KCB Bank Kenya and technology firm Oracle have entered into a partnership aimed at linking ideas from entrepreneurs in Kenya’s informal sector to the market.
The bank has tapped Oracle’s strength in technology to create solutions capable of linking entrepreneurs in KCB’s Sh50 billion job creation programme also known as 2jiajiri to the market.
“We develop so many skills including those of plumbers, electricians, housekeepers among others which are on demand, the problem is how to provide cutting age solutions to make the ideas available to those in need,” says Jane Mwangi, KCB Foundation director.
“If we hack it through technology then we will be able to create job opportunities just by a click of a button,” she added.
The bank will tap into Oracle’s 200 strong technology solutions developers base in a contest.
The developers are required to create a solution that will help scale up KCB 2Jiajiri, the Sh50 billion job creation programme launched earlier this year. The Bank will select the best solutions for roll out as it seeks to create a new platform to connect the thousands of 2Jiajiri beneficiaries –who are being trained under the programme—with business and job opportunities.
The partnership, said the Bank’s Chief Executive and Managing Director Joshua Oigara is part of the deliberate investments KCB is making in deepening its digital banking agenda which is a key lever of its future growth.
“The goal of this project is to enhance entrepreneurship competencies to create jobs and reduce poverty. We have therefore envisioned a program along these lines that will facilitate growth of each business and create additional employment opportunities,” said Oigara adding.
He added: “The future of banking is digital and we are deliberately aligning ourselves to this.”
Oracle Kenya Country Director, Dr Gilbert Saggia said: “Innovation is the heart of everything we do at Oracle and our cloud solutions are already at the forefront of driving digital transformation across Africa’s public and private sector organizations”.
“Working with KCB is a manifestation of a commitment to encourage innovation; support local businesses and tech entrepreneurship in Africa, with the aim of empowering them to create Made in Africa solutions to address local challenges on the continent,” added Dr. Gilbert.
The contest will also be a platform for the developers who will hail from Oracle’s ecosystem of customers, partners, independent software vendors, user groups and innovation hubs to showcase their Information Technology prowess in problem solving and development. The developers will engage in intensive and comprehensive sessions with experts on Oracle Public Cloud Services, hands-on demo sessions and a hackathon challenge to test knowledge gained.
The winning group’s solution will enter into a non-committal agreement with KCB Bank to develop their solution and launch it into the market.
KCB Bank expects to derive a sustainable business module out of the winning fully fledged prototype that will become a platform application for the 2jiajiri trainees to gain employment.