SACCOs are seeking to develop a joint mobile-based solution that will enable members’ access money transfer services and apply for loans indiscriminately at the touch of a button.
This has been necessitated by the rising costs of developing safer and innovative solutions for individual Saccos.
According to Co-operatives Principal Secretary of State Department Ali Noor, this is part of an ongoing strategy to spur adoption of ICT and improve efficiency within the cooperative movement.
With an asset base of about a trillion shillings, the cooperative movement is of strategic importance in mobilizing savings.
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However, a slow integration of ICT in service delivery has made SACCOs less attractive to a majority of the youth who are after convenience opting to use mobile lending apps.
As such, plans are underway to roll out a shared SACCO app that will among others enable members to access money transfer services and apply for loans indiscriminately at the touch of a button.
Noting that the shared Sacco app would reduce costs especially for lower-tier SACCOs, Noor urged them to embrace technology to improve efficiency and attract youthful clientele.
This emerged during Harambee SACCO annual delegates meeting, where the Sacco reported a 3% growth in profits to 418 million shillings while assets rose 12 percent.
The Sacco announced a dividend payout of 6.5 percent.
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