Kenya Looks to FinTech, Credit Union Convergence to Advance Growth

Credit unions have served as a financial backbone to millions of households in Africa for decades, with some 39,000 organizations across the continent providing small installment loans and credit lines. Now, the industry is embracing technology to accelerate growth and bring about expanded financial inclusion.

The savings and credit cooperative organization (SACCO) sector in Africa is aggressively stepping up its digitalization efforts to not only drive financial inclusion to the last mile, but ensure that underserved consumers have access to financial services that had been previously unavailable to them or hard to obtain.

The Kenyan FinTech Kwara, founded in 2018 by Cynthia Wandia and David Hwan, was developed to help the unbanked and underbanked build wealth in a frictionless way. Kwara also strives to assist credit unions in East Africa transition to digital platforms.

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