Kwara, a Kenyan fintech company with a global footprint has agreed to wholly acquire IRNET Coop Kenya Ltd, a software company which is a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCCO LTD). With this acquisition, Kwara has also entered into an exclusive digital solutions partnership agreement with KUSCCO LTD whereby Kwara will offer its world class banking software solutions and mobile banking channels to rapidly increase growth and profitability of SACCOs in Kenya. This partnership will catapult the growth of SACCOs through deposit mobilization and digital member acquisition, while addressing the key challenges currently facing SACCOs which include costly digitization, security concerns and the digital divide between SACCOs and their increasingly young digital savvy membership. “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. Since its launch in 2019, over 120 SACCOs have embraced the stable and secure Kwara Core Banking software as well as full digital banking channels, including mobile, USSD, agency banking, ATM and international remittance.
