The Akili Kali challenge initiative was organized by Cooperative Bank, IFC/World Bank, and Think Place Kenya. The competition attracted over 500 applicants with the organizers settling for the top five companies to compete and enter the Think Place challenge

With Covid-19, the whole co-creation happened virtually with each team being provided with mentors from Cooperative Bank. The five finalists were: Awamo 360 Kenya Ltd, Herufi Technologies Ltd, Jamborow Ltd, Smart Matatu, and Chamasoft Ltd.

Chamasoft came up tops having been adjudged to have the best solution addressing the holistic challenges that are facing cooperatives, SACCOs, and chamas today.

The fintechs have been undergoing a 5-week co-development and co-design program after which a virtual demo was held and Chamasoft was selected as the winner.

The challenge, which is being supported by the International Finance Corporation (IFC), will 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.

Chamasoft is a company that has built a platform for the automation of savings groups and cooperatives and currently has more than 5000 groups onboard. Chamasoft has two products, Chamasoft and WebSacco, and comes in as a ready-to-use platform and has an e-wallet.

Chamasoft founder Mr. Martin Njuguna Githuthu said that he was elated and looking forward to quickly working on integrating with Cooperative Bank to provide a relevant solution to chamas and SACCOs.

“Chamasoft and Co-operative Bank are natural partners and we can’t wait to see what we will offer the marketplace. We look forward to our partnership. We wish to thank our customers who have believed in us and have helped us improve our offering.”

Categorised in: Chamas, Investment groups, Investment options for chamas

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