Kwara: Redefining African Credit Unions

Founded in 2018 by Cynthia Wandia (CEO) and David Hwan (COO), Kwara is a Kenyan fintech startup redefining the future of Savings and Credit Cooperatives (SACCOs) with a sleek, mobile-first core banking platform. Designed for speed, transparency, and security, its suite—Kwara Core, Kwara Connect, and USSD access—puts savings, loans, and account tracking at members’ fingertips. Its neobank app takes things further, offering insurance, instant loans, and other value-added services that make SACCOs feel like cutting-edge digital banks. At its heart, Kwara is about turning traditional cooperatives into tech-enabled engines of community wealth.

By the close of 2021, Kwara had transformed 60 SACCOs, serving over 60,000 members and driving 19% yearly membership growth—three times the global average. Loan portfolios for SACCOs using the platform swelled by 46%, five times Kenya’s national benchmark. Fast forward to today, and Kwara’s reach spans South Africa and the Philippines, serving more than 200,000 members and powering over €1 billion in annualized transactions. SACCOs on Kwara enjoy faster onboarding, effortless record-keeping, and better loan access—proof that technology can amplify trust and scale in community banking.

Kwara’s rise has been matched by its ability to attract global backing. It raised $4 million in seed funding in 2021 from Breega and SoftBank Vision Fund Emerge, followed by $3 million more in 2023. That same year, it sealed an exclusive deal with the Kenya Union of Savings & Credit Cooperatives (KUSCCO) to bring 4,000 SACCOs into the digital era. Named “Best Pitch” winner at the Norrsken Impact Accelerator, Kwara is on a bold mission: to serve one billion cooperative members worldwide by 2030—ushering in a new era of grassroots financial empowerment across the globe.