Technology and financial services, combined, have the power and the potential to eradicate endemic financial exclusion that still affects 3.5 billion people worldwide. That potential will only be realized when banks, with deep long-term relationships with their customers and a newfound appetite for innovation, and fintech startups moving with creative agility to meet consumer needs, combine forces.
Wala believes can solve the cash problem in emerging markets and influence positive financial behavior by removing all potential barriers through collaborations with companies like FINCA Impact Finance a microfinance bank operating in 20 countries across the globe.
By working together, FINCA clients would have access to FINCA’s financial products and services through the Wala Mobile Financial Services Platform. Access to the platform is free and the financial products available come at a very low cost. In addition, these consumers would be rewarded for a positive financial behavior, such as reaching savings goals in FINCA accounts and repaying FINCA loans on-time.
FINCA, which has operated in Africa since 1992, currently has nearly 700,000 clients and a loan portfolio of over $160 million across the continent. Utilizing these existing networks, Wala would use its mobile platform and expertise in consumer engagement and viral marketing to rapidly grow outreach and serve the unbanked and underbanked populations.
Wala is a financial platform with a mission to help people reach financial prosperity by eliminating the barriers to banking. Wala aims at closing the gap that exists between consumers and financial service providers by increasing the accessibility of the financial system. And this is achieved by making basic banking free and by making all financial services available through a customer’s phone.
The idea behind Wala was born in Uganda and in just 5 months Wala grew its online financial community to over 1 million consumers, enabling the team to design and build a mobile financial services platform responding directly to consumer needs. The Wala platform rollout will not only provide access to financial services to consumers, but will also infuse the mobile banking experience with financial education so consumers gain a greater understanding of how to manage their personal finances.