Espen Kvelland




Graz, Austria

Impact classification:


1,7 bn people in the world can't or don't want to access formal financial services. Most turn to informal savings groups which are high-risk and don't give access to services such as insurance or loans. Wakandi is the first solution to offer these customers a safe, digital way to save money and get a financial track record without a bank account.

For too long, this financial exclusion has been a significant barrier to progress and development across Africa. Traditional financial systems are often inaccessible, expensive, and unreliable, leaving large portions of the population without access to basic financial services such as savings, loans, and insurance. This exclusion perpetuates poverty and limits economic growth, as individuals and small businesses are unable to access the resources they need to thrive.

In Africa, more than 300 million people lack access to formal banking services. While traditional banks have tried expanding their market share, they are limited by the simple fact large parts of the population is not able or willing to open a bank account. Wakandi provides the opportunity for informal financial groups to manage their finances as easily as sending a text message.

Wakandi's digitization of local savings groups is a game-changer in the fight for financial inclusion. By leveraging blockchain technology and biometric authentication, Wakandi is able to offer secure, reliable, and affordable financial services to anyone with a smartphone, regardless of their income or location. This means that even those in remote and underserved communities can access the financial tools they need to build a better life for themselves and their families.