Innovation Norway has recently signed an agreement with the Ministry of Agriculture, Livestock, Fisheries, and Cooperatives in Kenya. The goal of the agreement is to strengthen the cooperation to launch Norwegian innovative solutions in Kenya.
The African market is witnessing increased interest from Norwegian companies looking to build tech-driven innovative solutions. According to Innovation Norway, companies are leveraging technology to digitally transform sectors like finance, agriculture, and education.
Eli Bleie Munkelien from Innovation Norway’s East Africa said, “It is incredibly exciting to see how Norwegian solutions match the needs of the market here in East Africa.”
Wakandi has been introduced as one of the first companies to be backed by this collaboration. This agreement opens up new doors for us to strengthen and digitize cooperative societies with the help of our Credit Association Management System (CAMS). We look forward to more and better opportunities to collaborate with various organizations in Kenya to help us accelerate digital transformation for the informal economy.
We, at Wakandi, have been working closely with local communities, authorities, and regulatory bodies to transform how Kenyan SACCOS and other cooperative societies operate. We aim to leverage mobile payments to offer:
- Digitized savings – Members of SACCOS will be able to use their preferred mobile wallets to deposit weekly/monthly contributions.
- Digitized loans – Any member in a few clicks can apply for loans from their SACCOS or credit unions. The loan amount can be disbursed directly into their preferred mobile wallet.
- Digitized reports – Financial reporting is an important aspect for SACCOS. CAMS can help record transactions in an automated way and generate digital reports that can be shared for investigations and compliance.
- Digitized management – Every function related to loan products, adding or removing members, managing transactions can be done easily and efficiently using CAMS.
CAMS is built on top of an already growing mobile money market to ensure smoother operations and adoption. It gives people the choice of using their preferred mobile network operator (MNO) to make payments.
Espen Kvelland, Director of Wakandi Kenya Ltd feels highly excited to be amongst the first in Norway to bring such a solution to the informal economy of Kenya.
That said, the African technology market is huge and is constantly growing. Technologies like AI, Big Data, and Blockchain are already being used and there is a great appetite for more. We at Wakandi Kenya look forward to leveraging what this agreement can offer to transform the society.