Co-operative Bank has unveiled a tech challenge aimed at engaging and partnering with technology innovators to address the gaps and challenges faced by cooperative societies.
Dubbed “Co-op Akili Kali Innovation” and supported by International Finance Corporation, the challenge is a call for dedicated innovators to team up with Co-operative bank in building the next crop of financial solutions beneficial to the Co-operative movement and its 20 million membership across Kenya.
Applications are open and can be accessed through the Co-operative bank website with the deadline being August 7.
Lucky applicants will be enrolled on a 5 week co-development and co-design program supported by an enthusiastic team from Co-operative Bank and selected cooperatives, after which a virtual demo event will take place to select one or more winners.
The winners will have an opportunity to integrate and unveil their innovation with the bank aside from winning a cash prize of upto Sh 5 million.
The lender is seeking for technology innovators that can quickly develop solutions to build value for Co-operatives and allow them to service member’s demands cost effectively while ensuring that the spirit of the Co-operative crusade, which is entrenched in enabling both national and social development for individuals through a shared economy, is sustained.
Additionally the new innovations will also give Cooperatives a competitive edge and reinforce their resilience in the rapidly changing financial landscape in Kenya considering the myriad problems brought about by COVID-19.
Speaking during the launch of the innovation challenge the Banks director of Co-operatives Banking Vincent Marangu noted that the growth trends of co-operatives in Kenya indicate a great opportunity for Co-operatives to give valuable services to existing and potential new members whose demand for more and better services has grown with the digital revolution.