Microsoft is working with the World Council of Credit Unions (WOCCU) to support Savings and Credit Cooperatives Societies (SACCOs) with digital finance solutions to improve and increase credit union lending to small and medium enterprises (SMEs) in Kenya.
The company held a two-day ideation workshop with 16 SACCOs in Mombasa seeking to understand the digital transformation challenges faced by the lending sector. With a strategic partnership execution program drawn to address the concerns raised during the event.
Microsoft says digital transformation will firstly build trust among members and improve loan repayments. Secondly, It will enable informed decision making on members or clients. Thirdly, the transformation will enable better credit scoring letting SACCOs manage risks and improve their bottom line.
Microsoft announced an MoU with WOCCU last year to help accelerate digital transformation within the savings and credit sector. Where both parties will work to establish a framework for the digital transformation of SACCOs in Kenya. Microsoft will leverage programs to close the skills gap and develop a training curriculum to accelerate the adoption. It will also identify local partners to support the development of solutions and business strategies within the sector. Whilst WOCCU will deploy its TIFI lending methodology and SME Finance Toolkit.
“COVID-19 has accelerated the need for SACCOs to evolve and embrace digital channels. Empowering them to embark on this journey is not only critical to their sustainability but also the key to unlocking further growth potential within the region,” said Megan O’Donnell, WOCCU Vice President of Financial Inclusion.
Both organizations will develop a proof of concept that can be tested and deployed once they meet sector demands.
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Standard Bank and Microsoft announce a strategic partnership to accelerate the digital transformation of Africa’s largest financial institution and further drive the continent’s growth. The Bank’s growing investment in the Microsoft Cloud will enable the innovation, efficiencies, and resilience required to respond to market dynamics and customer needs.
This partnership builds on the 30-year relationship between the two companies and involves migrating workloads, applications, and platforms to Microsoft Azure to drive organisational efficiencies, as well as workforce collaboration with Azure, PowerApps, Workplace Analytics and Microsoft Teams.
“Investing in the cloud will allow Standard Bank to achieve its strategy to transform from a traditional financial services company into a digital platform company, providing financial services, plus ancillary and associated services. We have adopted a cloud-first strategy, underpinned by end-to-end security and data-driven insights that will enable transformation with tangible results,” says Standard Bank Group Chief Executive, Sim Tshabalala.
“Standard Bank’s cloud-first strategy underlines the growing momentum in financial services to deliver differentiated experiences that today’s customers expect,” said Judson Althoff, Microsoft’s executive vice president of Worldwide Commercial Business. “As a long-standing technology partner, we are pleased to collaborate with Standard Bank in realizing this strategy and in becoming Africa’s future-first financial services firm through digital skilling-focused initiatives that will expand economic opportunity for young people across Africa.”
As part of the partnership, the companies will also:
Establish the African Digital Foundry (The Foundry), a strategic alliance, for Standard Bank and Microsoft to collaborate to co-create unique solutions through new technology to meet the financial needs of Africa’s consumers. Through the Foundry, the companies aspire to reach 100 million customers in Africa over the next five years.
Bring together their resources and know-how to provide youth with the relevant digital skills needed to secure future-ready jobs and equip Small and Medium Enterprises (SMEs) with digital skills and capabilities so that they can take advantage of the growing shift to digital technologies.
The African Digital Foundry (The Foundry)
Standard Bank and Microsoft, through the Foundry, will co-create and execute joint go-to-market digital services related to trade, payment, and risk-based (lending and insurance) solutions. They will also develop ecosystems enabling digital trading to facilitate Africa’s growth.
“The Foundry is a digital initiative established in Africa, for Africans, to address the unique challenges the continent faces with customised innovations, services and solutions,” says Tshabalala. “The partnership will further enhance and create ongoing collaboration between our firms around co-engineering solutions for African consumers’ unique needs.”
Skills and Small Medium Enterprise (SME) Development
Harnessing the power and reach of both organisations, the partnership will also drive digital skills development, boost youth employment, and accelerate the growth of SMEs on the African continent.
Both organisations believe that digital transformation represents an opportunity for the continent to leap ahead, taking a leading role in enabling economic and societal growth in Africa.
Microsoft and Standard Bank will leverage their combined research, industry, partner and start-up programmes to impact the continent – where similar opportunities and challenges exist – using technology such as mixed reality and artificial intelligence.
“Continuing to build on the partnership is part of the ongoing journey that Standard Bank and Microsoft are on to invest in digital transformation as the enabler of meaningful and tangible innovation. Our journey is underpinned by collaborative efforts to develop, scale and roll-out digital solutions that will deliver personalised services to 100 million Africans and by meeting their unique and evolving needs and demands,” says Tshabalala.
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Check out other stories making the news in the technology ecosystem in Africa and the Middle East.
Making sure your resources are highly skilled, is what Microsoft executive, Kunle Awosika, notes will drive innovation in Africa. He made the remark addressing over three hundred delegates. Representing CIOs, CISOs, CTOs, heads of IT, etc. in the banking and financial industry from across East Africa. At the second Africa BFSI Innovation Summit 2020 in Nairobi, Kenya.
Kunle Awosika, Small, Medium and Corporates Lead, Multi-Cluster Countries at Microsoft, shared insights on empowering digital transformation in the financial services industry (FSI). How these organizations can use emerging technologies to create better services and be agile. Microsoft is playing a big part in the evolution of industries he notes. Driving efficiency, automation and performance in financial services.
Skills is a critical part …
One of the challenges we are facing in Africa and within our region is this particular focus area of skills. He shares talking about the skills gap in our market. We see this as we engage our customers and partners. This is the biggest problem to driving innovation today within the banking sector, financial industry and many of the industries that we work in. Skills concern is the right of passage for you to move to the next level. We need to make sure our resources are highly skilled, this is what drives innovation at the end of the day.
Microsoft at Africa BFSI Innovation Summit
https://youtu.be/gxxwuunO7gE
Microsoft has been working through various learning platforms and partnerships to bridge the skills gap in the region.
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Microsoft is calling for proposal submissions to its AI Hack for FSI hackathon. The aim of the Hack is to showcase how Azure AI services can improve our lives and experiences through AI in the FSI industry (Financial Services Industry). It is also to facilitate the creation of innovative prototypes that leverage AI and Machine Learning Services in the Azure Cloud. If you are a newcomer or veteran to Azure Cloud services then this is the right opportunity for you to showcase your talent and build something innovative to improve the world.
Facts to Note
Microsoft is a leader in AI and Machine Learning and have the tools and platforms to help empower every person and every organisation to achieve more.
– Deadline for submission of proposal is 11 April 2019. – Successful proposals will be notified by email by end of day 15 April 2019.
– Hackathon wrap-up event will take place on the 15 and 16 May 2019. – Awards will be provided to the top 2 teams.
Microsoft AI Hackathon
What is a Hackathon?
A Hackathon is an intensive competition of brainstorming, computer programming, engineering and innovative thinking that draws together the talent and creativity of people from different disciplines. It can be described as an event where a group of developers, designers, programmers, students and so forth come together at a specified venue and work together in teams to collaborate on projects. It also provides a unique environment for learning and experimentation.
Why is Microsoft hosting this hackathon?
Microsoft is hosting this hackathon to facilitate the creation of innovative prototypes that leverage AI and Machine Learning Services in the Azure Cloud. It is a great opportunity for veterans and newcomers to the Azure Cloud to showcase their talents and build something innovative. Note: All prototypes and ideas generated at the Hack remain the property of the participating teams. Microsoft is only interested in the usage for their AI platforms, not your intellectual property
Click on the link below to submit your proposal to participate in the hackathon.
