Norwegian fintech firm Wakandi has launched to raise a capital of Ksh6.5 billion to fast-track the digitization of Savings and Credit Cooperatives (SACCOS) and cooperatives across Africa, with Kenya at the heart of its expansion 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 Sacco’s eager to modernize 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 provides a digital platform, the Credit Account Management System (CAMS) that automates savings, loan management, and reporting for SACCOs. The platform is already in use across Kenya, Uganda, and Tanzania, with more than 200 SACCOs onboard. The firm aims to grow that number to 2,000 in three years.
According to Wakandi fintech firm COO, Terje Width, most Kenyans in the informal sector rely on SACCOs for financial services, yet many of these institutions still operate manually.
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“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.” Width said
The newly signed deal with Mastercard is expected to deepen financial inclusion by enabling SACCO members to access digital payment tools such as cards, bracelets, or mobile apps, reducing reliance on cash and improving credit history.
“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.
Ali added that Mastercard’s digital rails will also enable faster, cheaper remittances from Kenyans in the diaspora, reducing costs by up to 35%.
“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 said.
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On the ground, SACCO leaders are already seeing the benefits. Justa Mugambi, chairlady of Tigania Women’s SACCO, said the system has transformed how they operate.
“I can see who defaulted on a loan while sitting at home. Wakandi has trained us and supported our members, even in the field,” she said.
Norway’s Ambassador to Kenya Gunnar Holm praised Wakandi’s Kenya-first approach.
“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,” Holm said.
Wakandi has already invested over Ksh4 billion in Africa and is now seeking strategic investors who share its long-term vision.
By Brian Ndigo
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