The African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) has partnered with VISA to launch Financial Inclusion in Kenya and Tanzania (FIKT) project to improve access and usage of formal financial services among underserved communities and small businesses.
The project aims to leverage the strength of the Sacco sub-sector in Africa and the Visa network to reach millions of unbanked and under-banked across the two countries.
Speaking during the official launch in Nairobi, Simon Chelugui, Cabinet Secretary (CS) in the Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development, said uptake of digital ecosystems such as the Visa Card can rapidly advance financial inclusion and economic growth for individuals and small, medium and micro businesses.
The CS noted that the financial sector across Africa is witnessing increased uptake of digital financial systems and Kenya is currently leading the continent towards digital transformation.
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He applauded ACCOSCA and Visa for their cooperation to create an inclusive and enabling environment that empowers Kenyans and Tanzanians to overcome financial barriers and achieve their economic aspirations.
Patrick Kilemi, Principal Secretary in the State Department of Cooperatives, noted that the purpose-driven partnership between ACCOSCA and Visa is geared towards advancing inclusive, equitable and sustainable growth for the citizens in both countries, ensuring that no one is left behind in the collective journey towards prosperity.
George Ombado, Executive Director of ACCOSCA, reiterated their commitment to fostering economic growth, promoting entrepreneurship, investment and productivity, and allowing vulnerable communities to invest in education and healthcare while shielding them from financial vulnerabilities.
Country Manager of Visa Kenya Eva-Ngigi-Sarwari said a blend of financial education and the uptake of digital payments hold the potential to rapidly advance financial inclusion and economic growth of MSMEs in Kenya and Tanzania.
“This can be done through developing targeted training programmes specifically for women, considering their unique financial requirements and challenges, as well as partnering with women-led organizations and community groups to expand outreach and accessibility,” she noted.
The project is designed to provide technical expertise and support towards harnessing financial inclusion through Saccos in the two countries.
Through this project, ACCOSCA and Visa are committed to advancing inclusive, equitable and sustainable growth for the citizenry in both countries.
The launch was attended by representatives from ACCOSCA, Visa, the co-operative sector, the government, and the private sector.
By Obegi Malack
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