Savings and Credit Cooperatives (Saccos) have been encouraged to adopt digital solutions to enhance seamless and efficient management while improving service delivery to their customers.
Speaking during an interview with journalists in Mombasa, Safaricom’s Chief Enterprise Business Officer, Cynthia Kropac, emphasised the need for Saccos to embrace digital transformation by adopting platforms such as MySacco, which enables Saccos to efficiently manage a growing and diverse membership base.
According to a 2019 survey conducted by Saccos Societies Regulatory Authority (SASRA), the average age limit for SACCO members is 40 years.
“At Safaricom, we recognise that Kenyans, especially young people, continue to seek solutions that cater for their needs at different life stages, wherever they are, and most importantly, on digital platforms. That is why we recently developed MySacco platform to drive financial inclusion and sustainability in the Sacco sector,” she said.
Kenyans redeem Sh. 301 million Bonga points to buy food
In October last year, Safaricom introduced the MySacco platform, a multi-tenant digital platform that streamlines Sacco operations and addresses challenges related to membership management. The platform simplifies key services, including opening savings accounts and managing loans, making these processes fully digital, trackable, and highly user-friendly.
“With statistics showing that only 5% of Saccos in Kenya are fully digitised, and less than 1% can afford the existing core banking platform systems in the market, we continue to encourage Saccos to enhance not only their customer interactions but also their internal processes and operational systems,” Kropac added.
With the MySacco platform, Saccos benefit from affordability, accessibility, and scalability by subscribing to cloud-based solutions without the burden of heavy infrastructure costs. The platform provides a one-stop-shop experience that integrates connectivity, cybersecurity, and a digital-first approach, enabling Saccos to expand their reach and better serve their members.
To ensure maximum accessibility, MySacco is available across multiple digital channels, including Android and iOS mobile apps for on-the-go access, a web portal for advanced functionality, and USSD support for members without smartphones.
