This archive report was first published on 30 July 2020.
Co-operative Bank has a long history with the Co-operative movement, dating back to 1968 when it was started by coffee farmers. Today, the bank is owned 64.56% by Co-operatives through a special purpose vehicle known as Co-op Holdings Limited.
With over 22,000 registered Co-operatives and over Kes 600B in savings, the Co-operative Movement in Kenya is the largest in Africa and among the top 10 globally. Co-operatives play a major role in all the key sectors of the economy, including Education, Agriculture, Housing, and Transport, employing more than 500,000 people and providing opportunities for self-employment to many more.
Co-operative Bank has now launched the Co-op Akili Kali Innovation challenge to address the gaps and challenges faced by Cooperative Societies. The challenge is supported by the International Finance Corporation (IFC) and aims to see innovators build the next generation of financial solutions beneficial to the Co-operative movement and its membership of over 20 million Kenyans.
Applications for the challenge should be submitted through the Co-operative Bank website by 7th August 2020. The shortlisted candidates will be taken through a 5-week co-development and co-design program, after which a virtual demo event will be held to select one or more winners. The winners stand to be awarded a cash reward of up to Kes 5M and an opportunity to integrate and launch their innovation with Co-operative bank.
