By Eddah Waithaka
Safaricom’s Chief Enterprise Business Officer, Cynthia Kropac, encouraged Savings and Credit Cooperatives (Saccos) to adopt digital solutions to streamline operations, improve service delivery, and meet the evolving needs of their members during an interview with journalists in Mombasa.
Kropac emphasized the importance of digital transformation in the Sacco sector, highlighting platforms like My sacco as critical tools for managing growing and diverse membership bases.
“At Safaricom, we recognize that Kenyans, especially young people, continue to seek solutions that cater to their needs at different life stages, wherever they are, and most importantly, on digital platforms. That is why we recently developed the My sacco platform to drive financial inclusion and sustainability in the Sacco sector,” she said.
The push for digitization comes against the backdrop of a 2019 survey by the Saccos Societies Regulatory Authority (SASRA), which revealed that the average age of Sacco members in Kenya is 40 years. This demographic, increasingly tech-savvy, demands seamless and accessible digital services.
The team launched the MySacco platform in October 2023 as a multi-tenant digital solution that addresses the operational challenges Saccos face. It simplifies key services such as opening savings accounts, managing loans, and tracking transactions, making these processes fully digital and user-friendly.
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Kropac noted that although digitization offers clear benefits, only 5% of Saccos in Kenya have fully digitized operations, and fewer than 1% can afford the existing core banking platforms.“We continue to encourage Saccos to enhance not only their customer interactions but also their internal processes and operational systems,” she added.
The My Sacco platform offers affordability, accessibility, and scalability by providing cloud-based solutions that eliminate the need for heavy infrastructure investments. It integrates connectivity, cyber security, and a digital-first approach, enabling Saccos to expand their reach and improve member satisfaction.
To ensure inclusivity, the platform is accessible across multiple channels, including Android and iOS mobile apps, a web portal for advanced functionality, and USSD support for members without smartphones.
This multi-channel approach ensures that all members, regardless of their technological access, can benefit from the platform’s features. As Saccos continue to play a pivotal role in Kenya’s financial inclusion agenda, the adoption of digital solutions like My Sacco is expected to drive efficiency, transparency, and growth in the sector, ultimately benefiting millions of members across the country.
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