Wakandi is working towards becoming a global leader in creating equal financial opportunities. On the road to achieve this we recognise we have a responsibility to take into account the impact our business has and can have.Currently, we are working on sustainable development goal 8.10. On the ground in three countries, we are actively seeking to expand financial services for people in the informal economy. SDG: 8.10 Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all. When an IFG starts using the Wakandi platform in their day to day business all the IFG members will build a financial history. Over time this can enable access to formal financial services for the individual members. A digital platform will also provide security against theft, transparency and does not require travelling to the SACCO to make a transaction. The Wakandi platform can […]
Social impact - bringing innovation to the informal sector
We focus on bringing innovation to the informal sector and building a world that is more inclusive and digitally advanced.
Constant innovation can be the key to bringing benefits to millions of people. It inspires us to provide affordable technology solutions that support financial services for the unbanked and boost the economy. We recently participated in Mastercard’s Lighthouse MASSIV program to further scale our mission. We won two out of three awards at the event, including the people’s choice award and the impact potential award. It was an exciting moment for us when we were recognized for the social impact we are working to create in many African countries. The program winners were announced during the Lighthouse Grand Finale at Latitude59 in Tallinn, Estonia. During the event, our team along with other participants received tailor-made support from advisors at UNDP, VNTRS, Nordic Impact Funds, Synch and AquaReg. We were honored to receive the Impact Potential award from Mastercard. It was encouraging for us as we strive to serve millions of people looking for financial […]
For decades, savings and credit cooperatives (SACCOs) have been providing small loans and savings facilities to their members. They have extended their services to millions of households in Africa in areas where banking services were unavailable. According to a report submitted by Accenture to the Financial Sector Deepening (FSD) Kenya, SACCOs are one of the leading sources of finance, and in many rural areas, local SACCOs are the only provider of financial services. Another report by FSD Tanzania states that “More than 10.6 million people in Tanzania access financial services informally.” For a long time, SACCOs have relied on manual systems and paperwork to manage loans, do arithmetics, record transactions and more. They are now adopting technology and digital solutions to power their services and boost financial inclusion. Paper to digital SACCOs in Africa are digitizing operations to bring financial inclusion to every corner. Digital systems and rising mobile money are […]
At Wakandi, we have always focused on building products and services to support a more inclusive and sustainable society. It is our mission that has driven us to build an innovative solution for SACCOs and other savings groups. We are now live with our CAMS app in Tanzania. We are onboarding multiple SACCOs on our app to help them manage savings and loans effectively. Today, we are elated to announce that we have joined Mastercard’s Lighthouse MASSIV Program to further scale our mission. We will be joining five other startups from Norway, Finland, and Sweden in this program to reach a global audience. Through this program, we will dedicate our operations to helping one billion people live more prosperous and secure lives. Read more about our partnership with Mastercard and other startups who are part of this program in this official press release. Being part of the program, Espen Kvelland, CEO of […]
There is no doubt that women are playing a key role in the socio-economic development of societies across Africa. They are highly engaged in agriculture, small-scale industries, and other primary sectors in rural areas. They are also actively participating in cooperative societies like SACCOS focusing on savings and credit services. However, reliable and extensive information on their contribution to cooperative societies is not enough. Their contribution is seldom recorded. Even when the data is available, it is not sufficiently used as a tool for planning and decision-making. It is essential to recognize women’s role in cooperatives and bring them into the mainstream of economic development. Cooperative societies can use their contributions in many dimensions to their advantage. However, the gender gap, financial illiteracy, and other inequalities hinder the growth that they deserve as a significant part of society. Governance and leadership Women’s participation in the governance of cooperatives has been […]
SACCOS have been serving the informal sector in Kenya for decades. They have continued following traditional methods to offer their services. Trust and social interaction remain important aspects amongst the members. However, with the growing needs and changing environment, legacy methods have started to lag behind. At Wakandi, we believe technology can play a critical role for SACCOS, VICOBAs, and other informal financial groups in Kenya. It can help them achieve growth, deliver better services while improving user satisfaction. As a technology-driven organization, we aim to provide effective and robust digital solutions to the Kenyan saving groups. That is why we are working together with SACCOS to offer our unique solution called Credit Association Management System (CAMS). We have already signed MoU with various SACCOS in Kenya to start the onboarding process of more than 14000 members. Mwenge Miraa SACCOS Ltd is one of the first organizations with which we […]