Cooperative societies have become a key to financial growth for African societies. Their efforts have significantly improved social and economic conditions for communities as they remain a feasible option for savings, credit, and interest income.
However, providing financial services to their clients requires them to store and handle tons of data and transactions. They need to manage day-to-day transactions, member data, savings, interest and more, every day. Thus, security becomes a concerning area for them - be it data security or money security. Admins and the management of cooperatives must ensure that the personal data and reports they store remain safe and secure.
Legacy systems and security concerns
Dependence on physical records and manual operations increases the chances of fraud, theft, misrepresentation, and other related security concerns. This is a big-big problem for cooperatives and an even bigger issue for those who have multiple branches and thousands of members to handle.
Many cooperatives we work with in Tanzania, Kenya, and Uganda have complained before about internal fraud, theft, and data errors. These are commonplace as every data is saved either on paper or Excel sheets which can be accessed by anybody. Furthermore, using cash made them susceptible to theft and wealth mismanagement.
Wakandi brings focus towards cooperative security
The adoption of technology can lead to a sound solution to growing security concerns. At Wakandi, we ensure that the data and transactions that cooperatives record and maintain in our system remain secure.
Through programmable roles and permissions, cooperatives can ensure that the data is accessible to authorized personnel only. This permission-based access would ensure that sensitive data is accessed only by trusted people and misrepresentation and fraud can be minimized. Members on the other hand will be able to check their data and balances through the mobile app or USSD which can further improve the security measures.
Read how EIJ SACCO joined Wakandi for better security and transparency.
Implementation of 2-Factor Authentication
We are constantly striving to improve data security for cooperatives in our system. In this direction, we have recently introduced 2-factor authentication or 2FA for more secure logins.
Implementing 2FA functionality in our system enables a second form of identity confirmation after a password so the data remains secure. In other words, 2FA double-checks the user's identity, if it is the authorized person using the password to login to the account.
How 2FA works?
When a user tries to log in to their account through email:
- The user will enter the registered email and password on the login page and click ‘Login’.
- An email containing a one-time password (OTP) will be sent to their registered email address.
- The user will enter this OTP and click ‘Submit’ to complete the login process.
When a user tries to log in to their account through mobile:
- The user will enter the registered phone number and password on the login page and click ‘Login’.
- An SMS containing a one-time password (OTP) will be sent to their registered phone number.
- The user will enter this OTP and click ‘Submit’ to complete the login process.
Cooperative security powered by digitization
As we move ahead into the digital age, the need for security is poised to increase. With our solution in place, cooperatives can achieve better security when it comes to data storage, reporting, and transactions.
The implementation of 2-factor authentication marks a crucial step in enabling better security for cooperative societies. They can significantly reduce the risk of unauthorized access to sensitive information. This not only safeguards member data but also enhances trust within members.
Learn how Wakandi enhances security measures, increases trust, and boosts transparency for cooperatives. Book a demo today.
