Thursday, May 8, 2025
Star Today Logo
  • Home
  • News
  • Business
  • Politics
  • Investigation
  • Health
  • Opinion
No Result
View All Result
Star Today Logo
Home Business

Akili Kali Innovation Challenge: Co-op Bank awards Sh5m to the top four fintech firms

December 5, 2020
in Business, News
Reading Time: 2 mins read
Co-op Bank stock projected to hit target price of Sh21.40 in near future
99
SHARES
Share on FacebookShare on TwitterShare on Whatsapp

The Co-operative Bank has awarded sh 5million to the top four fintech in the just concluded Akili Kali Innovation Challenge. Of the four winning fintech, three are operated by Kenyans while the fourth has some foreign interest.

The top four are Chamasoft Limited, Awamu Kenya Limited, Herufi Technologies Limited and Smart Matatu who received sh. 2.75 million, sh 1million, sh.750, 000 and sh. 500,000 respectively.

The winning solution WebSACCO developed by Chamasoft Ltd will enable smaller SACCOs and Chamas to automate all their operations through cloud accounting, without having to invest the huge amounts of capital that they would otherwise have required to acquire such ICT systems.

Readers' Choice

Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent

Treasury CS Mbadi under fire for “snubbing” Senate session

The CEO of Chamasoft Ltd Martin Njuguna said that this project will create opportunities for Kenyan finteches to develop practical solutions for local organizations.

“I wish to thank Co-op Bank for leading the way in creating opportunities for Kenyan fintechs to develop practical solutions for local organizations. This whole experience was great for us, and we thoroughly enjoyed taking part in the challenge,” says Matin Njuguna.

He added that all the participating fintechs should remain engaged with the bank, to help improve the Akili Kali Challenge and to provide mentoring to future participants.

The aim of the Akili Kali Innovation Challenge, which was supported by the International Finance Corporation (IFC), is to enable Co-op Bank to identify and collaborate with passionate innovators in building the next generation of financial solutions that are beneficial to the Co-operative Movement and its membership of over 15 million Kenyans.

The five fintechs who participated in the Akili Kali Innovation challenge had been shortlisted from a list of over 500 applicants who responded to a broad call in July 2020.

The 5-week co-development program was based on a co-creation model that involved Saccos and Bank officials to ensure the solutions are user-centred and have a business model that the fintechs can commercialize.

Co-op Bank has a long history of driving the digital transformation agenda for the Co-operative Movement, as can be seen in bank’s launch of other technology-based products in the last 10 years including Instant issuance of Visa (Saccolink) cards which enable Sacco members to access their funds from any Co-op Bank ATM or agent countrywide, Pesalink transfers through API integration, a Mobile Banking platform, and remote scanning of cheques which gives Saccos access to the banking clearinghouse.

ShareTweetSend
Previous Post

Ruto’s dilemma as Uhuru, Raila move BBI process to IEBC

Next Post

Kenya must use all resources to protect its medics – Ruto

Related Posts

Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent

Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent

May 7, 2025
Treasury CS Mbadi under fire for “snubbing” Senate session

Treasury CS Mbadi under fire for “snubbing” Senate session

May 7, 2025
Next Post
Kenya must use all resources to protect its medics – Ruto

Kenya must use all resources to protect its medics - Ruto

Please login to join discussion

Continue Reading

Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent

Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent

by Star Today
May 7, 2025

The inaugural edition of the campus modeling scouting initiative, a premier university-based talent discovery program, has successfully concluded—highlighting the incredible...

Treasury CS Mbadi under fire for “snubbing” Senate session

Treasury CS Mbadi under fire for “snubbing” Senate session

by Star Today
May 7, 2025

National Treasury Cabinet Secretary John Mbadi came under fire on Wednesday, May 7, 2025, from Senate leadership for allegedly skipping...

Nairobi positioned as testbed for innovations targeting African markets

Nairobi positioned as testbed for innovations targeting African markets

by Star Today
May 5, 2025

Businesses looking to launch new products and services in Africa can now trial their offerings in a live market setting,...

It’s time to leave political dance floor, Onyonka tells Raila

It’s time to leave political dance floor, Onyonka tells Raila

by Star Today
May 5, 2025

Kisii Senator Richard Onyonka has praised ODM leader Raila Odinga’s rich legacy but urged him to recognise that it is...

Recent News

  • Campus Modeling Scouting Initiative Wraps Up Inaugural Edition, Unearthing Kenya’s Next Top Talent
  • Treasury CS Mbadi under fire for “snubbing” Senate session
  • Nairobi positioned as testbed for innovations targeting African markets

Category

  • Business
  • Health
  • Investigation
  • News
  • Opinion
  • Politics
  • Star Today

© 2023

No Result
View All Result
  • Home
  • News
  • Business
  • Politics
  • Investigation
  • Health
  • Opinion

© 2023