The Alliance Hack calls for innovative tech-base solutions in four challenge tracks—banking, wealth, insurance, and payments. We’ve designed these challenges to address barriers that keep women from accessing and benefitting fully from financial and non-financial services.
Tackling these challenges will be thirteen teams; six working on banking, four on wealth, two on payments, and one on insurance. Each of these teams applied with an innovative proposal that they are now developing into a scalable solution, with support from the hackathon’s excellent experts and mentors. The teams hail from ten different countries—including Canada, Germany, Ireland, Kenya, Malaysia, Nigeria, Singapore, South Africa, Spain, and the United States—reflecting the global nature of both the Alliance network and the issues at hand.
TymeBank—South Africa’s first fully-digital bank—is proposing a package approach to solving the significant barriers to finance faced by women entrepreneurs. Women faced a myriad of challenges, all starting from a bias against the type and amount of data often available on women-owned businesses, which impede most banks’ interest and ability to lend to women. By not securing financing, women-owned businesses are then unable to expand their product and customer base, creating a vicious cycle. Tyme’s solution is to increase the level of digital information available on the business, thus allowing TymeBank to provide specially designed financing products that focus on revenue expansion.
Ndovu is a micro investment platform that provides easy access to African financial markets. It asks womenwho are new to the platform a series of questions to help them better understand their risk and return profile. Using the information provided, its algorithms assign an asset allocation strategy that is unique to each customer. The customer is then presented with investment options. They invest & earn a return. Along the journey, Ndovu provides micro learnings that improve financial literacy, building investment skills for better long term financial planning.
GFI Fintech Sdn. Bhd. (GFSB) combines multiple scientific disciplines, including artificial intelligence, machine learning, behavioural sciences and psychometrics to develop cutting-edge solutions to enable the finance industry to be more inclusive. GFI is its flag-ship psychometric credit scoring system which is enabling MSME lenders to confidently and cost-effectively lend to thin file clients, many who are women, in emerging markets.
DAKKO Wellbeing is a financial wellness platform dedicated to improving financial access to Health and Wellbeing and giving rewards for taking care of your health. As a solution for banks’ corporate clients, DAKKO Wellbeing can be a tool for companies to engage with employees, facilitate company functions such as HR and Finance, and improve employees’ health and wellbeing. Ultimately, this will help companies to improve productivity, employee turnover, and shape the company culture.
DigiAlly is a comprehensive platform for women-owned SMEs to capture their credibility, transactions and financial position across ecosystem via provable digital trust of DA fabric. DigiAlly will link SME ecosystem participants and capture relevant data in a verified format that can be later used by Women Owned SMEs for multiple purpose including availing credit, winning projects, building customer confidence, enabling employees for digitization, and more.
Ecobba is a platform for the world’s unbanked and underserved communities that leverages community savings and lending groups to drive industrialization. Ecobba digitizes saving and lending groups and enables them to store and manage their data better, secure their transactions, access more finances and value addition like micro-insurance, pensions and loans, connect them to a marketplace for their products, build capacity into their productivity and enable them to be a part of a dynamic financial inclusion ecosystem.
Friendsvow is connecting people with Financial Credit. Friendsvow is a financial management APP that helps you to save money and get instant financial credit from your friends, family, and colleagues. The Friendsvow financial management model protects you and your friends in the event of delay or default on repayment.Friendsvow is digitizing the informal system of credit, making Friendsvow the Facebook of Credit; Facebook connects people socially, Friendsvow connects people financially, using the same model. So, when Friends, family, colleagues transfer funds to each other, they will be transferring cryptocurrency which automatically converts to your local currency USD, Euro, Pounds, or any currency of choice.
Monkiri is an e-learning app that teaches people about financial concepts by helping users access and understand the financial services that are available to them. Through education, Monkiri is bringing more people into the formal financial service industry responsibly and improving the quality of customers for financial service providers. Monkiri also provides a financial literacy credit score that correlates users’ financial literacy skills with real world financial behaviour. This allows the app to provide risk-assessments for clients who lack traditional credit risk indicators such as formal employment or asset backings. The Credit Scoing system is still in development and testing.
Owoafara solves the access to finance and business support problem of over 50 million underserved small businesses by building crowdsourcing platforms that provide loans and business services to them and allow everyday people invest and build wealth. With its women trader program, Owoafara is bringing credit closer to market women leveraging its introducer program.
RedRose is a social enterprise that leads the market as a technology service provider with end-to-end, fully integrated easy-to-use humanitarian data management platforms, specializing in beneficiary registration, digital identity (including biometrics), e-voucher solutions, cash payments and asset transfers. Established in 2015, RedRose operate in over 40 countries to assist INGOs, IFRC/ICRC and the United Nations to deliver in excess of 200 e-voucher, cash and NFI programmes that serve more than 70 million beneficiaries across a number of humanitarian contexts.
Suscrip is a shared economy app that can connect to your bank and identify a shared expense either for you or your business.
Women Investing Now (WIN) aims to solve the Advice Gap, particularly for women, in a way that saves employers $500 billion in employee financial stress cost and enables financials to recoup $700 billion in lost revenue, by delivering on-demand personalized financial guidance and immediate action steps in response to users’ questions on a fully customizable financial wellness platform. WIN was designed to solve (1) the unique financial needs facing women due to the wage gap, pension gap, workforce journey, longevity, scarcity of time, risk of poverty, and management of 80% of single parent households; (2) the inability of the majority of financial providers and products , including employee wellness programs, to engage and serve women well, and (3) the gender-neutral need for accessible relevant right-on-time trusted guidance and seamless take action.