certain limits, usually speltout by the laws of the countries they operate in.SMEs outnumber large firms in mosteconomies and employ a lot more people.According to the Registrar General’sDepartment in Ghana, 92% of businesses areSMEs, which employ 85% of the total workforceand contribute about 70% to the GDP (GraphicOnline). They have been the driving force ofGhana’s social and economic development fordecades; leading in employment creation,production of essential goods and services andlocal revenue generation. Although they createmore jobs than huge corporations, SMEs arehighly prone to suffering major setbacks asregards job losses, on account of the diverserange of challenges they face, in their dailyoperations.
SMEs AND POVERTY REDUCTION
Most citizens of developing countries gain theirhousehold income from self-employment orservice rendering. The SME sector is a significantsource of employment for these people.Individuals who start SMEs create employmentfor themselves. As the business evolves, theytransition from deploying the services of familymembers to employing extra hands. The wagesthese employees earn, enable them acquiresome necessities of life, that they hitherto couldnot have afforded – thus marginally progressingupward the poverty line.
Most SMEs operate in the manufacturing/value-addition space and source their raw materialslocally from the farmers: gari from cassava;shower gels and soaps from plantain and cocoaashes and some fruits, are but a few of theexamples of such processed products. Whilethe gains of the local farmers witness asignificant boost as a result of these purchases,the business owners, also record significantearnings from the sale of these products, locallyand abroad.The latter is made possible because mostconsumers, both local and foreign, are willing topay a premium for products that have beenrefined and provide a convenient, ready-to-usealternative.
The role of SMEs as critical catalysts for povertyreduction, within the African context, assumes awhole new meaning when considered from thebroader perspective of contributing towardsenvironmental sustainability. Effective andsustainable waste management practices remain atopical issue.
SMEs own recycling companies, turning waste, intore-usable products. There are beads made frombroken bottles; bags and purses from plasticsachets; sandals and stools from unused car tires;wooden pallets for aesthetically appealing designsin construction, among others. The role of thesebusinesses towards achieving the above-mentioned cause is noteworthy, as the waste itemsbecome a vital input towards their productionefforts and oil the wheels of employment. At thesame time, the much-needed financial resourcesare released to enable the governments to channelthe same into other sectors to speed up overallnational development.
All these come together to enhance economicgrowth and development, which is the basis foralleviating poverty. Undoubtedly, a vibrant SMEsector remains the fulcrum around which keyeconomic activities revolve, within the Africancontext. The dividends that stand to be yielded aresubstantial if considered from the followingperspectives:
a. on the economic front, significantemployment and income-earningopportunities, abound, for the citizenry, whilerevenue generated from taxes and otherfinancial obligations is a critical addition tothe national kitty.
b. the provision of improved infrastructure andsocial amenities is significantly enhanced.Again, an upgrade in the standard of living ofthe populace with its associated benefitsbecomes a spontaneous offshoot of a re-tooled and revamped SME sector.
Invariably, all these are interlinked and contributetowards the achievement of the cardinal SDGs(Sustainable Development Goals), particularly.Goal 1 seeks to end poverty by 2030, Goal 2 looks atending hunger, and Goal 8, envisions the provisionof decent work and economic growth
.
August 2021 23
CHALLENGES
Let us look at this scenario; Mabel is a youngwoman who lives in the Oti Region. She hascompleted senior high school but does nothave enough money to further her educationbecause her family is poor. She decides to starta gari (cassava flakes) processing business withcassava from her uncle’s farm and otherequipment in their home. She does not haveanyone to help in the processing because shecannot employ anyone at the moment and hersiblings are busy helping their parents on thefarm, so she only produces a 25kg bag everytwo weeks, which she sells for GHC30.00 ($5.14).The only place she can sell her gari is in hervillage because she is oblivious to other existingmarkets and also because she cannot packageit properly for transport. After paying her unclefor the cassava, she is left with only GHC10.00($1.72), an amount that cannot cover even herbasic needs. She applies for a loan at thecommunity bank but is declined because shecannot provide any legal documents to proveshe has a business. Based on theaforementioned, Mabel is still poor despiteoperating her trade for three years.
Many SMEs in Ghana the potential role theycould play towards accelerated growth and jobcreation. They are cottage-industry based andrun by self-employed persons who use labor-intensive technology for producing their goods;obviously due to inadequate financial support,low skills, and knowledge, as well as reducedmarket opportunities.
Mabel has a viable business idea but does nothave the resources to fund her idea. Her capitalis inadequate; therefore, she cannot acquiremodern equipment like a cassava peelingmachine, grating machine and roastingmachine, which would have directly impactedpositively on her output.
The number one problem consistently facing small enterprises is access to capital. The lack of adequate financial resources to meet operational and investment needs places huge constraints on SMEs’ development. and other developing countries are faced withMabel’s challenges, despite
A study by the World Bank revealed that almost90% of small businesses are not able to ploughback due to credit challenges. In a study byAyeetey et al (2017) on 133 manufacturing firmsin Ghana, he noted that 60% complained ofaccess to capital as a key drawback toexpansion. The survey also revealed that thesuccess rate in acquiring capital is; 69.1% formedium, 45% for small, and 33.7% for micro-enterprises. Larger organizations have moreaccess to credit facilities than SMEs, especiallystart-ups. This is attributed to the fact that mostSMEs operate in the informal sector, and cannotprovide formal documents to seek funds, andthis affects the lenders’ trust in their ability torepay the loans.A lot of small firms in Ghana do not keep
accounting records and are not properlyregistered. The regulatory challenges are themajor reasons most of these firms remainunregistered. The high start-up costs, includingregistration and licensing requirements, placesan ominous burden on these enterprises. Aworld bank report shows that it takes 127 days todeal with licensing issues and there are 16different bureaucratic process involved inlicensing a business in Ghana. In South Africa, itis 176 days and 18 procedures, respectively.From Mabel’s story, she does not know anymarket outside her village and how to packageher gari for easy transportation to other marketseven if she knows where to find the markets.This relates to the possession of low skills andknowledge; low skills in their field of operationand lack of knowledge of available marketopportunities, product enhancement, and evenlack of knowledge of available technology andhow to use them effectively. No matter howmuch capital a business has, it cannot thrive ifthey lack proper management skills, technology,product development skills, and marketopportunities.WHAT TO DOAs Bill Gates said, “I believe that if you showpeople the problems and you show them thesolutions they will be moved to act”. Therefore,these are a few suggestions on how to addressSMEs’ challenges.
August 2021 24
.
However, SMEs must make sure they are in goodstanding to benefit from these interventions.“The beginning is the most important part of thework”. –Plato.SMEs should start right. This should not bedelayed till much later, in the life of the business.Start the proper way by investing in book-keeping, accounting services, inventorymanagement, and tax-paying. A good numberof SMEs do not keep proper accounting recordsas well as general business records.Entrepreneurs must make some initialinvestment into such critical aspects of theirbusiness, before seeking help. “Spend the timeupfront to invest in systems and processes tomake long-term growth sustainable”. - Jeff Platt(CEO of Sky Zone). Enterprises should takeaccounting and record-keeping seriously.Investment agencies and lenders want to seebusiness records to ensure that they aretrustworthy; therefore, SMEs must invest intraining in accounting and finance. The morethey are grounded in basic accounting principlesand analysis of financial statements, the betterthey can manage their businesses well, increasecredit-worthiness and obtain access to funding.Technology is the go-to resource ofcontemporary business operations; thus, SMEscan also capitalize on the accounting software tomake the business information managementprocess easy so that managers can focus onother roles like sales and marketing. Moreover,SMEs should endeavor to register theirbusinesses formally despite the cumbersomeprocesses. This makes the business morecredible and authentic to prospective financiers.If Mabel could just provide documents to showthe legitimacy of her business, she could havebeen given a loan to expand.Access to market: market opportunities shouldbe made available to SMEs for quick sale of theirwares. Apart from the local market, exportopportunities can help enterprises expand reachand maximize profits. Governments should worktowards eliminating trade barriers between theircountries to allow their SMEs to gain access toforeign markets. The African Continental FreeTrade Area (AfCFTA) is a good initiative in thisregard. Another step in this direction will be thereduction of imported products. This creates agap in the market where SMEs can fill byproducing more, hence, earning more.All of these factors, if implemented will meanthat more labor will be absorbed; more peoplewill gain adequate income to afford theirnecessities and escape the cycle of poverty.
Capacity building: human capital is the mostimportant of all things because people are thebuilders of businesses. Like Zig Ziglar put it; “you don’tbuild a business, you build people, then people buildthe business”. The aptitude of the business ownersand the workers strongly affects output and income.Their knowledge of new markets, availabletechnology, product enhancement, sales trends, etc.will help boost competition and generate morereturns, leading to expansion of the business. Forinstance, in the wake of the COVID-19 pandemic, a lotof small businesses used digital media, particularlysocial media to market and sell their products,attracting more customers and accruing more profits.Those who could not leverage the technology wereadversely affected, some having to close down simplydue to this lack of knowledge. Should Mabel obtaininformation on how to reach people outside hervillage and how to package her gari properly fortransport, then she can make more money to expandher business.Capital investment: businesses need money to growand without it, they become stagnant or even die. Thebanks, state, and NGO financing institutions shoulddesign flexible terms of credit access for SMEs. Thegovernment of Ghana recently launched a NationalMicro, Small and Medium-Scale Enterprises andEntrepreneurship Policy and a GHC145 million grantfund to help SMEs recover from the impact of thepandemic. This is one of the ways governments cansupport small companies in their countries. Financehouses can also help bridge the capital gap byreducing interest rates and moving from lendingbased on business performance to collateral-basedlending. If Mabel can access a loan or even a grant,then she can purchase modern equipment, hirepeople and buy more cassava so she can increase herproduction.Also, banks and financial institutions should includeadvisory services for SMEs. There are a fewconsultancy firms for SMEs but most often thecharges are relatively high. It is about time banksadded this all-important factor; maybe even as acomplimentary service. As a complimentary service,banks can simply advice SMEs who apply to them forfunding on how to grow their business. As aconsultancy, banks can open contact centers wherebusinesses can visit or call to obtain business-relatedadvice, at a subsidized cost. This will help to boostSMEs’ capacities and make them more innovativeand creative.
August 2021 25
Rocky Abdoul Milingita is a Consultant Analyst with 5 years of experience in Microfinance. He
has worked in the Democratic Republic of Congo, Rwanda, and Senegal. He has expertise in
internal policies and procedures, internal risk control framework, credit portfolio audit,
marketing, individual and group lending, process mapping, course development and trainingfacilitation, institutional analysis, and market research. Currently, he participates in various
projects of technical assistance, research/market research, and training in Francophone Africa
countries. He partakes in projects on innovative topics in financial services (digital financial
services, value chain financing, digitization of national and regional economic ecosystems, etc.),
He supports senior project managers in all project activities (pre-study, desk research,
clarification of client needs, planning, logistics organization, interviews, field visit, etc.). He has akeen professional interest in Internal Control and audit, understanding Financial Inclusion,
Women Empowerment, innovations in Microfinance, the evolution of the capital structure of
Enterprises, and Financial Management. He holds two Master's degrees. One is Specialization in
Microfinance from the Solvay Brussels School of Economics and Management (Belgium, 2018).
The second Master’s is in Financial and SME Management from the Catholic University of
Bukavu (DRC). He is bilingual in French-English and he is also fluent in Swahili and Lingala.
Wycliffe Ngwabe is a multifaceted Digital Finance and TechnologyChampion with more than a decade of experience deployinginnovative financial and non-financial instruments and solutions to theunbanked and underserved populations in developing countries,focusing on women, youths, SMEs, refugees, and smallholder farmers.He has hands-on experience in assessing market readiness,developing go-to-market strategies, and implementing solutions thataddress real market needs and challenges.
He is an experienced private sector development practitioner, policyand regulatory support, strategy formulation, product development,program design and implementation, portfolio management, pipelinedevelopment, monitoring, evaluation and learning, organizational andprogram operations, and leadership. He has a wide industry and sectorexperience in financial inclusion, digital financial services, agriculturalfinance, MSME, and youth development sectors.
WYCLIFFE NGWABE
ROCKY ABDOUL MILINGITA
August 2021 26
Osasu Igbinedion is an experienced financial technology professional, with interests in financialinclusion, payment technology, and digital transformation for businesses. He began his professionalcareer with Zenith Bank's e-business department in 2010 with a mandate to transition traditionalbanking customers to digital and electronic channels. He later joined Nigeria's foremost switchingcompany – Interswitch in 2013 to continue his payment journey in northern Nigeria. He wasmandated to deepen financial services in northern Nigeria by providing payments and collectionservices for industry verticals such as education, government, utilities, and transport. He activelyparticipated in the implementation of Treasury Single Accounts for some state governments innorthern Nigeria.
His passion for financial technology services made him join a Software Group, a Bulgaria-basedsoftware development company focused on software development to drive financial inclusionservices for financial institutions such as microfinance banks, credit unions, cooperative societies, andcommercial banks. He successfully led the company's operation in Nigeria for almost 2 years beforeproceeding to the United States of America (USA) to obtain a master's degree in computerinformation systems management (MISM). He hopes to use his education to further advance thecourse of financial inclusion and, fintech services in Africa.
He is currently married to Esohe Okosun, a managed care pharmacist based in Atlanta, Georgia.
OSASU IGBINEDION
August 2021 27
Justice has a solid banking experience spanning over 13 years which was attained in retail, SME, andcorporate banking from established institutions. In the span of his career, he successfully set up twoseparate SME departments that he profitably ran as Head of Business Banking and SME BankingCountry Manager respectively. He also has impeccable skills in business development, credit andoperational risk management and leadership development. As a doctoral student, Justice is an ardentresearcher and is currently investigating the impact of financial inclusion initiatives on theperformance of women-owned MSME’s in rural Zimbabwe. He holds a Master’s degree in StrategicManagement; an Honours degree in Business Administration and Diplomas in Banking and Theology.He also holds the following certifications: UN BSafe Certificate, Certificate in Digital Money, andCertificate in Results-Based Project Management: Monitoring and Evaluation. He is a DistinguishedToastmaster (awarded by Toastmasters International, USA), a keynote speaker, a trainer, and afacilitator.
JUSTICE UDZEMBWE
Justice is an Independent Consultant that ispassionate about promoting MSMEcompetitiveness through financial inclusion,capacity building, financial education, and the useof Digital Financial Services. He works with a widerange of MSMEs across different industries with agreater focus on women and youth. Justice runs aYouth Entrepreneur Program with students at aleading local university. He has facilitated theformation of Rotating Credit and SavingsAssociations with various groups of women tofinance their different business ventures. Justicehas also worked with different organiations thatinclude Empretec, the Ministry of SMEDevelopment, development agencies, churches,and civil society. Justice’s passion is to ensure thatquality financial services are more accessible to theunbanked in Africa.
August 2021 28
August 2021 29
OLAOLUWA AWOJOODU
Olaoluwa Awojoodu is a financial inclusionevangelist who has been trailblazing the Nigerianfintech scene for over a decade. He is an impact-driven entrepreneur with an unquenchable desireto succeed and he is working on his dream ofbuilding sustainable systems that will solve someof the biggest financial problems in Africa.He Started Olaoluwa's company, with less than100,000 Naira, E-Settlement and its products;PayCentre, CashEnvoy and PayPad now carriesout over 10 million transaction volumes andprocesses an average of 100 billion Naira in amonth.He is an avid reader and an inspiring leader whomanages over 100 multi-disciplined staff from adiverse cultural group and fosters a high-performance team culture.Olaoluwa has been revolutionary in Nigeria'sFintech sector; in 2009, he set up one of Nigeria'sfirst payment gateways – Cashenvoy and pavedthe way for others to follow. He also developedand designed the architecture behind the firstMobile Point of Sale (mPOS) in Nigeria, makingPayPad (started 2013) the pioneer in mPOSdesign and distribution. Furthermore, he workedon getting the mPOS certification by MasterCardand also served as a major player behind thecertification of the PayPad solution by NIBSS.Today, his Company's flagship product, PayCentre(started 2016) provides financial inclusion servicesto millions of Nigerians across the Country.Laolu's believes that nothing is impossible if youset your mind to it, and he coaches young peoplein his spare time.He is currently focused on impacting lives bycreating employment through an Agent Bankingnetwork, and providing access to financialservices, thereby enabling financial inclusion.
August 2021 30
Herbert Asiimwe serves as the Director ofBanking and Non-Banking Directorate inthe Ministry of Finance and EconomicPlanning of the Republic of Rwanda sinceDecember 2013.
He was also the coordinator of “EjoHeza”informal sector digital pension scheme. Hecontributed to its designing, successfulpiloting, launch and supported its first 2years of implementation at Rwanda SocialSecurity Board. Today the scheme isthriving and becoming an informal sectorpension scheme model for emerging anddeveloping countries with around 1.4Million enrolled savers and 16 million USDsaved already in its first 2 and a half year ofimplementation.
At the time of his appointment as theDirector of Banking and Non-Banking , hewas serving as a Pension and InsuranceSector Specialist from May 2009 toDecember 2013 at the same Ministry. Hehas over 12 years of work experience withover 10 years in the financial sectordevelopment, especially developing,implementing, planning, monitoring, andevaluating financial sector strategies,policies, capacity building (skills), financialsector legal frameworks, and supportfinancial sector product, and servicesdevelopment. The policies, strategies,initiatives, products and servicesimplemented over the last 10 years havehelped Rwanda achieve 93% financialinclusion, with about 77% accessing andusing formal financial products andservices.
HERBERT ASIIMWE
He briefly worked as a Senior ProjectManager in Rwanda DevelopmentBoard/IT (RDB). Mr. Asiimwe holds theFletcher School Leadership Program forFinancial Inclusion Executive Certificatefrom the Fletcher School, Tufts University,an Executive Certificate in FinancialInclusion from Harvard Kennedy School,a Masters (MA) in Economic Policy andManagement from the MakerereUniversity (MUK) Kampala Uganda. Healso holds a B.A Economics Degree fromMakerere University, Kampala Uganda.Lastly, he represents the Government ofRwanda as a board member ofinstitutions (financial institutions andother Government Parastatals).
August 2021 31
Daniel is a digital business expert withover 10 years of experience working in thefinancial services sector within Westernand Southern Africa. He holds a certificatein digital finance and microfinance fromthe Frankfurt School of Finance andManagement, Germany. He also holds anadvanced certificate in digital lendingfrom The Digital Fifth, India, a certificatein Digital Transformation Managementfrom CXO Transform, Hong Kong, and acertificate in Digital Money from TheFletcher School of Law and Diplomacy,Tufts University, USA. He has extensiveexperience in product development forSMEs and value chain financing acrossvarious sectors.Daniel is a graduate ofPhysics/Electronics, with a postgraduatediploma in software engineering and datacommunication. He has a degree inManagement and Digital Innovation fromthe London School of Economics andPolitical Science (LSE), University ofLondon.
He has participated in several trainingprograms organized by the United NationsProgramme on Reducing Emissions fromDeforestation and Forest Degradation (UNREDD), United Nations Institute forTraining and Research (UNITAR), andPartnership for Action on Green Economy(PAGE), under the One United NationsClimate Change Learning Partnership (UNCC: Learn). He is a member of theChartered Institute of Bankers of Nigeria(CIBN), the African Fintech Network, andan Advocate for the European UnionTechnology Chamber (EUTEC). As SeniorOperations Expert at Baobab Zimbabwe,Daniel has played several roles indeveloping the institution and developingcapacities of its operations teams. Hiswork has resulted in improved efficienciesand cost-saving. Daniel also serves in theexecutive committee and performs severalmanagement functions in operations,product development, marketing, and riskmanagement.Daniel is the founder of Simbatu Limited,a technology company based in Nigeria,that focuses on promoting access anddistribution of clean energy technologysolutions for sustainable growth.
EDET DANIEL ANDEM
August 2021 32
Polite is an Analyst with the Competitionand Tariff Commission of Zimbabwe. Hehas extensive experience in theeconomics of mergers and acquisitions aswell as restrictive business practices. Hehas worked in various departments withinthe competition authority, including theResearch Division as a Research Analyst.He recently joined the newly formedRestrictive Practices division as anAnalyst. He led the economic analysis formany major competition cases for theCompetition Commission, including in thetelecommunications, digital technologyand fintech, & banking industry. He hasworked on high-profile mergers andacquisitions within the Common Marketof Southern Africa (COMESA) market inthe insurance and finance sector. Hisresearch interests are in the economics ofcompetition law, consumer protection,big data and antitrust, industrialorganization, banking, and fintech.During his career with the Competitionand Tariff Commission, Polite has ledefforts to promote financial inclusionthrough various advocacy engagementswith the Reserve Bank of Zimbabwe andthe Bankers Association of Zimbabwe(BAZ). Polite has actively participated inensuring the training of bankingpersonnel by the Competition and TariffCommission in Zimbabwe. The trainingwas mainly on competition lawcompliance, to control practices that areanticompetitive and infringe consumerrights in the financial sector. For the pastfour (4) years, he has been working onfinancial inclusion, focusing on policy andregulatory issues in the financial sector.His duty is to make sure competitionregulation responds to current challengesin the techfin and fintech era, with aspecific focus on structural, statutory andstrategic impediments to effectivecompetition in
the digital financial services sub-sector.Polite believes that effective competitionregulation increases the likelihood that DFS reachthe people with low-income who are eitherexcluded or poorly served by the financial sectorcurrently.
Polite holds a first class Bachelor of CommerceHonors Degree in Economics from the MidlandsState University, Zimbabwe. His interest infinancial inclusion dates back to hisundergraduate degree, where he researched“The determinants of financial inclusion amongGweru Urban Entrepreneurs” for his dissertation.The dissertation coincided with the launch of theZimbabwe National Financial Inclusion Strategy.He is currently studying towards a Master ofScience degree in Data Analytics with theChinhoyi University of Technology, Zimbabwe, histhesis is focusing on, “Predicting financialinclusion in Zimbabwe using Machine Learning”.Polite holds a Digital Money Certificate from theDigital Frontiers Institute and Tufts University,USA. Currently, he is enrolled in the CambridgeFintech and Regulatory Innovation program. He isa member of the Digital Finance PractitionersAssociation of Zimbabwe (DFPAZ), an associationof Professionals in Digital Finance. DEPAZ wasformed in 2019, from the Digital Frontiers InstituteAlumni and Zimbabwe Community of Practice, tocreate synergies among the various members. Itwas also intended to contribute to the progressiveevolution and development of Digital FinancialServices in Zimbabwe.
POLITE MUKOMBO
August 2021 33
Thompson Kumi Sakyi is a highly motivated andhardworking individual who has over 9 years ofwork experience in mobile financial services.Thompson Kumi Sakyi is an ordained ReverendMinister as well.Currently, he is the Director for Mobile FinancialServices at AirtelTigo Ghana. He rose through theranks from being a trade developer to become theDirector. With this, he has impacted his colleaguesthrough transformational skills training whichwould eventually develop them to also rise throughthe ranks.As a Director, Thompson has been a father to all hisworkers from advising to carefully nurturingsubordinates to utilize their potentials and skills.As a renowned Reverend Minister, he is loved notonly by his church members but anyone whoencounters him in the line of God’s work.
Thompson Kumi Sakyi is happily married.
Ogutu Odhiambo is an Assistant Manager in thePrivate Sector Development Practice at MSC’sAnglophone Africa Domain based in Nairobi. Heis a financial inclusion expert with over fouryears of experience gained through projectswith commercial banks, international fundingagencies, MFIs, and community-basedinstitutions in Kenya, Rwanda, and Germany. Hisareas of expertise include financial literacy andagribusiness training, value chain development,project management, program design andevaluation, Monitoring and Evaluation,microfinance, SME finance, and financial sectordevelopment. He specializes in the duediligence of financial institutions, businessplanning, and technical assistance design.
THOMPSON KUMI
OGUTU ODHIAMBO
August 2021 34
Kayode Olubiyi is currently the Head of PhysicalDigital Banking at the United Bank for Africa(UBA). As a Digital Services and FinancialInclusion advocate, he is a highly motivatedprofessional with strong value-chain driveanchored on extensive hands-on experience infinancial inclusion, digital financial services,payments, collections & channel services throughdigitized processes.
With over 2 decades in the Financial Servicessector, Kayode has worked in various capacities asa foremost player in Financial Inclusion. Hepioneered the collaboration with VISA to buildHuman Centered Design models for FinanciallyExcluded traders leading to increased adoptionand usage of the agent banking service. He alsoled the team that showcased Financial Inclusionstrides leveraging technology in Nigeria toFinancial Regulatory teams from 8 Africancountries on knowledge exchange understudy ofthe National Financial Inclusion Strategy (hostedby the CBN).
In 2016, he was the Keynote Speaker at “Making Digital Finance work for Women” – aFinancial Inclusion event organized in conjunction with Women’s World Banking, MTNand Gates Foundation to Financially Include 500,000 women in 24 months. He was also apanelist in the event organized by Africa Payments Club on Using Technology to UnlockFinancial Inclusion in West Africa (an event with thought leaders across Africa in April2021).
As a thought leader, he has featured on CNBC Africa, providing insights on FinancialInclusion to a global audience. He has also served in various capacities on Digital FinancialServices (DFS) initiatives/ projects with Lagos Business School (LBS), the Gates Foundation,VISA, MasterCard Foundation, CBN Financial Inclusion Secretariat, MTN Mobile WalletServices, and EFInA.He is a Certified E-business Consultant, an Associate of the Institute of ProductManagement & Marketing, a Member of NESG Thematic Group, and a Certified DigitalMarketer.
kAYODE OLUBIYI
August 2021 35
Profiting from Partnerships: Fintech's, Telcos, Insurancefirms and Banks in strategic plexus…
In recent times, the provision and consumptionof financial services in Africa has gone through atremendous transition, ably supported by theproperties of digitization, and accelerated bythe COVID-19 pandemic. This transition has ledto several innovative financial services aiming atgiving agility and convenience to the averageconsumer, especially and importantly, the SMEsand underserved communities in rural Africa.
Globally, Fintech's market is growing but withan uneven performance across regions. Theperformance is even more pronounced andvaried between emerging markets anddeveloped markets. In emerging markets likeAfrica, Fintech's start-ups have gainedmomentous traction and funding. Fintech'shave innovative financial solutions aiming atreaching the underserved, informal andfinancially excluded masses of the Africaneconomy. Fintech's explore the use ofalternative data for financial services ideation,prototyping, and full-scale implementation. Arapid response survey conducted by the IFCrevealed that, about 60% of global FinTech's arelaunching new financial products, services andfeatures. Value-added Non-Financial Services(NFS) were also among the top choices beingconsidered by Fintech's. Fintech's, however,have a challenge to access large customer data,e-KYC issues, and prone to cyber attacks. Asstart-up disrupters in the financial servicesecosystem, Fintech's are generally grubbingwith the issue of user-confidence, as more SMEsare apprehensive about digital platforms givingrise to fraud and scammer activities.
Telcos have strong footprint in Africa and greateradoption rate. They have large customer base,covering wider and larger geographical areas inrural Africa. With their innovative digitalpayment platform, mobile money dominatesthe e-payment subsector in terms of volumesand number of transactions. Around half of theWorld’s mobile money providers operate inAfrica. Of the 77 mobile money markets in theworld that have reached 1million 90-day activeaccounts, more than half are in Africa. Thismakes the region an enduring epicenter formobile money innovation, promoting financialinclusion to the SMEs and underservedcommunities in rural Africa. According to theGSMA, about 481 million adults' own mobilemoney accounts in Africa, representing 46% ofthe global mobile money accounts. Telcos,however, like Fintech, face the risk ofcyberattacks, mobile money fraudsters, and e-KYC, etc.Traditional banks (including rural andcommunity banks, microfinance, and creditunion associations, etc.) on the other hand havea strong public confidence in delivering financialservices in Africa.
August 2021 36
Samuel Kojo Darko
They have a large database of customers, a strong
physical presence in communities, and
organized systems, structures, and controls for
providing financial services. They occupy a very
important place in the minds of bankable
adults in Africa. Traditional banks however lack
scalable innovations on the use of financial data
pools at their disposal to deliver nimble
financial solutions to SMEs. For example, many
microfinance firms and banks still rely on the
use of traditional sources of financial data for
lending decisions, checkable account services,
remittance services, etc. Traditional sources of
financial data such as customer’s bank
statements, sales, and purchases invoices, bills
payables, etc., when used, have tendencies to
slow down and refract lending decisions for
SMEs. Even though many traditional banks are
making giant strides to adopt innovative
financial solutions for their customers, many
more remain to be done.
The insurance subsector also plays a pivotal role
in Africa’s financial inclusion agenda. They have
large “patient” funds, a large data pool on
customers, a strong brand and physical
presence in the indigenous markets they
operate. They, however, suffer setbacks in
providing nimble insurance services to the
public, particularly the SMEs and small-holder
farmers in rural Africa. Insurance firms generally
have insurance-policy literacy gaps for SMEs
and underserved communities in the informal
sector. For example, there exists a wrong
perception that insurance services are
preserved for only the rich formal sector.
The informal sector, particularly the SME segment is
most times not interested in insurance products, or
rather has limited products options from the
insurance firms that best address their needs. Major
risks faced by SMEs which require insurance
solutions include; burglary and theft, fire, delayed
receivables, delayed stocks from suppliers, health
(illness of key-man), road accident, political risk, flood,
and recently cyber risk. SMEs need micro-insurance
services to cover their business risk, life, and property
risk. It is estimated that, about 4billion of the world’s
population are not using insurance services
(un/under-insured), many of whom are Africans.
Insurance penetration in Africa is still abysmally low
at 2.8% against the global average of 6.3%. According
to the World Bank, Africa’s agricultural insurance
premium volume accounts for roughly US$200m,
representing less than 1% of the global agricultural
premiums of US$25bn, and disproportionately lower
than Africa’s overall share of 1.5% of the world’s total
premiums. These statistics although worrying,
present huge economic opportunities to scale in the
sector.
It must be stressed however that, key players in the
financial ecosystem have distinctive characteristics in
their mode of operations, corporate goals, structure,
and risk appetites. .Hence promoting strategic partnerships amongthese players would require a surgical approachrather than random advertisement. The approachbegins by first of all identifying the strengths andweaknesses of each individual player, and developingcompelling proposals to strike strategic partnerships,which constructively cover the individual limitations,whilst leveraging on the respective strength andpotentials of other.
August 2021 37
For example, insurance firms could partner Fintech's for innovative, nimble, and user-
friendly insurance solutions to the doorsteps of SMEs and underserved communities,
whilst leveraging on the established brands of the insurance firm for mutual benefits.
Banks and microfinance institutions could in like manner partner Insurance firms,
Telcos and Fintechs, for scalable innovative solutions. For example, Vision Fund
Microfinance Bank in Tanzania recently partnered with Micro-Insure Company to
introduce health and life insurance services to SME customers in Tanzania. A similar
partnership was made in 2020 by Hollard Insurance and MTN Ghana to launch an
innovative AI-enabled digital insurance product called “Hollard ChatInsured” hosted
via WhatsApp. Vodafone Ghana recently also partnered with Worldremit (Fintech) to
deliver agile solutions to customers in international money transfers. Several other
such partnerships exist across Africa with aims of deepening financial inclusion
especially, for SMEs, youth, women, and refugees. These strategic partnerships
invariably generate enormous benefits to the participating institutions. Such benefits
include, increase in corporate sales, improved corporate image/brand, wider service
coverage, and access to cheap funding from Development Financial Institutions (DFIs).
Mastercard Foundation, United Nations Capital Development Fund (UNCDF), IFC-
World Bank, GIZ-German Cooperation, etc. have already allocated a large chunk of
funds to support and promote such strategic partnership in Africa.
August 2021 38
Mr. Douglas Musumbu is the founder of eKwacha Global Limited and has 18 years of work experiencein the Financial Markets Industry covering Treasury, Stockbroking, Asset Management, Financing, UnitTrusts, Projects and Property Management. He also has a very good experience in start-ups as evidentby the setting up of the Trust Securities which was the second stock broking firm in Malawi.
He is the Director and Shareholder of Several Companies within the Southern and Central Africanregion in the following Industries: Construction, Telecommunications and ICT, Funeral Services andAssurance, Transportation, Hotel and Tourism. He is a holder of several qualifications in ElectricalEngineering, Equity Markets, Bookkeeping and Accounting, Finance and Counselling. Douglas hasgreat strengths in Marketing, Administration, Financial Advisory, Mobile money, Agency Banking,Social Distribution/ Digital Social Cash Transfers and financial inclusion products and services,Projects, and Property Management.
Douglas last served as Group Business Development and Marketing Executive for Trust HoldingsMalawi attached to Trust Securities offices. He is a member of The South African Institute of FinancialMarkets (S.A); member of Global Credit Solutions Pty - Australia for which he served as representativein Zimbabwe; Team Member Advisory for the Zimbabwe Indigenous Business Association (ZIBA); hasconsulted for the Indigenous Business Association of Malawi (IBAM).
DOUGLAS MUSUMBU
August 2021 39
Fredrick is a distinguished expert with morethan Eighteen years of Retail bankingexperience and consulting. He is well groundedin new product development, digital financialservices, mobile money and Agent banking asways of extending financial services to the lastmile. Over the past eight years he has workedwith various projects advancing livelihoodsimprovement and financial inclusion ofrefugees. Specifically, he has supported projectmanagement and provided Technicalassistance to the Financial Sector DeepeningUganda (FSDU) and its partners (FinancialServices Providers) to develop, pilot and scalefinancial products for refugees, mentoredrefugee business owners, designed financialliteracy for refugees and conducted research onrefugee livelihoods.
Fred has worked on several consultingassignments for various clients including; TheMastercard Foundation, the United NationsCapital Development Fund (UNCDF), IDEO.org,Financial sector deepening (FSDU), CentenaryBank Uganda, Positive Planet, Technoserve, theWorld Food Program, Enterprise Uganda, Brac,Uganda Institute of Banking and FinancialServices (UIBFS), the Jesuit Refugee services,the Post Bank, Uganda, the GrameenFoundation, and many others.He is a member of the Uganda Cash working
group, a fellow of the Uganda Institute of
bankers, and a Certified Expert in Microfinance
(the Frankfurt School of Management and
finance). He has a good understanding of the
digital finance landscape in East Africa and has
written extensively on financial literacy and small
business management.
FREDRICK NDIWALANA
August 2021 40
The editorial committee of Inclusion Africa invites articles for possible publication in the forthcoming issues of the Journal. We encourage practitioners, in Fintech, Banking, Insurance, Finance, Pension researchers, students, donors and intellectuals to contribute articles. The Magazine serves as a medium of the expression of ideas, challenges, opportunities and experiences from the field and the academia. We are passionate about sharing knowledge and information for impact in the ecosystem. Guidelines for Contribution1. Articles may be written on any topic related to Financial Inclusion (current issues and trends in the industry), Fintech, entrepreneurship, insurance, banking, pension, investment, poverty alleviation, rural development, and development in general.2. The articles should be between 1500 and 3000 words in length, although longer or shorter articles will be considered, depending on the subject matter as well as the availability of space. Photographs, illustrations, and other graphics add value to the articles and should therefore be presented. 3.We request that articles should either present an analysis of a problem and give recommendations OR evaluate the impact and results of a certain policy, principle, or professional practice OR explore the ramifications of a philosophy, concept or principle. 4. Articles should be submitted in good time to allow for proof reading and editing to the address below.The Editor,Inclusion [email protected]
CALL FOR ARTICLES
August 2021 41
