Wakandi deploys a sustainable solution for the informal economy
On November 24, 2022, the Norway, Sweden, and Kenya Business Seminar, themed “Pioneering Sustainability Together,” was held in Nairobi, attended by 170 organizations, with special visits by His Royal Highness Crown Prince, ‘Haakon Magnus’ of Norway and Her Royal Highness Crown Princess of Sweden, ‘Victoria’.
During the session, the COO of Wakandi Group AS, Mr. Terje Width, was honored to take the stage and speak, where he described the situation in Kenya’s informal sector, the challenges, which for the most part, also face the rest of Africa.
“For more than a century, this society has solved their financial needs by forming cooperatives where they can save and borrow money. The informal sector in Kenya employs more than 15 million, which is about 80% of the working population, that they are exempt from access formal financial services, being left with only expensive alternatives”, said Mr.Terje.
He also continued by briefly expounding on the Wakandi solution, “Wakandi CAMS” that is tailor made to unriddle the challenges of all sectors that are left out of the formal economy.
“In short, we have developed a core banking system for the informal sector. We realized that one of the main obstacles to implement a sophisticated system and digitize this part of the economy, is that there are very limited or no money to invest, This is why we are so committed to our mission and long term vision to contribute in delivering fair and affordable finance to Kenyans, and people across Africa”
As far as sustainability is concerned, Wakandi’s solution also looks at creating a better future for economic development.
On the matter, Terje added, “This is expected to be a financial game changer for this sector, who today are excluded from access to fair and affordable finance. Importantly, they will also be able to build their financial profile, as our system digitizes all transactions. This will not only give them access to better financial products and services, but they will then become more valuable consumers in Kenyan society.”
Wakandi Group AS continues to spread its wings in Africa by signing agreements with apex organizations across Tanzania, Kenya, and Uganda, so far representing more than 19 million users.