The Kenya Union of Savings & Credit Co-operatives Ltd (KUSCCO) Group Managing Director Arnold Munene has urged Saccos to take advantage of enhanced technology to boost their membership.
Munene, in a commentary in one of the dailies, said that by doing so they will tap into the youth demographic which forms a majority of the country’s population.
“According to the 2019 Census, 35.7 million Kenyans (75.1 per cent) are below 35 years. This young population needs products customized to their needs. This is an opportunity for Sacco leaders to offer tailored financial solutions to this potential market, ensuring continuity of membership,” he said.
He urged Saccos to partner with Fintech companies to provide solutions that cut through endless physical transactions and bureaucratic processes, while availing cost savings and security.
“The next crucial step for Saccos is to embrace shared services platforms. By pooling resources and technologies, they can significantly reduce operational costs while improving efficiency in service delivery. This collaborative approach would allow even smaller Saccos to offer superior services, ultimately benefiting millions of Kenyans,” he added.
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With most Saccos currently using technology to offer services through mobile banking apps which allow members to check balances among other services, Munene said that with the continuous growth of Artificial Intelligence, the sector will even develop significantly as it will ensure loan approvals are faster and more accurate as well as enhancing security and transparency in transactions.
By Vostine Ratemo
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