Wakandi Pay overview

Wakandi Pay provides integrations with different Banks and MNOs to SACCOs within the Wakandi Ecosystem.

There are three possible ways of integrations with Financial Institutions (Banks and MNOs) based on regulations of the country.

1. Dedicated Account: In case of dedicated account, SACCOs directly get an account with Financial Institutions. SACCOs have full control on these accounts to manage the funds.

1. Pooled Account: Wakandi have obtained PSP/PSO license in a few countries from the central banks which allow Wakandi to collect and process the fee on behalf of SACCOs. In this case SACCOs are not required to go to each and every Bank and MNO to get an account for integration. Wakandi uses the pooled account to collect and disburse the funds on behalf of SACCOs which later settled into the bank account of SACCO.

1. Trust Account: Wakandi is in process of setting up third party trust in different countries to offer the same functionality as pooled account but in this case Trust will be able to hold the funds for longer duration on behalf of SACCOs for future payments.

Wakandi uses apis offered by Banks and MNOs to update and initiate the transactions to support digital payments for SACCOs. This also ensures the automatic updation and reconciliation of transactions done by the SACCO members.

Integration can be further understood as follows

• Bank integration
• MNO Integration
• Fund collection
• Fund disbursements
• Fund settlement