NMB & WAKANDI PARTNER TO ENHANCE FINANCIAL SERVICES FOR SACCOS

NMB Bank has teamed up with fintech firm Wakandi Tanzania to create a strategic alliance focused on empowering local savings and credit cooperatives (SACCOs) through innovative technology and digital solutions.

As part of this partnership, the two organizations have unveiled the Wakandi SACCOs solution package, which offers cutting-edge banking solutions tailored to address the financial and operational needs of SACCOs and their members.

During the announcement of the collaboration yesterday in Dar es Salaam, NMB's Chief of Technology and Digital Transformation, Kwame Makundi, emphasized that this partnership will benefit many people due to the extensive scope of operations and memberships of SACCOs.

Mr. Makundi noted that the SACCOs community would greatly benefit from this arrangement, thanks to the bank's innovative capabilities and its substantial investments in digital technologies.

“These solutions will modernize how SACCOs manage their financial resources and significantly enhance the overall experience for their members,” he stated, adding that the entire country will equally benefit, as this represents another important step toward financial empowerment.

“We recognize the crucial role that SACCOs play in our communities by facilitating savings and credit arrangements for individuals, families, and businesses, as well as promoting collective investment and access to credit,” Mr. Makundi explained.

Referencing data from the Tanzania Cooperative Development Commission (TCDC), he stated that the partnership with Wakandi, known for its role in digitally transforming SACCO operations in the country, is strategically important for NMB and beneficial for the entire nation.

He noted that through this initiative, NMB aims to actively contribute to the growth of SACCOs and play a vital role in the entire SACCO value chain, which included 801 licensed entities and 1.8 million members at the end of 2022.

Among other benefits, the new banking solution will enhance transparency, accountability, and participation in the decision-making processes of SACCOs that impact their financial well-being.

Mr. Makundi highlighted that the Wakandi SACCOs Solution will provide real-time updates on transactions and improve deposit management for SACCOs. Additionally, it will boost efficiency by reducing the administrative and operational burdens faced by cooperative societies.

Speaking at the event, Mr. Espen Kvelland, CEO of Wakandi Tanzania Ltd, described the partnership with NMB Bank as a significant collaboration for the company, which is currently licensed to operate in Tanzania, Uganda, and Kenya to promote digital financial inclusion.

He emphasized that strong partnerships are key to success in Africa and to delivering impactful financial services, noting that Wakandi's operations are rapidly expanding across the continent.

“We aim to empower our customers through a network of collaborations that create meaningful financial services, ensuring operational transparency and efficiency, all while enhancing security through digitalization,” he stated.

On his part, Mr. Jofrey Kangese, manager of DART Saccos Ltd, speaking on behalf of his peers, stated that the NMB-Wakandi collaboration will significantly enhance financial management for SACCOs in the country.

“To us, this represents a challenge to become more innovative in our operations,” he remarked.