NMB Bank and Wakandi Tanzania Partner To Digitize SACCOS

NMB Bank Plc and Wakandi Group Tanzania have unveiled a strategic partnership aimed at revolutionizing financial services for Savings and Credit Cooperative Societies (SACCOS) in Tanzania.

This collaboration, following three years of development, introduces an innovative IT platform designed to empower SACCOS with modern digital solutions. Key features include real-time transaction updates, improved deposit management, enhanced financial control for members, multiple payment channels, and efficient loan disbursement.

This partnership brings together NMB Bank’s extensive customer base of over 6 million and its strong local brand with Wakandi’s expertise in financial technology, marking a significant step toward enhancing financial inclusion in the country.

NMB Bank, one of Tanzania’s leading commercial banks, holds a strong market position as the second-largest bank by assets, with total assets reaching TZS 12.2 trillion in 2023. The bank serves over 6 million customer accounts through a network of more than 230 branches nationwide. Espen Kvelland, CEO of Wakandi Group AS, emphasized the company’s commitment to driving financial inclusion by digitizing the informal financial sector, stating, “Our Credit Association Management System (CAMS) makes SACCO operations faster, more secure, and transparent.”

The launch event, held in Dar es Salaam, was attended by top executives from Wakandi Group AS, NMB Bank, and DART Sacco, one of the first customers to use the platform. Wakandi’s Credit Association Management System (CAMS) aims to make SACCO operations faster, more secure, and transparent by integrating with mobile money services and banks. This partnership marks a significant milestone in advancing financial inclusion and digitizing the informal financial sector in Tanzania.