Wakandi supports UN sustainable development goals

Wakandi to support the UN’s Sustainable Development Goals

In an increasingly interconnected and growing world, businesses are moving ahead at a much faster pace. They continue to explore technologies and build solutions that are more reliable and easy to use. However, it is also important to innovate and build a society that is ready for the future. Amidst the uncertainty, the global community came together to guide all stakeholders, including businesses, to create a more sustainable and inclusive society.  

The UN’s ‘Agenda 2030’

In September 2015, all 193 Member States of the United Nations built a plan of action to achieve a better future for all. The UN laid down a path over the next 15 years to strengthen equality, eradicate extreme poverty and injustice, and protect our planet. At the heart of the UN’s Agenda 2030, there are 17 Sustainable Development Goals (SDGs) defining the world we want. 

Developed by the UN Global compact, SDGs result from a process that includes governments, business, and societies from the outset. We are all in agreement on where the world needs to be.

Why does the UN’s Sustainable Development Goals matter for businesses?

SDGs constitute a global framework for measuring business contributions to society. Fulfilling these goals may take substantial efforts by all sectors in society — and business have to play a critical part in the process. 

According to a report by the Business & Sustainable Development Commission (January 2017), the SDGs could generate US$12 trillion in business savings and revenue across four sectors by 2030

There can be several compelling reasons for companies to support and engage with SDGs.

Integrating purposes with SDGs can give businesses a competitive advantage well-suited to customers and investors. Here we briefly talk about five value propositions that can compel organizations to support SDGs and understand how they can ‘win with purpose’.   

  1. Generate new revenue streams by creating new opportunities for the strong establishment, market differentiation and better growth. These opportunities can lead businesses to more responsible product development and frugal innovation. 
  2. Address supply chain risks and other challenges that can hinder ways for a business to grow and prosper. Companies will be able to maintain their social license to operate by responding to stakeholder needs in addressing risk areas.
  3. Investors worldwide are paying more attention to environmental, social and governance (ESG) risks while making investment decisions. Focussing on SDGs can help businesses spawn interest from a broader range of investors. 
  4. Contributing to SDGs can enable companies to focus on creating shared value for all the stakeholders. It could be a driving force for all stakeholders to come together and achieve a common goal. 
  5. Lay a positive impact on a company’s image and market reputation. In turn, it also leads to better sales, profit, and market share.   

How Wakandi aims to support SDGs?

At Wakandi, we have a vision for a more financially inclusive society. We know how African communities fall short of effective banking services. They have to depend on local lenders or create small groups called ‘informal financial groups’ to avail financial assistance. We understand that IFGs play a critical role in offering financial services to millions of people. However, this might not be enough for this digitally advancing world. We also need to innovate, build the required infrastructure to support new services and accelerate economic growth. 

Building a sound financial infrastructure is not possible without the help of banks and financial institutions. We aim to collaborate with banks, payment service providers (PSPs), telecom operators, and other key market players to build a community which is ready to innovate and strengthen Africa’s financial services. 

We are already working in various countries, including Tanzania, South Africa and The Gambia to launch our financial inclusion solution for IFGs, called CAMS. Thousands of savings groups can use CAMS or Credit Association Management System to digitize their processes and make them fast, secure and more efficient. With the help of CAMS, banks would be able to close the gap with the financially excluded part of the society. We also aim to promote personalization in financial services by analyzing user preferences and what they wish to achieve. 

Supporting the UN’s global goals is just the beginning. We will work hard to build robust and reliable solutions that can solve the real-world financial problems for the African countries and contribute to society. 

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