Co-operative Bank of Kenya-facilitated Akili Kali Innovation Challenge has shortlisted five fintechs for a five-week co-development and codesign programme.
Also supported by the International Finance Corporation (IFC), the virtual challenge now awaits a final demo to select winners who stand to receive Sh5 million cash rewards. In addition, they will get to partner with the bank and co-operative societies to integrate and officially launch their innovations.
“The shortlisted firms include Awamo 360 Kenya Ltd, Herufi Technologies Ltd, Jamborow Ltd, Smart Matatu and Chamasoft Ltd,” the bank said.
The finalists were selected from a list of over 500 applicants. Speaking during the launch of the challenge in July, Director of Co-operatives Banking Vincent Marangu said the trend among co-operatives portend great opportunity for those offering services and those who demand for better services have grown with the digital revolution.
The innovators will collaborate with Co-op to build the next generation of financial solutions for the co-operative movement and its 20 million members in Kenya.
The new innovations will also give co-operatives a competitive edge and strengthen their resilience in the rapidly changing financial landscape in Kenya