Saccos have been advised to adapt their strategies to cater to the preferences of Generation Z (Gen-Z) – referring to individuals born between 1996 and 2010 – by implementing advanced and interactive technology.
Speaking during a Customer Breakfast Forum themed ‘Saccos and Gen-Z’ hosted by NCBA Bank, Cabinet Secretary (CS) for Co-operatives and MSMEs Development, Simon Chelugui, emphasized the importance of Saccos aligning strategies with the needs of Gen-Z.
“We need to align our strategies to meet the needs of Gen-Z who constitute 33.4% of the country’s population, translating to 18 million Kenyans,” the CS said.
Chelugui reiterated the crucial role Saccos play in the socio-economic development of the country and by embracing technology, they can provide their young members with convenient access to financial services from the comfort of their homes.
“This particular demographic is characterized by its ability to get things done on the go; thriving on the digital ecosystem where efficiency in service delivery and instant access is paramount,” he said.
Gen Z is greatly influenced by the digital age, climate concerns and a changing financial landscape. They are currently the second-youngest generation, with Millennials preceding them and Generation Alpha following.
Kenya currently has 29,000 registered cooperatives, boasting an impressive asset base of Ksh1.5 trillion, with deposits and savings totaling Ksh1 trillion and a loan portfolio of Ksh980 billion. In addition, Cooperatives contribute approximately 31% of the total national savings.
By Amos Kerich
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