TCDC, Wakandi collaborate to digitally strengthen cooperatives in Tanzania

The cooperative sector has been a crucial pillar of economic and social development in the country. However, for a long time, this sector has faced various challenges such as inefficiency in operations and lack of timely access to information.

These challenges stem from the sector’s heavy reliance on analog systems, despite the world witness­ing significant technological revolu­tions in every sector.

Recognising this, the Tanzania Cooperative Development Com­mission (TCDC) has been making significant efforts, in collaboration with various stakeholders to ensure that cooperative activities are dig­itised to enhance productivity and efficiency.

This has been evident through their recent campaign, “Digital Cooperative,” conducted through various media outlets and social media platforms. TCDC’s efforts go beyond running awareness cam­paigns on digital adoption.

They also involve partnerships with various digital stakeholders to exchange experiences and acquire advanced and reliable systems to achieve the goal of digitising coop­erative operations.

To implement this, TCDC and Wakandi Tanzania Ltd have signed a Memorandum of Understanding (MoU) to empower cooperative societies in the country to embrace Information and Communication Technology (ICT).

The signing ceremony, which took place at the residence of the Norwegian Ambassador at Oyster­bay in Dar es Salaam, was attended by various stakeholders from the cooperative sector and financial institutions from within and out­side Tanzania.

The agreement was signed by the Registrar and CEO of TCDC Dr. Benson Ndiege, the Chairman of Wakandi Tanzania Ltd, Richard Sinamtwa, and the Country Direc­tor of Wakandi Tanzania Ltd, Daudi Boaz.

Speaking at the event, Dr. Ben­son stated that for a long time the cooperative sector had planned to transition to digital operations to enhance efficiency, and this collab­oration would soon bring that plan to fruition.

“In the cooperative sector, we have eight priorities, with the first and most significant being digital transformation. Given our strong collaboration with Wakandi Tanza­nia Ltd, we have identified them as a key partner in achieving this goal,” said Dr. Benson.

He noted that Wakandi Tanzania Ltd has been a major partner for over two years, and their experience and excellence in managing digital systems for institutions made them the right partner for this initiative.

“This partnership agreement marks a revolutionary step for the cooperative sector in Tanzania. Cooperative societies will now be integrated into modern manage­ment systems, streamlining service delivery, increasing transparency, and professionalism, which will help attract investment into the cooperative sector,” Dr. Benson said.

He highlighted that the effective­ness of these digital systems has already been demonstrated in a few cooperative societies that Wakan­di Tanzania Ltd has worked with. This success has motivated them to extend the system to the entire cooperative sector in the country.

“From the few cooperatives that Wakandi Tanzania Ltd has worked with, we have seen significant benefits such as clean financial records, reduced financial losses, and increased efficiency,” said Dr. Benson.

He further explained, “We have over 900 licensed SACCOs in com­pliance with microfinance laws, but less than 100 have been reached by Wakandi. Our goal is to ensure that all 900 SACCOs adopt these sys­tems, which is why we have gath­ered here today to formalise this agreement.”

Wakandi Tanzania Ltd has con­tinued to gain a positive reputation in the cooperative sector by pro­viding innovative digital solutions for cooperative societies through its financial information management system (Wakandi CAMS). This sys­tem is bringing positive changes to the sector and driving community development.

Recognizing Wakandi Tanzania Ltd’s contribution to the coopera­tive sector and sustainable devel­opment, the Tanzania Federation of Cooperatives (TFC) awarded Wakandi Tanzania the “Major Stakeholder Award.” This award was presented by the Minister for Agriculture, Mr Hussein Bashe, during the 2023 International Day of Cooperatives (SUD) celebrations.

Espen Kvelland, CEO of Wakandi Group, assured that his organisa­tion would provide the services out­lined in the MoU with professional­ism while complying with national laws and regulations. He expressed confidence that this agreement would bring about digital transfor­mation in the cooperative sector.

Richard Sinamtwa, the Chair­man of Wakandi Tanzania Ltd, emphasised that Wakandi would work closely with TCDC to advance digital cooperatives, empowering cooperative members to strength­en their economic standing through ICT systems.

“We at Wakandi Tanzania Ltd have been key stakeholders in Tan­zania’s cooperative sector. This agreement will further boost pro­ductivity in the sector by enabling members to monitor their cooper­ative societies’ progress from any­where at any time,” said Sinamtwa.

Speaking about the Wakandi CAMS, Daudi Boaz, the Country Director of Wakandi Tanzania LTD, explained that the system allows cooperative members to track their cooperative transactions, save, and apply for loans via mobile phones, whether smartphones or feature phones.

“Using a mobile phone (smart­phone or feature phone), members can access savings, shares, divi­dends, and various reports through a specialised app or SMS. This sys­tem modernizes cooperative man­agement, saving time and enhanc­ing transparency and efficiency,” said Boaz.

He added that the system oper­ates similarly to banking systems and is integrated with mobile net­work operators/mobile money and banks, including NMB Bank.

During her opening remarks, Norway’s Ambassador to Tanzania, H.E. Tone Tinnes, reaffirmed her country’s commitment to support Tanzania’s development through various projects funded by Norway.

“This agreement is a result of the strong diplomatic and economic tie between Tanzania and Norway. We have collaborated on multiple economic and development initia­tives,” said Ambassador Tinnes.

Wakandi is a Fintech that digi­tizes financial services for the informal economy, with a focus on cooperative societies and microfi­nance institutions (MFIs) in Africa, enhancing operational accuracy, security and efficiency.

Currently, Wakandi operates in 3 African countries, including South Africa, Kenya, and Uganda, which were also represented at the signing ceremony.