Revolutionizing informal finance with the Hunger Project Uganda
The informal financial sector in Uganda is fast growing. It is ready to be transformed into a landscape driven by technology and innovative solutions.
In Africa, 80% of people have liittle 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.
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.
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.
The informal financial sector in Uganda is fast growing. It is ready to be transformed into a landscape driven by technology and innovative solutions.
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