The Kenyan microfinance company Kuscco (Kenya Union of Savings and Credit Cooperatives) has sold its 75%-owned subsidiary in Irnet, which published banking software. For an undisclosed sum, the corporation was sold to Kenyan fintech company Kwara. Following the sale of Irnet, the two organisations came to an agreement about the delivery of digital solutions.
According to George Ototo, general manager of the Kuscco group, “the acquisition of Irnet and the Kuscco-Kwara cooperation will enable us to give our thousands of members with a central, cloud-based banking platform that is tested, proven, and safe, as well as modern mobile banking channels.”
In December 2021, the fintech Kwara, which would own the business Irnet, raised $4 million to improve and automate the services provided by credit unions.
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According to Fintech Kwara, which was established in 2018 and began operating a year later, it has given more than 120 microfinance institutions access to digital banking channels to help them expand their clientele and grow their businesses. The Kenyan fintech company wants to consolidate the operations of the two organisations after acquiring Irnet in order to create digital solutions for the country’s entire microfinance industry.
Kuscco Kwara Kuscco Kwara
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard