Blockchain
A Blueprint for Enhanced Customer Experience in Financial Institutions.
From the left: Dr. John Olukuru, Head of Data Science and Analytics at @iLabAfrica; Satyajit Turumella, IT Advisory Director at Grant Thornton Advisory East Africa; Ezekiel Macharia, CEO at Kenbright Holdings; and Hartnell Ndungi, Chief Data Officer at Absa Bank Kenya, during the GDSAI summit at Strathmore University, Nairobi.
How can financial institutions ensure inclusivity, digital transformation, and analytics in their operations for an enhanced customer experience?
This was the first topic of the first panel discussion at the 2nd annual Global Data Science and Artificial Intelligence (GDSAI) summit hosted by @iLabAfrica-Strathmore University last year
The panel, featured Hartnell Ndungi, Chief Data Officer at Absa Bank Kenya; Ezekiel Macharia, CEO at Kenbright Holdings; and Satyajit Turumella, IT Advisory Director at Grant Thornton Advisory East Africa, explored the transformative impact of digital technologies on financial services.
Digital transformation is revolutionizing the landscape of financial services, reshaping customer acquisition, improving client satisfaction, and simplifying banking procedures.
In the pre-revolution era, customers heavily depended on face-to-face interactions with bank staff, making processes such as opening accounts, conducting transactions, and accessing financial services time-consuming and paperwork-intensive.
The ongoing change is evident in more efficient banking procedures, achieved through the simplification of traditional processes through automation and digital interfaces. The significant move towards online and mobile platforms is an important factor in boosting accessibility, consequently contributing to an enhanced overall customer experience.
Mr. Macharia highlighted the importance of effective data storage and aggregation to ensure inclusivity in financial institutions, stating, “We ensure inclusivity, digital transformation, and analytics by looking for effective ways to store your data and finding ways we can aggregate data in a way that communicates to everyone.” This shows the significance of accessible and comprehensible data.
Digital transformation is not just a choice but a necessity for the financial sector, driven by escalating customer demands, complex regulatory environments, and intense competition within the sector.
In a 2022 report by McKinsey and Company, it was revealed that digital transformation in Africa constituted only 25 to 30 percent, a figure notably lower than the global average of 50 percent observed in markets such as America and Asia.
Within Kenya, the Equity Group has emerged as a pioneer in digital transformation, offering a comprehensive array of digital products that leverage technology to address the increasing need for convenient, accessible, and affordable banking services.
Mr. Ndungi elaborated on the practical applications of Artificial Intelligence (AI), emphasizing its role in enhancing customer interactions by collecting and analyzing feedback, predicting customer behavior through scorecards, enabling organizations to cater to their needs effectively, suggesting suitable products to customers, and offering personalized experiences. The integration of AI is positioned as a strategic move to cater effectively to customer needs.
Although a lot of the financial sectors are trying to incorporate digital transformation, it comes with a concern, and that is how customer data needs to be protected. The protection of data is an important concern for organizations and businesses. With the increasing reliance on technology for storing and transmitting sensitive information, the threat of data breaches has become a major issue.
Satyajit Turumella addressed these concerns by presenting key considerations when managing and protecting data:
- Do you understand what your personal data is?
- Do you trust AI with your data?
- Do you trust the governance of the organization to which you consented to manage your data?
The insights from the panel discussion shed light on a path forward for financial institutions. The commitment to inclusivity and digital transformation emerges as a cornerstone in delivering an exceptional customer experience, shaping the trajectory of the financial industry in the years to come.
By Wachira Kevin.
Skills in emerging technologies offers hope for Kenyan youth.
Equipping Kenyan youth with technological skills to curb unemployment.
A young workforce with skills in emerging technologies heightens the chances of achieving vision 2030 agenda for sustainable development in the fast-paced digital economy
The technology sector is one of the fast growing industries in the world, emerging technologies are affecting the way of doing things, from making phone calls to how companies and government institutions operate, the working environment is expected to keep on adapting to transformations brought about by technology.
In modern times, employment requirements are high and competition for positions remains to be stiff, the youth and professionals are required to understand how new technologies are affecting the job market and getting familiar with new inventions to fit into needs of the market.
A World Bank report through the Digital Adoption Index (2020) indicates that new technologies are transforming economic opportunities, a trend that has been accelerated by businesses and institutions in their response to the Covid-19 pandemic.
African technology industry is rapidly growing with technology hubs in the continent growing by more than 50 per cent in the last decade, with this trend expected to accelerate, talents need to be nurtured in the new digital areas to provide a market driven workforce.
The Kenyan job market has witnessed technology disruption first hand with top tier institutions enacting job cuts with others offering young people with skills training to thrive into the digital driven economy.
A 2019 survey by the Kenya National Bureau of Statistics (KNBS) indicated that more than 7 million young people are grappling with unemployment in the country, one of the reasons cited for their lack of opportunities being inadequate digital skills set for the dynamic job market.
The Kenyan government continues to facilitate technological growth. In May 2019, the president launched the Digital Economy Blueprint, which presented a framework to improve Kenya and Africa’s ability to leapfrog economic growth, including massive investment in fibre-optic cable infrastructure.
Consequently, the venture has enabled better connectivity allowing more young people, including those in rural areas, to access high-speed internet, this will be instrumental in the advancement of digital technologies across the country.
The COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business. Many companies have accelerated the digitization of their customer and supply-chain interactions and their internal operations, the share of digital or digitally enabled products in their portfolios has also significantly accelerated.
To stay competitive in this new business and economic environment requires an understanding of emerging technologies by employees, most firms now recognize savvy workers’ importance as a critical component of driving growth while also improving processes, quality control and efficiency.
Equipping young people with technological skills will help them prepare for the future work that is already upon us. In addition, soft-skills training are necessary which enables tomorrow’s workforce to take on responsibilities in technology-based enterprises.
Strathmore University’s Research and Innovation Centre-@iLabAfrica offers a Certificate in Emerging Technologies(CET) course which equips learners with foundational skills in the emerging areas of Data Science, Cybersecurity, Internet of Things, Cloud Computing, Graphic Design and Digital Marketing.
According to Ms. Rael Kilonzo, Project Coordinator for Executive Education at @iLabAfrica, the course equips learners with technical skills in modern technologies while offering professional development skills in Web and Mobile Applications development.
“@iLabAfrica we always strive to create high quality content that can speed up innovation by imparting knowledge and skills to the young generation. The CET course has been designed to equip form four leavers and other individuals with fundamentals skills of emerging technologies. Learners not only get an opportunity to specialize in the specific IT areas but also learn how to potentially change the world using technologies that are driving global revolution” said Ms. Kilonzo.
With a digitally prepared youth population, it is feasible for Kenya and African countries to curb unemployment and secure a future for the young generation. A young workforce with skills in emerging technologies heightens the chances of achieving vision 2030 agenda for sustainable development in the fast-paced digital economy.
Across the African continent, the relentless spread of networks, sensors, artificial intelligence, and automation is driving a revolution to an unknown destination. A workforce with Skills in Emerging technologies will help governments and institutions drive economic growth through initiatives such as digitization of government departments and processes such as revenue collections which curbs corruption.
Emerging technologies are expected to have a powerful impact on the security and stability of African states, having the right skills set for security officers will help in the implementation of a technology based approach in the fight against terrorism in the continent.
To enroll for the Digital Marketing Masterclass at Strathmore University, kindly email rkilonzo@strathmore.edu or visit the website http://www.ilabafrica.ac.ke/index.php/digital-marketing/
Strathmore hosts block chain, artificial intelligence and cyber security conference
Strathmore University through its Research and Innovation hub @iLabAfrica hosted a forum in collaboration with global corporate incubator company- Innohub, a technology driven company that specializes in taking ideas from concept to the market while creating breakthrough solutions for business challenges using emerging technologies. The forum brought together top and mid-level managers who are block chain experts from companies in Europe, United States of America (USA) and Kenya for a joint conference.
Through the forum, different block chain ecosystem players in the industry shared their knowledge and ideas on block chain knowledge, cybersecurity, digital currencies, government regulations and the various potential areas of investment.
Speaking during the opening session @iLabAfrica Director Dr. Joseph Sevilla said that he was pleased with the partnership with Innohub in hosting the conference while also acknowledging the importance of block chain technologies in modern times and its relevance to the work of @ILabAfrica of nurturing students in the areas of technology while providing solutions to industry and government institutions.
“Block chain brings new innovations and technology and it is one of the new technologies which are important to Africa, in Kenya in particular it will help young people develop and grow their skills. @iLabAfrica we have been involved in block chain development in the past where we worked with the Kenya Education Network Trust (KENET) in the development of a program to detect fake certificates which is used during enrollment to universities and by employers seeking to verify new recruits’ credentials” said Dr. Sevilla.
Dr. Sergii Nikolayev, the Chief Research and Development Officer at Innohub made a presentation on Blockchain Ecosystem Solutions for Government and Business demonstrating how different players in the economy can be able to adopt the new technology for their advantage while improving integrity, authenticity and transparency.
“Block chain systems come with unique processing centers for digital assets, virtual goods and processing of product tracking which can be implemented in E-money systems, real estate, trading systems for oil, gas, healthcare, agriculture and management of gift cards, and the good thing in blockchain is that the proprietor is always in full control of activities within the system” said Dr. Nikolayev.
During the panel session, Maureen Gate- Cyber Security Professional at @iLabAfrica challenged industry players in the block chain industry to localize their language and increase utilization of the technology so as to attract more young people towards adopting and identifying with the technology for its local growth in the country.
The recent surge in and subsequent collapse of the value of Bitcoin has brought renewed attention to the blockchain architecture that underpins digital currencies. However, blockchain’s uses go far beyond virtual money. The technology could change the way that ownership, privacy, uncertainty and collaboration are conceived of in the digital world, disrupting sectors and practices as diverse as financial markets, content distribution, supply chain management, the dispersal of humanitarian aid and even voting in a general election.
@iLabafrica had earlier in the year signed an MoU with Innohub Group based Abu Dhabi with the aim of providing trainings on block chain technology to technical students from Strathmore University to read more click here
About Innohub
Innohub is an Abu Dhabi based company with an R&D center in the heart of Europe. Since 2015 we have been developing digital products and providing consulting services to our clients on Blockchain and AI technologies. We prioritize on helping businesses and governments to streamline their daily core-operations with technological and digital solutions in Blockchain and AI technologies.
@ilabAfrica-Strathmore University partners with Ukraine company to train students on block chain solutions.
THE DAWN OF A NEW PARTNERSHIP
@ilabAfrica-Strathmore University has partnered with 482.solutions, Odessa, Ukraine with the aim of providing trainings on blockchain solutions development to students at Strathmore University and other interested professionals. This training is set to equip Kenyan students with skills that will set them apart from others and provide the Kenyan market with highly skilled professionals in blockchain.
The establishment of partnerships between Strathmore University and 482.solutions became possible thanks to the assistance of the Embassy of Ukraine in the Republic of Kenya.
Blockchain technology has proven to be a catalyst across a wide variety of industries and the demand for people with Blockchain skills is very high. Many companies are looking to hire those who have the skills set to navigate this new technology. Its features of immutability, distributed nature and provenance guarantee data safety and integrity. Because of the nature of blockchain technology, hackers will have a tough time reaching all the networked nodes to tamper with any records. Blockchain technology is perfect for securing information, storage and sharing.
During the virtual MOU signing ceremony Ms. Eunice Maingi- Project coordinator in the IT Security Department and lead of the Blockchain research team, @ilabAfrica-Strathmore University said, “We are looking forward to have our first workshop in April. It will be a virtual workshop and we will have an option of making it a hybrid course for students who want to attend the course physically @iLabAfrica Strathmore University.”
Mr. Richard Otolo- Manager of the IT security research, @iLabAfrica-Strathmore University said, “After this training we can see our students engaging in projects that are focused on the industry. There are several challenges that blockchain can address like fraudulent certificates, title deeds among other key records that face major threats of fraud and tampering. The training will be a forum to upscale existing techies and to increase the number of professionals who can use this technology to combat the mentioned challenges.”
Over the years counterfeiting has become a global issue that affects a wide range of industries. Proving or disproving the authenticity and quality of an asset can quite difficult because traditional supply is complex and lacks transparency. However, if a producer or manufacturer’s goods are placed on blockchain, their origin and trail throughout the entire supply chain can be easily tracked and verified, making it difficult to pass off counterfeit products for genuine ones.
Mr. Leonid Khatskevych – Strategic Partnership Manager at 482.solutions said, “The training will offer theory and practise. Theory will be about blockchain systems in general, cryptography and about bitcoin protocol while practise will be about smart contract. Students will have an option to choose between creating of Ethereum ERC-721 token or “Voting smart contract”. He further added, “There will be our demo solution “Woden”, based on Hyperledger Fabric, where students can realize the electronic document workflow and digital voting”
Dr. Joseph Sevilla- Director @ilabAfrica, Strathmore University mentioned, “I am happy about this collaboration and I look forward to the outcomes of these trainings which will provide the Kenyan market with highly skilled professionals in blockchain. We are also looking at partnerships with government institutions to help them solve local problems by implementing blockchain solutions.”
To register for the training, Click here
Others in attendance during the signing of the MoU included; Mr. Ivan Balashov- co-founder & CFO at @482.solutions; Roman Kravchenko co-founder & CEO at 482.solutions; Alexander Kryvoruchko – co-founder & COO at 482.solutions and Ms Diana Mutua – PR and Marketing Manager @ilabAfrica- Strathmore University
@ilabAfrica-Strathmore University
@ilabAfrica is a Centre of Excellence in ICT Innovation and Development at Strathmore University. The Centre spearheads Research and Innovation in Information Communication Technology for the Development (ICT4D) of ecosystems towards the attainment of the United Nations Sustainable Development Goals (SDGs) and to contribute toward Kenya’s Vision 2030. The research Centre is involved in interdisciplinary research, students’ engagement and has partnered with over 800 institutions (Universities, NGOs, foundations, and government) worldwide and other funding agencies.
About 482.solutions
482.solutions is an international software engineering provider specializing in innovative solutions using decentralized technologies. 482.solutions has offices in Ukraine and Singapore.
The key competency of 482.solutions is creating solutions for “Industry 4.0” issues; Blockchain, Future of Energy, Digital Identity, Decentralized Asset Management, Financial Products, and Services.
482.solutions mission is “We harness decentralized technology solutions that empower business and society evolution to reach a global impact.”
WOMEN IN TECH 2020 INTAKE OPEN
The Search for Women led businesses is back! @iBizAfrica-Strathmore University in Partnership with Standard Chartered Bank Kenya is excited to Launch the Fourth Cohort of the Women in Tech 2020 program. The call for applicants is now open for women led small and medium businesses leveraging on technology and new business models to drive change and grow communities.
Globally, studies show that sub-Saharan Africa boasts the world’s highest rates of women entrepreneurs, at 27%. But female-led tech startups still have some of the lowest numbers across the continent, despite technology firms led by women experiencing a 35% higher return on investment.
The program theme for this year, “Accelerating the Digital Economy through Women Owned Businesses” reinforces the importance of scaling the gains of female focused entrepreneurial programs and expanding their mandate in bridging financing and industry gaps for early stage ventures.
The Top five participants will win Kes 1 million in seed funding. The teams will be taken through a 12week incubation mentorship and training through the Bank’s Employee Volunteering program. Through the incubation, all the entrepreneurs are offered expert training in the areas of idea conceptualization, strategy formulation and marketing which is key in moving the businesses from incubation to sustainable ventures.
Eligibility Criteria
- The business must be based in Kenya i.e. be aligned with the needs of Kenyans and operating in Kenya
- The company must be a tech-enabled and/or leveraging on emerging technologies, including but not limited to; Internet of Things (IoT); Artificial Intelligence; Robotics; Augmented & Virtual Reality; 3D & 4D Printing; Cloud Computing; Big Data; Blockchain; Drone Technology and Biometrics.
- The company must be founded or cofounded by a woman with an equal or majority stake.
- The founder or co founder must be over 18 years old and Kenyan
- Business models must have a clear focus on sustainability and alignment to the Sustainable Development Goals (SDGs).
- 3 months to less than 2 years of operations.
- Seeking support for proof of concept, customer, product and business model development.
- Pre-revenue with early traction (users).
- Post revenue is an added advantage, with the creation of a new business module.
Program Thematic Areas
Companies solving for any of the 17 SDGs with operations within, but not limited to the following sectors are eligible to apply for the programme;
- Agriculture
- Healthcare
- Education
- Manufacturing
- Information Technology
- Financial Services
- Logistics
Programme Benefits
- 12 weeks of an immersive learning experience
- Access to a leading network of coaching experts
- Access to B2B networking opportunities
- Personalized mentorship sessions to address your unique business needs
- Opportunity to join a supportive Women in Tech Alumni Network
- KES 1,000,000 equity-free grant seed funding for the top five finalists
- 9 months ongoing support from Standard Chartered and @iBizAfrica to assist with the go-to market and scale for the top five finalists.
The Women in Technology Incubator program is Africa’s leading women in tech incubator, that supports local tech businesses and calls for more diversity in the Information technology landscape by providing opportunities for women to develop entrepreneurial skills and leadership excellence.
To register Click here
Know more about the program Click >> https://www.womenintech.co.ke/
Techfugees Kenya Event on Blockchain & Refugee Emergency Response
This event marks the official kickoff of the Techfugees Chapter in Kenya.
The Problem: Many refugees, and people in refugee-like situations, across Africa are unable to prove their identity or access essential services. In Sub-Saharan Africa alone, 80% of the total adult population are unbanked and do not have the necessary documentation to open a bank account, and without necessary documentation, many refugees are unable to access healthcare, seek legal protection, or enrol their children in schools. In response, private enterprises and humanitarian organisations have begun to look into Blockchain technology as a way to independently authenticate and validate exchanges of information, from personal identification to money transfers.
How can Blockchain help?
Blockchain is a cloud-based public ledger that automatically records all transactions and stores them securely for everyone to see. This enables independent entities to rely on the same, secured and audible source of information without the need of third-party oversight.
Mapping solutions
The technology behind Blockchain has the potential to transform refugee response. Blockchain is increasingly being used in refugee emergency response – for example, in Kenya, a company like BanQu helps refugees create digital identities based on Blockchain technology. This event brings together startups, innovators and humanitarians to explore multiple Blockchain initiatives that have the potential to improve a refugee’s life.
● How can Blockchain technology alleviate challenges faced by refugees by providing identification and financial mobility?
● Can Blockchain unlock essential services to refugees without government support?
● Which humanitarian organizations have started to use Blockchain technology in Africa?
● When it comes to refugee response and Blockchain: What are the lessons learned from Africa and outside of Africa?
● From QR codes to electronic cards and digital vouchers? How can Blockchain benefit refugees?
Confirmed Speakers
At this event, you will be hearing from representatives from:
● Welcome by the co-chairs of Techfugees Kenya
- Josephine Goube – Techfugees: Background on Techfugees and our plans for 2017!
- Komminist Weldermariam – IBM: Introduction to Blockchain 101
- Caroline Njuki -IGAD: Context – key challenges facing refugees in the region
- David Yen – BitPesa: How Bitcoin can support refugees
- Joseph Thompson – Aid:Tech: (via Skype): Using Blockchain to distribute aid in refugee camps
- Diana Klein- WFP Kenya: Introduction to a Blockchain pilot project developed by theThe World Food Programme
Event Details
- Date: 22nd of February 2017
- Time: 4:30pm and 7:00pm, East Africa Time.
- Location: Strathmore University, Main Auditorium
@iLabAfrica 