The recently released data by SASRA has revealed that most Saccos adopted the use of ICT in offering financial services to their members.
The data revealed that the technological channels used include Sacco agencies, ATMs or mobile money transfer.
According to SASRA, the new norm is replacing the clamour for brick and-mortar physical branches which are normally capital intensive to establish and expensive to maintain.
Application of alternative financial delivery channels ensures members have the convenience and ease of accessing Sacco services.
SASRA noted that the new move is critical if Saccos are to attract and retain into their membership the techno-savvy generation who are currently in the country’s productive economy.
“The availability of digital credit products among several regulated Saccos is another welcome development which will continue to reposition the Saccos as a one-stop shop for all credit products and discourage their membership from straying away to other digital credit providers,” said SASRA.
It also added that the move is boosted by the cyber-security mitigation measures which are being implemented at the industry levels as well as by individual Saccos.
“The periodic regulatory alerts, the adoption of multi-faceted cyber-security solutions; the stringent terms and conditions for usage of third-party integrators and vendor systems which were discussed and adopted during by the industry at the Annual Regulatory Roundtable 2022, ensured that cyber-attacks on Regulated Saccos Management Information Systems (MIS) and operations was largely contained during the year 2022,” the agency noted.
The authority warned SACCOs against resting in their fight to combat cyber-security as the perpetrators remain active and are always devising new ways to breach the applicable security solutions.
By Vostine Ratemo
Get more stories from our website: Sacco Review. For comments and clarifications, write to :Saccoreview@shrendpublishers.co.ke
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely update
