Last week, Varghese Thambi CEO of DTB Uganda, paid a courtesy visit to entrepreneurs and innovators at the Innovation Village in Ntinda. They showcased demos of their works while Varghese went on to break down how DTB Uganda is looking to become the bank for innovators and entrepreneurs.
This visit was shortly followed by a visit by Maggie Kigozi on the 15th of July 2017. She was joining the Challenges World Wide and the team at the Innovation Village to celebrate the World Youth Skills day.
What is even more interesting is that on the 19th of July, he will be coming back with his entire management team at DTB Uganda. This was revealed to us in a phone call with CK Japheth - co-founder of Innovation Village.
Having these key figures at places where the youth are is one of the things majority of Ugandans, who wish innovation and entrepreneurship to thrive in this country, have longed for.
Also read: E.A Incubators Should Push Young Entrepreneurs to Talk to “Real People” – GrowthAfrica CEO
For long, there's been a very wide gap between the decision makers, policy makers, corporates and the government as well as the youth - especially innovators and entrepreneurs.
One could attribute this to the fact that we don't believe in our own solutions. Yet this seems to be changing. We are, surprisingly, witnessing discussions being carried out on "fair" grounds rather than boardrooms where one side is at the mercy of the other.
A year ago, having a bank boss visit a coworking space was more than a miracle. Yet, reports and write-ups like this one carried out on the future of fin-tech in Africa hint on the fact that fin-tech startups and banks must work together.
The traditional businesses have the structures, the money, and customers while the startups have the ideas and innovations capable of disrupting the existing business models. So, what better way to have greater results than having the two synergize?
Imagine the pace at which a startup will learn if given an opportunity by a bank like DTB to work shoulder to shoulder with its employees and teams to help them improve their products and processes?
Instead of having to spend millions and millions to outsource an IT firm or individual from maturing ecosystems like India or Israel to give a half-baked solution, imagine having a team of local engineers who know the customers inside-out working on the problem for a fraction of the amount?
This will not only lift the spirit of entrepreneurship but also ensure skills are developed. It will open doors to other companies giving the opportunity to young entrepreneurs by giving which in turn will result into perfecting their products. Plus,
Plus, given that almost all sub-Saharan countries have the same or similar challenges, we might witness an increase in exports especially tech just like the case of Mobile Money. What a way out for a government that is struggling to find something it can tax.
From my perspective, this is a very revolutionary gesture from DTB bank. We are waiting for more banks and companies to come on board. And, of course, our hope is that it results in something beyond just CSR.