HiPipo introduces Level One Project Principles to Financial Inclusion players in Tanzania
HiPipo has kicked off its implementation of the Include EveryOne program in the United Republic of Tanzania with a detailed introduction of the Level One Project Principles to FinTechs, Innovators and other Financial Inclusion stakeholders.
The Level One Project is an initiative of the Gates Foundation’s Financial Services for the Poor (FSP) program, which is part of the Global Growth and Opportunity division. The Level One Project is focused on enabling financial inclusion by meeting the needs of low-income users—both individuals and merchants—as well as the digital financial services providers (DFSPs) that serve them.
First released in 2015, Level One Project Principles are a set of industry best practices that guide countries, regions, or commercial organizations working to create real-time retail payments systems that are designed to meet the needs of low-income consumers. The principles include Tiered KYC, Availability on Low-Cost User Devices, Real-time/Immediate funds transfer, Same-day settlement, Pricing Transparency and Irrevocability.
In essence, these principles remind FinTech players that their solutions must be Accessible, Reliable, Valuable, Affordable, Profitable and Equitable.
“In a world divided by digital disparity, the Level One Project has emerged as a harbinger of hope, charting a path toward a future where financial inclusivity is a tangible reality for millions. This visionary initiative transcends the conventional role of a guide, evolving into a strategic roadmap that envisions a world where every individual, regardless of their economic standing, is seamlessly integrated into the formal financial system,” Innocent Kawooya, the HiPipo CEO noted following a successful workshop in Dar es Salaam.
He added: “We are glad the Gates Foundation developed these Level One Project principles. They simplify financial inclusion for solutions’ designers and end-users. We are excited to be here in Tanzania and happy to work with like-minded individuals and organizations to enhance digital and financial inclusion.”
This development came on the back of the signing of a long-term digitization partnership between HiPipo and the Tanzania Information and Communication Technologies Commission (ICTC) in October. Through this partnership, HiPipo will roll out its Include EveryOne program in Tanzania with a special focus on empowering and transforming Women, the Youth and millions in the Informal sector.
The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. This initiative is set to break new ground through research advisory, stakeholder collaboration, and capacity building for ICT professionals in Tanzania!
HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.