August 17, 2022

Sacco Review|The Leading Newspaper for Co-operative Movement in Kenya

The Leading Newspaper for Co-operative Movement in Kenya

Tangazoletu goes big in IT platform


tem, set up in 2009, allows members
to access their accounts 24 hours a day
while providing more independence
and freedom to members who can
transact trough the mobile phone.
“Members can access their accounts
24 hours a day, on weekends
including Sundays and are not limited
by time or their location. Any Sacco
on this platform can now free up their
staff and tellers from the office to do
other gainful duties like marketing the
Sacco. Adapting new technology is the
only way Saccos can survive stiff competition
from commercial banks,” said
Mr Gathingu.
In order to safeguard against fraud
on its platforms, Tangazoletu has a 24
hour customer service department and
various tools that help to detect any
fraudulent transactions before flagging
them. It has also deployed primary,
secondary and redundancy sites to recover
any lost Sacco data. Tangazoletu
goes big in IT platform
“In the event that a Sacco loses
data through an act of terror, we can
use our secondary sites to ensure recovery
of data. We also do routine audits
using professionals to ensure that
Tangazoletu goes big in IT platform
the system is not compromised,” said
Mr Gathingu.
According to the SASRA Supervision
Report 2015, Regulation 17(4) of
the Regulations 2010 allows the Authority
to consider and grant approval to a
DT-SACCO Society seeking to act as
an agent of another third party institution.
However, the main agency business
which many DT-SACCO Societies
have ventured into is the agency
banking business, whereby commercial
banks have engaged DT-SACCO
Societies to render certain specified
banking services on their behalf in
accordance with the Banking Act and
the Guidelines on Agency Banking
issued by the Central Bank of Kenya.
As at December 2015, there were
a total of 48 DT-SACCO Societies
which had been granted approvals
by the Authority to render agency
banking services, on behalf of various
commercial banks. Some of the
DT-SACCO Societies were noted
to render agency banking services
to multiple commercial banks at the
same time.
The analysis shows that forty four
(44) DT-SACCO Societies are agents
of Co-operative Bank of Kenya Ltd;
ten (10) DT-SACCO Societies are
agents of Equity Bank Ltd; eight are
agents of Kenya Commercial Bank
Ltd and two re-agents of Post Bank