Kenyan fintech company, Kwara, has agreed to fully acquire software company IRNET Coop Kenya Ltd, a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO LTD).
This acquisition marks a step forward for Kwara, as it expands its global footprint and takes a major step towards becoming a leading provider of digital solutions to SACCOs in Kenya.
As part of this acquisition, Kwara has also entered into an exclusive digital solutions partnership agreement with KUSCCO LTD.
This partnership will allow Kwara to offer its banking software solutions and mobile banking channels to rapidly increase growth and profitability of SACCOs in Kenya.
Kwara’s solutions will help SACCOs to overcome the challenges of digitization, security concerns, and the digital divide between SACCOs and their increasingly young and digitally-savvy membership.
The entire IRNET team will join forces with Kwara to ensure a seamless transition, and to embed the entire KUSCCO LTD regional network and marketing expertise into Kwara for the success of the partnership and growth of the SACCO fraternity.
KUSCCO LTD, Kwara, and IRNET will soon launch the partnership at a Nairobi-based event followed by regional launches across the country.
The parties intend to rapidly onboard the entire SACCO fraternity onto the Kwara platform in the next six months.
Since its launch in 2019, over 120 SACCOs have embraced Kwara Core Banking software as well as full digital banking channels, including mobile, USSD, agency banking, ATM, and international remittance.
“This development marks a game changer in the management of SACCOs going forward,” says George Ototo, Group Managing Director of KUSCCO LTD. “The acquisition of IRNET and the KUSCCO-Kwara partnership will deliver to our thousands of SACCO members a tested and proven, secure and efficient cloud-based core banking platform as well as modern mobile banking channels.”
Kwara’s Co-Founder and CEO Cynthia Wandia says “We have spent the last four years working closely with KUSCCO LTD to uplift the SACCO sector in Kenya. Our clients have grown their deposits and loan books twice as fast as they did before switching to Kwara. We are now grateful for the opportunity to avail those benefits to SACCOs across the entire country. This partnership through acquisition enables us to place fully digital and secure technology in the hands of all SACCO members in the fastest possible time, backed by the most established SACCO partner in Kenya.”