Wakandi Group signs MoU with MUCOBA – the oldest community bank in Tanzania
Wakandi Group has recently signed an MoU with MUCOBA Bank, the first and the oldest community bank in Tanzania, to collaborate and explore newer opportunities for better market presence. MUCOBA Bank aims to adopt digital technology with the help of Wakandi to increase their customer base and offer better services.
MUCOBA Bank PLC, formerly known as Mufindi Community Bank Ltd (MuCoBa), was incorporated in December 1998 to offer financial services to the communities of Mufindi and neighbouring districts. They aim to invest heavily and consistently in product innovation, process-reengineering and development of customer-friendly solutions. They aim to increase their customer base by 2.5 times in the coming five years. However, they face various challenges when it comes to transportability and effectiveness in their systems towards SACCOS, AMCOS and other savings groups as they are highly dependent on cash transactions and manual processes. Using traditional systems also adds to the challenges that further obstruct them to achieve their goals.
CAMS for a solution
The Wakandi team met the officials at MUCOBA Bank to demonstrate how Credit Association Management System (CAMS) can help them smoothen their processes and increase work efficiency. The team further discussed how they can implement the CAMS solution to replace their manual systems with better and innovative solutions.
As Wakandi partnered with MUCOBA, the team now aims to onboard them and four SACCOs that are banking with them for a pilot project. It can help them to leverage the full potential of CAMS and offer better solutions to the customers. Let us see how CAMS can help MUCOBA to solve their issues and manage processes better:
Secure and transparent transactions
CAMS can enable secure and transparent transactions for MUCOBA Bank as every transaction will be stored digitally through the distributed ledger technology (DLT). The ledger will be updated in real-time and will only be accessible to the authorised parties. They can track the movement of money from one account to another in a clear and transparent way. Any changes made to the transaction data will be visible to every party which will also reduce the risk of fraud.
Better record management
With CAMS, MUCOBA can send salaries and other payments to parties digitally. This can be a significant upgrade from making cash transactions which are prone to theft and consumes a lot of time and efforts. It will also help them to maintain a secure and updated record of transactions which is nearly impossible when dealing in cash.
With digitally maintained records, MUCOBA can reduce the manual efforts required in the reconciliation of accounts. Records of transactions from every customer will be maintained automatically, making it easier for them to match account balances.
Opportunities to innovate better
MUCOBA and other banks can leverage Wakandi’s DLT-based infrastructure to build innovative solutions for their customers. This can also help MUCOBA gain an edge over competitors as they will be amongst the first to adopt the latest technologies in the market.
Working together with MUCOBA
We, at Wakandi, aim to reach newer heights with MUCOBA and help them increase their customer base and solve their current challenges. It will also be an opportunity for us to establish ourselves deeper into the Tanzanian market. The partnership could be a significant step in our journey of offering a completely cashless experience in Africa.