Wakandi, Tigo Tanzania join hands to digitize SACCOs
Wakandi Tanzania Ltd has proudly signed a contract with the leading digital lifestyle company, Tigo Tanzania to offer savings and credit cooperatives (SACCOs) a digital payment and savings platform. With this integration, we will be able to digitize savings and loan services for thousands of SACCOs and informal financial groups (IFGs) in Tanzania through the Wakandi platform.
Tigo has integrated its Mobile Financial Services (MFS) platform, Tigo Pesa with Wakandi’s digital platform to support payments and transactions through mobile wallets. This creates an opportunity for millions of SACCO members to use mobile wallets to send their monthly contributions and apply for loans to get the amount directly into their accounts.
Espen Kvelland, Director of Wakandi Tanzania with Angelica Pesha Chief Officer for Mobile Financial Service (Tigo Pesa) at the event in the Wakandi office.
In simpler terms, SACCO members using the Wakandi platform will be able to use their Tigo Pesa wallets to deposit contributions. The loan amount can also be disbursed to the members through the same wallets. Similarly, members can easily repay the loan amount through Tigo Pesa wallets.
Talking about the event, Espen Kvelland, Director of Wakandi Tanzania says, “One of the goals in my life is to make a service or product that touches the lives of more than 10 million people. This partnership with Tigo Tanzania will open up doors for Wakandi to offer digital services to informal financial groups and add value to millions of people in Tanzania.”
Angelica Pesha, Chief Officer for Mobile Financial Service (Tigo Pesa) says, “As a leading digital transformation company, Tigo Tanzania through its Tigo Pesa unit, we have continued to be at the forefront in designing digital products and services that help solve our customers’ challenges.”
As a leading digital transformation company, Tigo Tanzania through its Tigo Pesa unit, we have continued to be at the forefront in designing digital products and services that help solve our customers’ challenges.
This collaboration with Tigo Tanzania comes as an opportunity for us to build a technology-enabled world where every cooperative society can offer its services digitally in a quick and efficient way. It will lead to a safe and secure environment for members to manage their finances with savings groups without needing to handle cash.
About Tigo Tanzania
Tigo Tanzania, which commenced operations in 1995, is Tanzania’s leading digital lifestyle telecommunications company offering a distinctive and diverse product portfolio in voice, SMS, high-speed internet, and mobile financial services. Tigo has pioneered financial innovation with TigoPesa App, Tigo Mobile App, and the first East African cross-border mobile payment service.
About Wakandi Tanzania
Wakandi Tz is a fintech company in Tanzania aiming to transform the informal economy with the help of technology. Wakandi Tz offers a unique system for informal financial groups (IFGs) to manage their finances digitally. SACCOs and MFIs can use the Wakandi solution to manage savings and loans online, without needing to install or purchase any server. Members can also choose to send money from their mobile wallet using USSD codes or directly from the app. The solution brings better traceability to savings groups by automatically reconciling transactions such as contributions, loan disbursal, and repayments. It is an end-to-end digital system to make life easier for SACCOs and MFIs.