Bank Integration

Wakandi is integrated with Banks to support fund collections and disbursements for the SACCOs. Integration is done through the apis offered by banks to process these transactions.

Online/Digital Payments

1. Disbursements: In the cases where SACCO wants to transfer the funds to the member in online or digital way. SACCO admin can initiate the payment within the SACCO Management software offered by Wakandi. This triggers the Bank api to move money from SACCO Bank Account or Wakandi Pooled Bank Account to the member’s bank account or MNO wallet.

1. Collection: When member deposits funds to the SACCO Bank account or Wakandi Pooled Bank Account online. Bank sends a callback or webhook back to Wakandi, which includes member Sacco account number as reference in which the amount needs to be credited.

Cash Transactions

1. Disbursements: Wakandi does not support Cash disbursements through banks at the moment due to security and verification issues as might be difficult to verify the customer who is taking money out from the account. This might be supported in future with SACCO approval and biometric or otp based verification.

1. Collections: Wakandi supports cash collections through bank deposits or wakala deposits. In this case members visits the nearest bank or bank wakala and deposit the funds in the SACCO or Wakandi Pooled Bank Account number with ref number. Bank sends api call with the collection details to Wakandi to complete the transaction.

Authentication: Bank might want to verify if the destination SACCO account of member. This is processed through a verify/identify request. Bank calls Wakandi API with ref number to confirm the details, Wakandi provides all needed information in response to ens