Norwegian start-up Wakandi has secured a regulatory licence from the Central Bank of Kenya (CBK) to provide digital payment services.
The payment service provider (PSP) license will enable the firm to facilitate payments as well as optimise technological experience for co-operatives such as Saccos.
The approval comes after the company recently expanded its services into Kenya with the launch of a CAMS (Credit Association Management System).
CAMS offers improved financial services to sacco and co-operative members.
“Wakandi is eager to make an effect and assist people in joining the financial system,” the firm said in a statement.
“Our solution can quickly spread throughout Kenya’s urban and rural areas as the company continues to delve deeper into the market and work with more IFGs. Automating manual operations will reduce risks associated with cash transactions while also facilitating smoother, faster processes,” it added.
Wakandi join a list of firms that have gotten licence from the CBK to operate in the country.
“CAMS will accelerate the formalisation of informal financial groups, enabling banks, governments, and other economic planning organisations to work together more effectively, practise good governance, and reduce financial fraud, particularly for cooperatives,” it said, adding that solution will be unveiled in the country in the coming few months.
SOURCE: Capital business