Savings and Credit Cooperative Organisations (SACCOs) play a crucial role in financial inclusion in Kenya. However, inefficiencies and outdated systems have eroded confidence in these institutions. Many SACCO members have historically struggled with concerns such as mismanagement of funds, lack of transparency, and delays in accessing savings or loans. But Cynthia Wandia, a Kenyan electrical engineer and entrepreneur, co-founded Kwara, a fintech platform designed to digitise SACCO operations, enhance security, and provide real-time financial transparency. While Wandia is its Chief Executive Officer (CEO), her co-founder, David Hwan, is its Chief Operating Officer (COO).
Kwara offers a cloud-based core banking system that automates key financial processes, reducing the risks of human error and fraud. Members can access their accounts, apply for loans, and track transactions through a secure mobile app, which boosts the confidence and reliability of their SACCOs. By eliminating manual paperwork and introducing real-time auditing, Kwara ensures that members know exactly where their money is at any given time.
The platform serves over 230 credit unions, reaching over 200,000 members across four countries. In terms of financial transactions, it has facilitated an annualised transaction volume of €1 billion as of 2023.
Wandia builds financial trust in SACCOs
Access to reliable financial services is a significant challenge for millions worldwide. Traditional banks often exclude individuals and small businesses due to high costs and strict requirements, pushing many to rely on informal savings groups and cash transactions, which are prone to loss and fraud. A significant barrier to engaging with formal financial institutions is the lack of trust in the system, which is essential for its functioning.
Hence, Cynthia Wandia is enhancing the functionality of SACCOs to build financial trust and establish a system that safeguards savings, makes credit more accessible, and stimulates economic growth. Through Kwara, she empowers individuals, businesses, and entire communities to confidently take control of their financial futures.
Also, many of Kenya’s population lives in rural and semi-urban areas, where traditional banking infrastructure is limited or non-existent. This makes saving money safely and accessing credit extremely difficult for those outside major cities. Through Kwara, Cynthia Wandia is solving this problem by digitising rural SACCOs.
Rural members can access their accounts through mobile apps, USSD services, and online platforms, eliminating the need to travel long distances to physical branches.
The platform enables rural members to apply for loans online, receive instant approvals, and access funds quickly, reducing their reliance on informal lenders imposing high interest rates. In addition to technological support, the platform offers training and resources to SACCO leaders and members, helping them understand digital finance and develop long-term financial goals.
Through Kwara, Cynthia Wandia is creating a significant legacy of financial inclusion and establishing a foundation for a financially empowered Africa.
