Wakandi Seeks $50 million to Digitize SACCOs in Kenya
Norwegian fintech firm Wakandi has launched a capital raise of USD 50 million (Ksh6.5 billion) to accelerate the digitisation of Savings and Credit Cooperatives (SACCOS) and cooperatives across Africa, with Kenya at the centre of its strategy.
Speaking in Nairobi during the signing of a partnership between Wakandi and Mastercard East Africa, Wakandi Group CEO Espen Kvelland said the funds will help meet growing demand from SACCOs eager to modernise their operations.
“We’re lucky to have hundreds of thousands of customers across the region waiting to go live. To meet that demand, we must raise capital. Our focus is on creating real financial impact in communities that have long been left behind,” Kvelland said.
Wakandi operates a digital platform, the Credit Account Management System (CAMS), which automates savings, loan management, and reporting for SACCOs. The system is active in Kenya, Uganda, and Tanzania, with over 200 SACCOs onboard. The firm aims to grow this number to 2,000 in three years.
According to Wakandi COO Terje Width, “We built this system with SACCOs, not for them. It’s affordable, scalable, and aligns with regulations, helping members access credit, insurance, and investments through digital profiles.”
The partnership with Mastercard will support financial inclusion by giving SACCO members access to digital payment tools such as cards, bracelets, or mobile apps.
“Cash is nobody’s friend; it doesn’t build a credit trail. Our partnership with Wakandi will empower SACCO members, many of whom are small business owners, to access affordable credit,” said Shehryar Ali, Mastercard’s Senior Vice President for East Africa.
“If a SACCO member in the diaspora can send funds directly to their account using a card, families and businesses here can receive it instantly and affordably,” he added.
“I can see who defaulted on a loan while sitting at home. Wakandi has trained us and supported our members, even in the field,” said Justa Mugambi, chairlady of Tigania Women’s SACCO.
“This isn’t a foreign system being imposed, it’s a solution built with Kenyan SACCOs. Kenya has led the world in mobile money, and Wakandi is learning from that innovation,” said Norway’s Ambassador to Kenya, Gunnar Holm.