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Nqobile Tshili, [email protected]

IN one of the milestone gains of the transformative higher education policies in independent Zimbabwe, three National University of Science and Technology (Nust) computer science students have designed an award-winning financial inclusion application targeting the informal sector.

The unique initiative amplifies the positive impact of the Heritage-Based Education 5.0, which seeks to drive a knowledge-driven economy through the provision of technology-driven solutions to societal challenges while aiding industrial transformation. 

Heritage-Based Education 5.0, a shift from Education 3.0 which was inherited from the colonial era, has revolutionised the country’s education sector, a major milestone achievement since independence.

From a single university in 1980, the University of Zimbabwe, to having a State university in all the country’s 10 provinces and numerous colleges, Zimbabwe remains determined to unlock wider opportunities through competent skills development, technology, innovation and research. 

This is a shift from Education 3.0, which was mainly focused on producing students who simply regurgitated theories without a national problem-solving focus.

Bongani Dube, Divine Koti and Kudzaishe Bhuza (all aged 22), last Friday participated in the CBZ Innovation Idea Challenge pitting students from other universities and they came first. Their application “Harambe eWallet”, seeks to promote the use of electronic banking, which is generally shunned by the informal sector.

The students walked away with prize money while the university’s Innovation Hub also received cash. Mr Bhuza said the innovation aims to build a future of financial inclusion and resilience in Zimbabwe.

 “The informal sector comprises 60 percent of the workforce. This means the biggest stake in the economy remains largely unbanked, under-served and facing critical challenges like limited access to financing and lack of formal credit history which results in lack of access to loans,” he said.

“On the other hand, those with money have limited investment channels and they don’t have trust in the banking system and prefer keeping their money as cash in their safes or under the mattress.”

Mr Bhuza said their innovation is creating an electronic wallet that enables players in the informal sector to borrow finances among themselves while also reaping benefits through lending.

“So, we proposed an eWallet that consolidates unstructured supplementary service data (USSD), cloud, and fintech to enable peer-to-peer lending and micro-insurance. So, it works by enabling willing lender CBZ account holders to put money into a collective financial pool, which borrowers can then borrow from, invest in their businesses and then pay back into the pool with interest,” he said

“The interest, which is about nine percent is divided into three parts that are: five percent for the lender, two percent for growing the financial pool and two percent goes towards insurance to cover potential loan defaults.”

Mr Bhuza said in so doing, the informal sector gets access to finance and lenders have a better store of value for their money since it will be generating interest.

“The platform is also created in such a way that since we have an eWallet, we can generate a credit score from user transactions, money transfers and so on. That way, we can determine how much an individual can borrow, minimise risk and create trust for our clients,” said Mr Bhuza.

He commended Nust and a local computer technology company for creating an enabling environment for their ideas to flourish.

“We are happy and quite proud of ourselves and grateful to the Nust Innovation Hub and our workplace at Emzini weCode, which has been a vibrant ecosystem for brainstorming ideas and the development of civic technology,” he said.

Mr Bhuza said their innovation was in sync with the country’s development agenda and higher and tertiary education policy Heritage Based Education. 

“The Harambe eWallet innovation aligns with Zimbabwe’s Education 5.0 by leveraging technology to promote social and economic empowerment, foster trust and collaboration, and adopt a human-centric approach to addressing the needs of individuals in society,” he said.

“Both initiatives represent innovative solutions that aim to improve the lives of people in Zimbabwe by harnessing the potential of technology and human ingenuity. Education 5.0 utilises new technologies to provide more humanised teaching and solutions that improve life in society.”

Mr Bhuza said this alignment underscores the importance of technology in enhancing various aspects of life, including education and financial inclusion.

Nust communications and marketing director, Mr Thabani Mpofu, said they were excited with the students’ innovations as it is proof that the institution is implementing its national mandate in compliance with Heritage-based Education 5.0.

He said through producing Heritage Based Education 5.0 competent students, the country will be able to achieve its industrialisation agenda.

“This is a demonstration that Nust programmes have embraced the Heritage-based Education 5.0. These achievements by our students are a testimony that the university is in the right direction in fulfilling its mandate of leading in human capital development for industrial and socio-economic transformation, with a bias towards science, technology, engineering, and mathematics,” said Mr Mpofu.

He said the financial incentive is expected to motivate the success of other students.

“The students won monetary prizes ranging from US$250 to US$500 each while the Nust Innovation Hub received US$2 500. The students will be assisted by the Nust Innovation Hub, to develop their innovations into start-up businesses,” said Mr Mpofu.

He said Nust students are involved in innovation right from their first year of study. Similarly, three female Nust first-year students have been shortlisted for the Oxford Africa Conference Innovation Seed Fund for their Smart Irrigation System for Sustainable Agriculture Innovation.

Tanaka Gudza, Ebenezer Chisare, and Tatenda Murwira are promoting sustainable agriculture at a time when the country is grappling with the adverse effects of climate change.

The citation of the innovation reads: “The Smart Irrigation System for Sustainable Agriculture project aims to revolutionise agriculture by implementing sensor-based irrigation systems and software platforms to optimise water usage and improve crop yields. Through training programmes and awareness campaigns, the project seeks to promote water conservation practices and increase climate resilience, ultimately contributing to sustainable agriculture in water-scarce regions.”