Today marked a significant milestone in Dar Es Salaam as Wakandi and the Tanzania Cooperative Development Commission (TCDC) officially signed a commercial contract. The event was graced by the presence of esteemed guests from the Tanzanian government and H.E. Tone Tinnes, Ambassador to Tanzania, Uganda, and Rwanda.
Wakandi's CEO, COO, CPO, local management, and the Tanzanian chairman of the board were all present at the ceremony.
Tanzania's cooperative sector is extensive and plays a crucial role in the nation's economy. According to Dr. Bensson from TCDC, they oversee at least 8 million cooperators, all poised to benefit from digital transformation. Below Dr. Bensson visits Wakandi Tanzania office for a demo of the Wakandi system and are discussing how we best can work together at pace.
Wakandi: Spearheading Financial Empowerment
Wakandi is licensed to operate in Tanzania, Uganda, and Kenya, and it focuses on promoting digital financial inclusion. The Wakandi app delivers formal financial services to cooperatives and microfinance institutions in Africa, digitising savings and loan management for efficient, secure, and accurate daily operations. Wakandi envisions becoming a global leader in creating equal financial opportunities and growth in Africa.
Wakandi Tanzania Ltd has also formed strategic alliances with Tigo Tanzania, Airtel Tanzania, Sanlam, TAMFI, and NMB Bank. The collaboration with Tigo Tanzania and Airtel Tanzania offers SACCOs the option to conduct digital payments using the mobile phone (mobile money). The alliance with NMB Bank focuses on empowering local SACCOs through innovative technology and digital solutions, with the Wakandi SACCOs solution package offering banking solutions tailored to the financial and operational needs of SACCOs and their members. This enhances transparency, accountability, and participation in decision-making, providing real-time transaction updates and improved deposit management, ultimately reducing administrative burdens and boosting efficiency. Wakandi also commenced work with TAMFI in 2022 with the objective of digitising the Microfinance Industry.
TCDC Embraces Digital Advancement and transparency
TCDC is actively investing in modern digital systems and encouraging cooperatives to embrace digital operations. They've developed an Electronic System for the Management of Cooperative Societies, enabling cooperative unions to store their information digitally.
The commercial contract they now have signed with Wakandi is further strengthening their commitment to the cooperative space and the needed digitalising of the space.
What's Next
Guests also attended the event from Uganda, Kenya, and South Africa. Ivan Assimwe, General Secretary of the Uganda Cooperative Alliance (UCA), also attended from Uganda and explained how UCA and Wakandi are growing fast in Uganda after the signing of a similar contract in November 2024. From South Africa, Richard Pulford (Head of M&A EY Africa) spoke to the audience on how they are assisting Wakandi in developing strategies to expand the business into the entire African continent.
This is only the start. Through this work, the members of the SACCOs will, over time, benefit from better financial products and services through their SACCO, such as insurance and credit.