- November 13, 2020
- Posted by: p mulee
- Category:
A branch of Cooperative Bank in Nairobi city/Photo/Courtesy
By Reporter
The Cooperative Bank of Kenya has shortlisted the five fintechs who will battle it out for the KSh 5 million jackpot in Cooperative Bank’s Akili Kali Innovators Challenge.
The challenge has been undergoing a five-week co-development and co-design programme supported by a team from Cooperative Bank and nominated cooperatives, after which a virtual demo event will be held to select one or more winners.
Besides the cash prize, winners also stand an opportunity to integrate and launch their innovation with the lender.
The shortlisted candidates; Awamo 360 Kenya Ltd, Herufi Technologies Ltd, Jamborow Ltd, Smart Matatu and Chamasoft Ltd were selected by a panel of evaluators from a list of over 500 applicants.
The applicants responded to the call for passionate innovators to collaborate with Co-operative Bank in building the next generation of financial solutions beneficial to the Co-opertive movement and its membership of over 20 million Kenyans.
The challenge, which is supported by the International Finance Corporation (IFC), would enable the bank to identify and partner with innovators who can rapidly develop solutions to build value for co-operatives and enable them to service their members demands more efficiently.
It would further ensure that the essence of the Co-operative movement, which is engrained in enabling both national and social development for individuals through a shared economy, is sustained.
The Co-operative movement in Kenya is the largest in Africa and among the top 10 globally, with over 22,000 registered Co-operatives and over KSh 600 billion in savings.
Cooperatives employs more than 500,000 people besides providing opportunities for self-employment to many more.
Co-operative Bank has a long history with the Co-operative movement, having been started by coffee farmers back in 1968 and now owned 64.56% by co-operatives through a special purpose vehicle known as Co-op Holdings Limited.
Speaking during the rollout of the Co-op Akili Kali Innovation Challenge in July, the Bank’s director of co-operatives banking Vincent Marangu noted the growth trends of cooperatives in Kenya indicate a great opportunity for them to offer valuable services to existing and potential new members whose demand for more and better services has grown with the digital revolution.
