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microfinance Kuscco sells its software publishing company to fintech Kwara

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(Ecofin Agency) – Two years after raising $4 million, Kwara signs an agreement to acquire a banking software publisher for the microfinance sector in Kenya.

The Kenyan microfinance Kuscco (Kenya Union of Savings and Credit Cooperatives) sold its banking software publishing subsidiary, Irnet, in which it held a 75% share. The entity was sold to Kenyan fintech Kwara for an undisclosed amount. The sale of Irnet was followed by the conclusion of a partnership relating to the supply of digital solutions between the two entities.

The acquisition of Irnet and the Kuscco-Kwara partnership will enable us to provide our thousands of members with a central cloud-based banking platform that is tested, proven and secure, as well as modern mobile banking channels. said George Ototo, Managing Director of the Kuscco Group. Fintech Kwara, which will own Irnet, raised $4 million in December 2021 to strengthen and digitize credit union services.

Fintech Kwara, which was founded in 2018 and launched operations a year later, claims to have provided more than 120 microfinance institutions with digital banking channels to enable them to improve their business, as well as the services they they offer to their customers. With the acquisition of Irnet, the Kenyan fintech plans to combine the activities of the two structures in order to develop digital solutions for the entire microfinance sector in Kenya.

Chamberline MOKO

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