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Slum-based sacco banks on technology to boost revenue

 

 

A slum-based savings and credit co-operative society in Kibra, Nairobi, has adopted technology to attract more clientele and revenue.

 

The Shining Hope for Communities (Shofco) Sacco Manager Collins Odongo said the sacco, which works with small and mid-size enterprises has a new mobile platform from where members can either apply for loans or make payments.

 

This, he said, is in a move to avail ICT to conveniently offer all forms of their services through the mobile platform.

 

Mr Odongo, who spoke as the sacco marked its fifth anniversary said Covid-19 pandemic has driven the co-operative society to fully embrace technology.

 

“And there is no going back, since it has endeared us to the dynamic, youthful and urban slum-oriented segment. The Covid-19 pandemic has essentially opened our eyes to the unexploited ICT channels that we can use to reach out to, and inform our members. This, we shall enhance and perfect,” said Mr Odongo.

 

He revealed that in the next five to 10 years, as they expand to all major slums in the country, they seek to have a fully automated sacco where members will do everything online.

 

With increased automation, he added, they expect to increase their staff capacity to offer more personalised financial services to their members.

 

“We are currently focusing on diversifying our services towards ensuring that members can access every financial service that they need from their sacco and take advantage of the synergy of their numbers to gain bargaining power for their own benefit,” Mr Odongo said.

 

https://nation.africa/kenya/business/slum-based-sacco-banks-on-technology-to-boost-revenue--1925224

 

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