Wakandi Group welcomes Kagera Microfinance Co. Ltd. (KMFL) to offer its innovative platform in Bukoba, Tanzania. As it happens, Kagera Microfinance aims to leverage Wakandi’s Credit Association Management System (CAMS) to enhance their services digitally and offer a better experience to its members.
The Fintech sector in Tanzania continues to remain a fast-growing industry with multiple financial services including banks, microfinance institutions, informal groups, and mobile network operators. The market is majorly served by Informal financial services as banks fail to penetrate the market. According to a report by FSDT, “10.6 million Tanzanians use informal channels to access financial services.”
The same report highlights various challenges faced by informal financial services related to: record-keeping, security, and managing accounts. This leads to much scope for better solutions and continued innovation for such organizations. It brings substantial opportunities for both companies to collaborate and solve the current issues as well as enhance the user experience.
Kagera Microfinance has been making efforts to enable its community in Bukoba to be on a self-sustainable path. Wakandi’s DLT-based financial system can help them solve various operational challenges they may face. The system can also digitize their transfer and deposit processes and help remove a myriad of bottlenecks that may hinder them to serve their community.
The collaboration can help Kagera Microfinance to establish themselves as a digital microfinance solution in Bukoba and support Wakandi in its journey to offer a cashless experience to millions of people in Africa.
About Kagera Microfinance
Kagera Microfinance Co. Ltd. is a microfinance company situated in Bukoba, Tanzania offering financial services to its members worldwide. With big growth ambitions, Kagera Microfinance aims to support the local population in terms of finance and enable them to be on a self-sustainable path.
Wakandi Group AS is a Norwegian company founded in early 2018 with a mission to improve how the money is handled in Africa. Wakandi offers a DLT-based financial infrastructure to bring better security and more transparency in finance and support the development of multiple financial services.