Five local fintechs are set to battle it out for a Sh500 million cash prize and an opportunity to integrate and launch their innovation with The Co-operative bank
The fintechs have additionally been undergoing a 5-week co-development and co-design program.
After This, a virtual demo event will be held to further select one or more winners.
The shortlisted candidates; Awamo 360 Kenya Ltd, Herufi Technologies Ltd, Jamborow Ltd, Smart Matatu, and Chamasoft Ltd were selected.
They were selected by a panel of evaluators from a list of over 500 applicants.
The challenge will enable the bank to identify and partner with innovators who can rapidly develop solutions.
It is supported by the International Finance Corporation (IFC)
The solutions should be able to build value for Co-operatives and enable them to service their member’s demands more efficiently.
The new innovations will also give cooperatives a competitive edge and strengthen their resilience in the rapidly changing financial landscape in Kenya.
The changes are particularly in light of the myriad challenges occasioned by COVID-19.
The Co-operative Movement in Kenya is the largest in Africa according to The Star.
It is among the top 10 globally, with over 22,000 registered Co-operatives and over Sh600billion in savings.
Co-operatives, moreover, play a major role in all the key sectors of the economy including Education, Agriculture, Housing, as well as transport.
It employs more than 500,000 people besides providing opportunities for self-employment to many more.
The Bank’s Director of Co-operatives Banking Vincent Marangu noted that the growth trends of cooperatives in Kenya indicate a great opportunity for them to offer valuable services.
These services should be offered to existing and potential new members.
The members’ demand for more and better services should have grown in line with the digital revolution.
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