Sidian Bank to work with SACCOs to spur growth

The Sidian Bank has reaffirmed its commitment in working with Saving and Credit Cooperative Organisations (SACCOs) to leverage itself through partnerships and linkages in order to spur growth.

The banks’ Chief executive officer Chege Thumbi said that SACCOs can serve as trusted financial partners throughout members’ life journeys.

Speaking in Kisumu during the Kenya Teachers SACCOs Association (KETSA), 5th annual leadership summit, Thumbi said that the move is meant help educators and entrepreneurs benefit from home ownership and retirement through an integrated and innovative model.

He said that partnership will have clear impacts ranging from lower costs, faster service delivery, and tailored solutions that drive entrepreneurship and wealth creation.

Thumbi further urged SACCOs to enhance innovation to strengthen competitiveness, risk management, growth, and member retention.

However, he noted that innovation must be embedded in strategy, culture, and leadership.

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“It requires investment in technology, partnerships, talent, and governance frameworks that promote agility and accountability,” he said.

By focusing on member value and community impact, he said, SACCOs can position themselves not only as financial institutions, but as engines of inclusive growth and sustainable development.

The CEO noted that Banks serve as key enablers of innovation for SACCOs by providing infrastructure, liquidity, and technical expertise and membership engagement.

Through collaboration, Thumbi said, SACCOs can leverage banks’ scale, capital strength, and technological infrastructure while maintaining their member-centric model and achieving growth without significant capital strain.

He said Banks also set benchmarks in digital transformation, including mobile and online banking, digital lending, automated on boarding, and advanced credit scoring.

As SACCOs evolve into comprehensive financial service providers, he pointed out, regulatory and increase in risk complexities.

“Banks bring strong governance, compliance, and risk management capabilities. Through partnerships and shared services, SACCOs can enhance,” he said.

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He urged SACCOs to focus on Governance frameworks, Anti-money laundering (AML) compliance, Risk management systems and Cyber security protocols, saying that these  strengthens institutional resilience and builds member confidence.

“Banks and Cooperative institutions together can create a robust financial ecosystem where shared infrastructure and complementary strengths drive inclusive growth.” He said

He noted that with this year’s theme, ‘Innovation and Impact: SACCOs as the Ultimate One-Stop Shop’ SACCOs need to reimaging member experience beyond basic services.

This he said can be achieved though intensive technology and infrastructure investment to enable seamless mobile banking, integrated systems for faster loan processing, digital on boarding and secure protection of members’ savings.

By Fredrick Odiero

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