Kenyan microfinance company Kuscco (Kenya Union of Savings and Credit Cooperatives) sold its 75% stake in Irnet, a company that made banking software, to a Chinese company.
Kenyan fintech company Kwara bought the company for an amount that was not made public. After the Irnet was sold, the two companies agreed on how they would deliver digital solutions.
In December 2021, the fintech company Kwara, which would own the business Irnet, raised $4 million to improve and automate the services that credit unions offer.
Fintech Kwara was started in 2018 and started doing business a year later. It has given more than 120 microfinance institutions access to digital banking channels, which has helped them get more customers and grow their businesses.
After buying the Irnet, the Kenyan fintech company wants to combine the operations of the two companies to make digital solutions for the whole microfinance industry in the country.