Wakandi, the Norwegian start-up, has been granted a regulatory license by the Central Bank of Kenya (CBK) to provide digital payment services.
The payment service provider (PSP) license will allow the company to facilitate payments and improve the technological experience for co-operatives like Saccos.
The approval comes after the company recently launched a CAMS in Kenya to expand its services (Credit Association Management System). CAMS provides enhanced financial services to members of saccos and cooperatives.
“Wakandi is eager to make an effect and assist people in joining the financial system. 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,” the firm said in a statement.
Wakandi joins a list of companies that have received permission 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.
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