Five financial technology firms that were shortlisted to participate in the “Akili Kali Innovation Challenge” are undergoing a virtual demo co-development and co-design program supported by the Co-operative bank’s team. The challenge called for passionate innovators to collaborate with Co-operative in developing smart financial solutions. The purpose of the challenge is finding the best financial solutions for the lenders of 20 million co-operative societies
The shortlisted candidates are; Awamo 360 Kenya Ltd, Herufi Technologies Ltd, Jamborrow Ltd, Smart Matatu, and Chamasoft Ltd. The mentioned co-operative societies were successful after scrutiny from a panel of evaluators.
The challenge winner will get a cash reward of up to Sh5 million and an opportunity to integrate and launch their innovation with Co-operative Bank.
“The innovations will also give co-operatives a competitive edge and strengthen their resilience in the rapidly changing financial landscape in Kenya, particularly in light of the myriad challenges occasioned by Covid-19,” the lender said in a statement.
Akili Kali Innovation Challenge will enable the bank to identify and partner with innovators who can develop solutions that build value for Co-operatives. Besides, the innovations will put co-operatives on a competitive edge which will accommodate the rapid growth in the banking sector. The innovations will enable sustainable measures to attend to members which will prompt national and social development among individuals in society.
Speaking during the program roll-out, Vincent Marangu, the bank’s director for Co-operatives Banking, the growth trends of co-operatives in Kenya presents a great opportunity to offer valuable services to members.
“The Akili Kali Challenge is a call for passionate innovators to collaborate with Co-operative Bank of Kenya in building the next generation of financial solutions beneficial to the Co-operative movement and its membership of over 20 million Kenyans,” Marangu said.
The co-operative movement being the largest in Kenya plays a major role in all key sectors of the economy transportation, education, agriculture, housing among others.