Wakandi Uganda has recently signed an MoU with The Association of Microfinance Institutions of Uganda, an umbrella organization of microfinance institutions, to digitize SACCOs and cooperatives in Uganda.
AMFIU is an umbrella organization founded in November 1996, through the collaboration of several organizations with an interest in microfinance institutions (MFIs). It manages over 141 SACCOs, MFIs and wholesale lenders. It currently has a membership of over 2.7 million SACCO and cooperative members.
This collaboration will enable us to offer our CAMS solution to 2.7 million members of cooperative societies that AMFIU manages. This is a great opportunity for us to build a strong position in the Ugandan informal sector and help them grow with the power of technology.
Objectives of the MoU
Signing an MoU with AMFIU will open new doors for both organizations to build muscles and serve millions of people who are looking for affordable financial services. We are looking to offer our Credit Association Management System to the Ugandan cooperatives at no licensing or installation charges through our collaboration with AMFIU.
With CAMS, the cooperatives will be able to scale up their operations dramatically as everything will be done online and automated. Day-to-day operations like savings and loans, financial reports, member management, and calculations can be done online quickly and easily. CAMS will bring several benefits to these cooperatives and their members. They can provide digital financial services, create member lists, generate automated reports, and keep track of finances through the provided applications.
Adoption of our CAMS app will see hundreds of SACCOs and cooperative societies digitize their operations. They will be less dependent on cash transactions and manual paperwork as they have their own disadvantages. Consequently, these cooperatives will be able to support new services in the interest of their members. It will also encourage more people to join these groups and grow financially.
To achieve this goal, our team and AMFIU will carry out several joint activities such as training sessions and workshops with key SACCO managers.
“Wakandi’s CAMS platform will go a long way in solving many of the challenges, currently faced by some of our member SACCOs, like lack of adequate data and transparency caused by the use of manual systems.”
– Jacqueline Mbabazi, Executive Director, AMFIU
Moving ahead in Uganda
We are already live with our CAMS app in Tanzania and are moving at a fast pace in Kenya towards our launch. This collaboration will help us in gaining a better understanding of the Ugandan market and the challenges the cooperatives face there. As we move forward, we will be in a better position to serve them with our solution. We are already looking forward to more opportunities with AMFIU in the coming time.