The L1P takes centre-stage: An informal trader needs to sell a sack of mangoes in order to buy medicine.
The fourth week of the Incubator saw us starting direct emphasis on the Level One Project and the Level One Principles. The participants were duly informed that going forward they had to remain mindful of the need to align what was being discussed with the principle in focus, even though the talks will come from a variety of topics, some of which were mentioned at the get-together.
So, first in line is Same Day Settlement.
Innocent Kawooya started the discussion by reiterating the importance for all players operating in the DFS space to ensure that payment processes are not only effected within a day. And that in that regard it is thus necessary for all involved in the payment, from the initiator to the settlement entity and all in between, to complete their own share of the transaction to ensure that everything is in sync on the same day.
He added that it is in consideration of the above that in the Level One Principles it is continually stressed to all operating in the DFS space to remain cognizant of the fact that those their products and services are meant to serve practically live hand-to-mouth. This could be an informal trader who needs to sell a sack of mangoes in order to buy some medicine. Or a chicken farmer that needs to buy feeds using proceeds from the eggs they have just sold. They simply do not live in a world that accommodates payment delays.
Arthur Mwesiga introduced the concept of values, mentioning and defining their various types, and illustrating how these values interlink our lives, both private and public, personal and professional.
Francis Barenzi introduced the concept of communication, how they as ‘corporate bodies’ need to incorporate it effectively into their operations, and how what they communicate has to be aligned with their mission and vision, and indeed what they do.
#WomenInFinTech Incubator #LevelOneProject