Visa is partnering with Flocash to introduce Flostore to help small businesses across Africa accept digital payments. It will also allow the businesses to manage supplies and access financial services across Africa. The Flostore solution consists of an integration of the Visa digital wallet and Flocash’s pan-African payment platform.
In addition to Flostore, Flocash and Visa will bring the element of analytics, bookkeeping and reconciliation to small businesses. Through Visa’s dynamic underwriting capabilities that include buying now pay later structures.
“Visa is committed to expanding the digitization of payments across Africa. With partners like Flocash, our goal is to enable African businesses to access our payments ecosystem and technologies to enable them to innovatively and efficiently serve their customers. This partnership with Flocash, as well as the launch of Flostore, are important steps towards achieving this goal.”
Corine Mbiaketcha, Vice President and General Manager for East Africa at Visa.
SMEs according to the International Finance Corporation (IFC) account for 90% of all businesses in Africa. But they have an annual financing gap of over US $136 billion. A digitized SME sector will unlock the huge market potential of the African continent underpinned by rapid population growth.
Through digitization, SMEs can use their digital footprint to tap into both traditional and alternative sources of funding. To expand commerce while banks lower operating costs as they increase their revenue base. Digitization of the lending process enables banks to streamline their inefficient processes for SME lending and deliver value to their customers. 82% of small and micro business respondents to Visa’s annual outlook survey in 2022 indicated a preference for digital payment options.
With a Flostore Tap2phone, small businesses will be able to turn their existing mobile devices into payment acceptance terminals. Tap2phone is an essential and cost-effective mechanism for developing digital payment infrastructure in developing markets.
“Flocash has grown significantly as a travel payments processor over the last few years. We are thrilled to partner with them to build innovative payment solutions that reduce friction in commerce for merchants in East Africa,” Mbiaketcha adds.
On the other hand, the CyberSource Payment Gateway technology incorporates all the safety protocols in place to give customers peace of mind as they transact online. With a design to provide increased fraud protection, minimize cardholder friction, and increase the completion of sales, leading to a better experience for all parties involved. This helps both merchants and issuers detect and avoid fraud more effectively.
“Visa is a great partner to scale Flocash’s pan-African payment platform and develop this critical area of African commerce that can offer enormous continent-wide economic development opportunities.”
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Catherine Muraga brings a diverse wealth of experience to Microsoft ADC having worked in a variety of industries such as manufacturing, aviation, and banking. With an expansive 15 years of knowledge of the IT landscape in Kenya and the region.
Prior to joining Microsoft, she led the Engineering team at Stanbic Bank Kenya and South Sudan. Leading all engineering capabilities including information technology, data, AI and Analytics, Cyber Security, Operations & Real estate services. She was also a member of the bank’s Executive Leadership team. She was previously the Director of IT and Operations at Sidian Bank.
I am excited to be joining the ADC at this particular time says Catherine Muraga. “I look forward to continuing the tremendous work that has already begun“, she adds.
Catherine is an alumnus of Columbia Business School Digital Strategies for Business, Oxford University Fintech Programme and holds a Bachelor of Science Degree in Computer Science from Africa Nazarene University.
Microsoft says the ADC engineering hub has grown to over 450 full-time employees.
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Team RUTELA is the winner of the first edition of the Equity Group Hackathon in partnership with Microsoft. The University of Nairobi student team wins a cash prize of Kes. 600,000, 3 months mentorship with Microsoft, Technical Cloud certificates for all team members and a gift hamper.
The Equity Hackathon brought students from the University of Nairobi and Meru University of Science and Technology together. To deliver solutions to address business and social challenges in the Payments, Financial Inclusion and Digital Identity thematic areas. The Hackathon, which opened for registration on 4th February, saw a total of 663 students register and compete to be among the top 120 participants to take part as innovators.
Equity Group, in partnership with Microsoft, brought together the shortlisted students for the virtual Hackathon which ran from the 17th of February to the 17th of March this year. The initiative challenged the students to be innovative and collaborate to build proofs of concept and minimum viable products for predefined business problems and social issues.
The Hackathon was phased into 4 stages. The first phase involved instructor-led and self-paced training of the participants on Microsoft Azure and the Business Problem Statements. In the second stage, the students went through the coding with mentorship from representatives from Equity, the University of Nairobi, Meru University of Science and Technology and Microsoft. Their solutions then went through a 1st and 2nd knock off stage, which culminated in the selection of the 4 winners.
Kenya is emerging as an innovations hub, especially in the financial sector, and organizations need to start looking internally for solutions that will give them an edge in the market says Microsoft ADC Kenya Program Manager, Irene Githinji.
“We are indeed not surprised by the ideas we have seen these young students work on during the Hackathon. The spirit of innovation is ripe in Kenya and it is time for Kenyan corporates to start looking at local education institutions and technology hubs for the development of unique solutions for their business needs.”
Irene Githinji
Equity Hackathon Winners
Winning team – Rutela, from the University of Nairobi
1st runner up – team Jazia, from Meru University of Science and Technology
2nd runner up – Hubert Kimani, from the University of Nairobi
3rd runner up – Team Code Ninjas, from the University of Nairobi
The 1st and 2nd Runners Equity Hackathon winners took home a cash prize of Kes. 250,000 and Kes. 150,000 respectively, a 3 months mentorship opportunity from Microsoft and a gift hamper. The 3rd Runners Up won Kes 100,000 and a gift hamper for each team member.
“The Hackathon has enabled us to sharpen our skills and align them to the demands of the marketplace“, notes Maluki Muthusi, from team Rutela. “We are grateful for the guidance given to us by our lecturers and the teams from Equity and Microsoft throughout the competition. We look forward to applying the principles even beyond this competition“, he adds.
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In November last year, we hinted that Microsoft was bringing The Garage program to Africa. Months on the company is officially launching the innovation hub and creative space to engage with the broader academic, start-up and local tech ecosystem to develop and bring new impactful ideas to life. Microsoft The Garage Africa is co-located with the ultra-modern Africa Development Center software engineering offices in Lagos and Nairobi.
The program is primarily an extracurricular resource for Microsoft employees to connect, experiment and be creative outside of their day job. However, Microsoft will open the creative space for hacking and making to the local tech ecosystem and Microsoft customers to use technology to solve a wide range of societal and business challenges. Through hackathons, engineering internships, and an experimental outlet for students and tech communities, says Linda Thackery, Sr. Director The Garage EMEA. Who was also at the ADC office sites launch events to concurrently launch the program. The launch of the Africa sites means there are now 14 Garage sites across the globe.
Welcome Garage Africa to the Garage family! Can’t wait to see the amazingly awesome innovation to come.
Linda Thackery
The creative space has three dedicated lab sections and fosters collaboration, innovation and a growth mindset. The lab section consists of a collaboration hub for hackathons and workshops, a Makerspace and an Advanced Makerspace. The advanced Makerspace has an electronic workbench, 3D Printers, laser cutter, PCB milling machine for creating prototypes. A Reality Room dedicated to working in the space of Augmented Reality (AR) Virtual Reality (VR), and Mixed Reality applications and dedicated space and equipment for doing work on Deep Learning.
Microsoft The Garage East Africa
In Kenya it will help Microsoft employees, customers and developers tap into their creative prowess, notes Lydia Karanja, Lead of The Garage East Africa. She says The Garage is structured as a freeform workspace where Microsoft employees, interns, schools, and community groups can find the tools and training they need to launch products and learn skills.
“The Garage is meant to spread the values of openness and collaboration throughout the Microsoft ADC. Where people come to The Garage to work with interdisciplinary teams on passion projects that sometimes make their way into Microsoft products. This should ultimately allow Microsoft ADC to become a more prominent shaper of Africa’s tech culture.”
Lydia Karanja, Microsoft Garage Lead- East Africa
The program initiative comes from Microsoft CEO Satya Nadella’s drive to encourage employees to be creative, entrepreneurial and open-minded. It also takes inspiration from many global technology companies that started in the garage. The likes of Microsoft, Amazon, Apple, Google and Hewlett-Packard to name a few. Through the Garage, employee projects have gone on to become full Microsoft branded products or features. Notable ones are Kaizala, Microsoft launcher, Seeing AI, FarmBeats, Mouse without Borders and the Xbox Adaptive Controller.
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Microsoft is officially launching the new home of its software engineers in Kenya. The Africa Development Centre (ADC East Africa) engineering team will now be based at Dunhill Towers, along Waiyaki Way, Nairobi. Having previously shared Microsoft’s office at the Oval. The ultra-modern office facility will co-locate with Microsoft’s newly launched The Garage, design, research, and innovation teams.
The ultra-modern ADC East Africa office space borrows heavily from Microsoft’s modern workplace design. Featuring solutions that reduce or prevent the emission of carbon into the atmosphere to meet the company’s target of becoming net carbon negative by 2030. The facility will use self-heating windows, a mini solar plant, and a water treatment facility to recycle and purify water. The eco-friendly office also optimizes space utilization, air conditioning, and lighting adjustments.
Kenya president, Uhuru Kenyatta was present at the event to unveil the plaque and officially launch the office facility. Other guests present include Joe Mucheru, the Cabinet Secretary for ICT, Innovation, and Youth Affairs. As well as Joy Chik, Microsoft Corporate Vice President, Identity Division and Executive Sponsor of the Africa Development Center.
The facility will continue Microsoft’s efforts to train, equip and hire software engineers in Kenya and Africa. To contribute to the development of Microsoft products that are in use by over 1 billion devices, says ADC East Africa MD Jack Ngare.
Africa is such a young continent and Microsoft absolutely believes the future is here, notes Joy Chick, at the event. We invite all the young innovative entrepreneurs to help us collectively build technology for Africa, but more importantly for the world. This is just the beginning. We are excited about the opening of the ADC and what the future can bring, she adds.
Launched in May 2019, Microsoft says the Africa Development Center currently has about 570 full-time employees across both sites. In Nairobi, it has about 450 employees with plans to add another 50 before the year ends. Surpassing the company’s initial plan to hire 500 software engineers by the end of 2023. This number reflects roles across software engineering, machine learning, data science, market research, infrastructure, etc.
1/3 President Uhuru Kenyatta on Thursday evening presided over the official launch of the Microsoft Africa Development Centre (ADC) in Westlands, Nairobi City County. #ADCNairobiOfficepic.twitter.com/7JfcUhoCwn
Part of the festivities to kickoff the ADC Nairobi launch, we held a session with the developer community in Nairobi, where we demonstrated the plans that The Microsoft Garage has put in place to support the tech ecosystem 😊.#ADCNairobiLaunch#TheBigReset#MSFTGaragepic.twitter.com/PnB4dyoDai
— Microsoft Africa Development Center (@MicrosoftADC) March 24, 2022
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