Kenya-based Kwara, a company specializing in financial technology, recently purchased IRNET Coop Kenya, a software firm which is a subsidiary of the Kenya Union of Savings and Credit Cooperatives (KUSCC), for an amount that has not yet been disclosed but is expected to be in the millions.
Following the fruitful completion of the commercial transaction that resulted in the sale of the Internet, the two companies have successfully reached an agreement on the mode of distribution that will be utilized for the sale of digital goods.
In December of 2021, the financial technology company Kwara, which would later go on to acquire Irnet, was successful in raising $4 million in funding for the purpose of modernizing and automating the services that credit unions give to their customers.
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This was done with the intention of acquiring Irnet. This was done with the goal of enhancing the experience that was provided to customers in general. This activity was carried out with the purpose of acquiring Irnet as the end result.
This was done with the goal of providing customers in general with a more delightful purchasing experience, which was one of the primary motivations behind doing it. Because of this, we were able to provide our customers, who were also members of the credit union, with an experience that was, all things considered, more satisfying than what they had previously received from us.
How Fintech Kwara Started its Existence
The year 2018 marks Fintech Kwara’s first year of existence; nevertheless, the company has already been in business for an entire year.
More than 120 MFIs can now use digital banking channels more easily, which will definitely lead to a rise in the number of customers and, in the long run, a higher level of success.
After the transaction was done, the Kenyan fintech company bought Irnet with the goal of combining their businesses to offer digital solutions for the microfinance industry in Kenya as a whole.