By Staff Writer
There used to be a day when it would take one a whole day to travel from your house to the nearest Sacco branch, transact, paybills and travel back. Nowadays, you can transact and paybills on your phone in under 2 minutes and get on your business. Tangazoletu Limited, a Kenyan ICT firm that builds mobile financial and ICT Solutions brought you the mobile banking convenience through SpotCash mobile banking in 2010. Being first to the market had it’s share of challenges but the impact of mobile banking in the Sacco sector has been immense to say the least. During this time, we have seen the Sacco sector rise to being the first in Africa and the 3rd largest Sacco movement in the world. SpotCash Mobile Banking, the Think Business Banking award winning product from Tangazoletu has transformed the lives of the common mwananchi, given them dignity and access to their funds anytime anywhere.
To build on the great success of SpotCash Mobile Banking, Tangazoletu is bringing another first in the market; SpotCash Agent – an agency banking platform that will not only lower the cost of opening new Sacco branches with over 90%, it’ll increase the Sacco footprint, offer Sacco members more options to access their funds and deepen financial inclusion in Kenya.
Currently, there are over 6million Kenyans aged between 16-64 years without access to formal banking. With SpotCash Agent, it’ll be possible for the Sacco sector to bring formal banking to these people. It’ll also be possible for the Sacco sector to provide them with not only a means to access their money conveniently but encourage a savings culture which will ultimately increase their access to credit. With access to credit, an individual will not only be able to grow their asset base but also empower them to contribute to the economy.
SpotCash Agent is currently on pilot under the watchful eye of the industry regulator, SASRA and will be rolling out in the next few months.
To complete the offerings, Tangazoletu has also introduced SpotCash Core Banking – a comprehensive, secure & user friendly Sacco Core Banking & Management Solution. With SpotCash CBS, Tangazoletu seek to transform the operations your Saccos to cut down on operational costs, position yourself for greater growth opportunities through automation of the Sacco management processes and ultimately ensure that you run an efficient business within banking best practices. SpotCash CBS is tried and tested in 300 institutions around the world and will equally transform your Sacco.
Tangazoletu believes that with your continued partnership with collaborating Saccos, we will be able to reach and recruit up to 10 million new members into the Sacco movement, over the next decade.