INTERVIEW: We try to educate ourselves about what other companies are doing and learn – Joseph Kitamirike 

In the dynamic landscape of business, few names resonate with the spirit of innovation and disruption as profoundly as Joseph Kitamirike. A visionary leader and the driving force behind ALTX East Africa, a groundbreaking digital securities exchange, Kitamirike has consistently challenged conventional wisdom, paving new paths for investment and capital formation on the continent.

As the highly anticipated 6th Business Trendsetters Forum and Awards Gala draws near, the excitement is palpable. This year, the Forum promises to be an extraordinary gathering of minds, celebrating those who are not just adapting to change, but actively shaping it. It is in this spirit that Charmar News interviewed Joseph Kitamirike, who will grace the Gala as a revered “Pace Setter” and esteemed guest speaker.

In this insightful conversation, we gain a sneak peek into the valuable insights he plans to share with attendees at the Gala – insights that promise to inspire, provoke thought, and equip future trendsetters.

For those meeting you for the first time, who is Joseph Kitamirike, and what inspired you to co-found ALTX East Africa.

I love to think about myself as your average Joe. I am a mechanical engineer who happens to have an MBA with a finance focus. I am a good writer with a mathematical mind. I am very interested to see young people progressing professionally, especially those that work with business.

I founded ALTX with my friend Jatin Jivram to fill the gaps we saw in the securities market. There were technology gaps, product gaps, process gaps and strategic gaps, which we have filled over the years since we founded the company. It fills us with joy that we have managed to do so.

What problems were you trying to solve when you started ALTX, and how has that evolved over time?

The key barriers that we sought to overcome were (i) the physical barrier where to reach the markets one had to drive several miles to Kampala; (ii) the knowledge barrier, which encapsulated the lack of information about securities opportunities; (iii) the financial barrier, which defines the high cost of entry into the securities markets for an investor; (iv) the trust barrier, which explains the challenge faced with low income people and why they fail to hold onto their wealth and finally, (iv) the design barrier, which is the failure by the markets to design securities that meet more than one need for a low income person.

We solved the physical barrier issue by providing access on USSD and smartphone. We solved the knowledge barrier by providing securities information by SMS. We then solved the financial barrier by providing our service at a reducing cost. ALTX solved the trust barrier issue by educating low-income investors about the benefits of investing in bundled ETF securities. Finally, the design barrier was broken by creating ETF securities that are bundled with insurance.

You are a Trends Pace Setter and guest speaker at the 6th Business Trendsetters’ Forum & Awards Gala happening this July under the theme: “Innovations with Hyper Business Intelligence and Environmental Social Governance,” what should we expect from you?

I am always ready to speak about how technology has been applied to solve problems in finance, especially for the low-income segment of our population.

Innovations with Hyper Business Intelligence (BI) today kooks at the next-generation analytics capabilities that enable organizations to make faster, big, data-driven decisions after tactical research. HBI involves: Advanced data analytics, Artificial intelligence (AI), Machine learning (ML), Real-time data ⁸processing, Cloud-based infrastructure, Self-service analytics and Data visualization

Hyper BI provides real-time insights, predictive analytics, and automated decision-making capabilities, empowering businesses to: respond quickly to changing market conditions, identify new opportunities and risks, optimize operations and processes and enhance customer experiences

The modern business leader must shift.from traditional Business Intelligence, which focused on historical data analysis and reporting.

As a business trends pacesetter, what key trends are you observing across the tech and business sectors in Africa?

The use of technologies built on various blockchain is increasing and the number of creative offerings to the public is increasing. But I believe the big story is going to be artificial Intelligence. Those who fail to use it for the benefit of their companies or to learn how to use it will be left behind and remain behind forever.

The Forum’s theme focuses on hyper business intelligence. How does ALTX integrate advanced analytics and smart technologies into its operations?

ALTX is the first truly high-tech exchange in Africa, the first to settle on a same day basis probably in the whole world and will be the first to use deploy blockchain based systems in Africa. We are comfortable being technology leaders and applying the state of the art in our business. From KYC to fraud detection and transaction monitoring, we are set to lead in this space.

How do you ensure that Environmental Social Governance principles are integrated into your company’s operations and decision-making processes?

We have not done much in this space, as our company has a nominal impact, if any. We will be looking to learn from others before we decide what to do.

How do you balance disruptive innovation with practical business growth in the East African context?

As leaders, we try to educate ourselves about what other companies are pre-occupied with and how they can disrupt us. So, we compete on the innovation front and on the business front.

How can young entrepreneurs and startups in Uganda adapt to the demands of hyper-intelligent systems and ESG frameworks? 

One must know in what area they will need business intelligence the most and then focus their resources in that space.

How do you stay updated on the latest trends and developments in the business intelligence and ESG fields?

We are participants in various emerging technology forums and we track the new developments in technology.