Bringing the power of data to cooperatives
Cooperatives working for decades have become a data mine. They have recorded and managed huge amounts of data such as contributions, loans, shares, income, account balances etc. This data, if...
Improving lives of millions of people
When we partner with one cooperative, we transform the lives of many individuals. Helping one person in a family can uplift the whole family!
Market
In Africa, 80% of people have little or no access to formal banking services. Banks have worked hard to cater to them in the past years but have faced various challenges such as lack of infrastructure, credit history and financial literacy.
Due to this, people often come together to form cooperatives to save money and borrow loans. Such cooperatives including microfinance institutions, credit unions and SACCOs, represent the informal economy which Wakandi aims to strengthen.
The challenge with the current system
For administrators
- Poor record keeping with massive paperwork
- Tedious calculation of interest and capital pay-outs
- Difficult to generate reports to meet compliances
- Lack of proper governance
For members
- No overview of account balance and transactions
- Long commuting hours to make transactions
- Risk of fraud and robbery due to cash handling
- Lack of financial history
The business idea
We were impressed with how well these cooperatives were run and managed. They were not only offering basic financial services, but also loans and shares facilities, improving overall living conditions of the members.
One aspect that was missing was ‘technology’ – the entire accounting system was manual, which left a huge scope for human error. We, as tech-innovators, could foresee what wonders a digital infrastructure could bring to the cooperatives ecosystem. This led to the birth of a system empowered with modern technology to support a more inclusive and sustainable society.
The solution: Wakandi App
Wakandi is a financial management system that helps cooperatives manage loans, keep transaction records, create reports, and perform day-to-day operations more effectively. It also helps members to check their balance and make payments anytime, anywhere.
Wakandi is developed in close collaboration with financial groups and apex organizations in Africa to offer features that speak directly to the needs of the cooperatives.
- Digital management of savings, loans, and shares
- Automated regulatory reports for compliance
- Automated calculations and reports
- Extensive teller functionality
Thoughts behind Wakandi
Espen Kvelland
CEO
“When I founded Wakandi, it was with a dream of touching lives of millions of people. The guidance and feedback we got on the ground in African countries during the development phase were critical to reaching the product launch. It’s with all humbleness we now start our journey, not only by empowering people with modern IT solutions but also by improving their access to fair financial products and services.”
Terje Width
COO
“Africa is the continent of great opportunities. Continuous strong economic growth has translated into shared prosperity and increased financial inclusion across the continent. By taking advantage of DLT, there is a unique opportunity to enhance financial inclusion by making financial services available, accessible and affordable to all segments of the population.”
Terje Width
COO
“Africa is the continent of great opportunities. Continuous strong economic growth has translated into shared prosperity and increased financial inclusion across the continent. By taking advantage of DLT, there is a unique opportunity to enhance financial inclusion by making financial services available, accessible and affordable to all segments of the population.”
Testimonials
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The system is well developed and functioning. It will help to analyse financial performance of the SACCOs and rectify identified anomalies.
Josephat Damas Kisamalala
Assistant Registrar, TCDC -
Credit and Savings cooperative unions keep offering a huge opportunity to all Tanzanians in accessing different financial services that are user friendly and cost effective hence giving them an opportunity to fulfill their financial and social goals. Our direction now is improvement of the services offered by using a good and safe technological system to give members an opportunity to continue enjoying improved services that are life-changing.
Hassani S. Mnyone
Executive Secretary & CEO, SCCULT -
EY is assisting Wakandi in assessing tax, legal, and strategy aspects in addition to having built the global part of the company with an accumulative structure and government.
Magnus Jones
Nordic Blockchain Lead, EY Tax & Law -
Wakandi has a tremendous impact potential in terms of contributing to a broader and deeper access to credit for small and medium-sized enterprises (SMEs) in developing countries. Wakandi has a significant opportunity in measuring the direct effect on the SMEs to track their progress towards realizing this potential.
Søren Schou
Impact Measurement Expert, Mastercard Massiv Lighthouse -
Wakandi will help SACCOS in the country ensuring that they manage daily activities digitally as we know the world is moving towards technological transformation so cooperatives in the country also have the responsibility of using technology as the solution to improve the efficiency of their daily activities especially when they encounter challenges.
Alex Ndikilie
Executive Officer TFC -
Since implementing Wakandi, we've witnessed a significant positive change. Transparency is now by design, providing our members with a sense of security. Just this morning, I approved three loans without any hassle. Our SACCOS' rapid growth is largely due to the digital system. In fact, it has become our main recruiting tool. Previously, we could only process two to three loans per month, involving cumbersome check writing and multiple signatories. But now, with a fully digital process, we effortlessly handle loan volumes ten times larger than before.
Calvince Okumu
Chairperson,
Naiwest Boda Transport Co-operative Society Limited
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