Savings and credit co-operatives (Saccos) have been encouraged to adopt digital solutions to enhance seamless and efficient management while improving service delivery to their members. Speaking 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 them to efficiently manage a growing and diverse membership base.
Digital platforms
According to a 2019 survey conducted by the Saccos Societies Regulatory Authority (SASRA), the average age limit for Sacco members is forty 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,” said Kropac.
In October 2024, 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 user-friendly. “With statistics showing that only five per cent of Saccos in Kenya are fully digitised, and less than one per cent 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.
Cloud based
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, cyber security, and a digital-first approach, enabling Saccos to expand their reach and serve their members better.
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.
