The Central Bank of Kenya (CBK) has granted a payment service provider (PSP) license to Norwegian start-up Wakandi, enabling the company to facilitate digital payments and optimize the technological experience for co-operatives such as Saccos.
Wakandi recently expanded its services into Kenya by launching a Credit Association Management System (CAMS), which offers improved financial services to Sacco and cooperative- members. The approval from the CBK follows Wakandi’s launch of CAMS in Kenya and demonstrates the company’s commitment to improving financial services in the region.
The use of digital payment services can help to reduce the risks associated with cash transactions, as well as streamline processes and make them faster and more efficient. This is especially important for co-operatives such as Saccos, which often rely on manual processes and cash transactions, as it can help to improve financial management and reduce the risk of errors or fraud.
Wakandi’s digital payment platform is expected to be a valuable asset for Saccos and other co-operatives, providing a secure and convenient way for members to make transactions and manage their finances.
In a statement, Wakandi said it is “eager to make an effect and assist people in joining the financial system” and that automating manual operations will reduce the risks associated with cash transactions while facilitating smoother faster processes.
The expansion of Wakandi’s services into Kenya is part of the company’s broader mission to improve financial inclusion and access to financial services in emerging markets.
The CBK’s approval of Wakandi’s PSP license is a positive step towards achieving this goal. The company’s digital payment platform is expected to impact the landscape in Kenya and beyond significantly.
Wakandi’s digital payment platform is expected to be particularly beneficial for those who may not have access to traditional financial services, such as individuals in rural areas or those without bank accounts.
The CBK’s approval of Wakandi’s PSP license demonstrates the regulator’s commitment to promoting financial inclusion and adopting digital financial services in Kenya.
Wakandi’s expansion into Kenya is a promising development expected to bring significant benefits to both the company and the local population. It is hoped that the company’s digital payment platform will help to improve access to financial services and increase financial literacy in the region.