The Savings and Credit Cooperative Societies (SACCOs) in Kenya are currently undergoing a digital transformation, one that brings both unprecedented challenges and remarkable opportunities. The epitome of this change is best reflected in the symbiotic relationship between these community-based financial institutions and fintech solutions like Kwara. Known for its robust core banking system, Kwara has been instrumental in aiding various SACCOs win awards and scale their operations efficiently. Through integrating Kwara’s cutting-edge platform, SACCOs across Kenya, from Vihiga to Nakuru, have tackled issues of manual operations, no mobile channels, and barriers to join a SACCO, while winning accolades for their rapid digitization and improved service delivery.
Fueling Award-Winning Success
A common thread uniting these SACCOs in their journey toward excellence is the accolades they’ve garnered post-integration with Kwara. For instance, Vihiga County Traders Sacco bagged the ‘Most Digitized SACCO Award,’ while Bariki Women Sacco won the ‘Best Women Cooperative Prize.’ Meanwhile, Rachuonyo Biashara SACCO clinched an award at Ushirika Day, marking their newfound status as a digital pioneer. Such prestigious recognitions are not mere symbols but a testament to how digitization, fueled by partnerships with fintech solutions like Kwara, is setting new standards for excellence in the SACCO sector.
Rapid Growth and Expansion
Kwara’s impact isn’t limited to urban centers like Nairobi; it’s changing the game in remote areas as well. Rachuonyo Biashara SACCO, which saw its membership double and deposits skyrocket, serves as a case in point. The story of Yafnet SACCO is even more remarkable. Founded in early 2023 with zero members, Yafnet expanded to 206 members in just seven months. Targeting a specific demographic—youth—Yafnet shows how a focused approach, combined with digital solutions, can result in rapid growth.
Overcoming Manual Paperwork
Institutions like Bariki Women Sacco were facing challenges related to manual membership tracking and paper-dependent operations. The transformative power of Kwara lies in its ability to automate these processes, thereby introducing unparalleled transparency and convenience for both SACCOs and their members. SACCOs can now perform complex tasks like loan approval and deposit tracking instantly, thanks to Kwara’s robust platform.
Breaking Geographical Barriers
One of Kwara’s crowning achievements has been its capability to transcend geographical limitations. SACCOs have not only broadened their reach within Kenya but have also managed to include Kenyans residing in countries as far away as Qatar and the UAE. Karura Community SACCO is even serving members in 10 countries outside of Kenya. This expanded reach has helped to grow SACCO memberships and increase savings and loans activity beyond national boundaries.
The Future is Bright
The symbiotic relationships between Kwara and these SACCOs indicate a future ripe with possibility. From digital transformations to award-winning excellence, Kwara’s role as a catalyst for change in the SACCO sector has been firmly established. As these SACCOs continue to grow, expand, and diversify their offerings, their partnership with Kwara promises to usher in a new era of financial empowerment and inclusivity.
By addressing the unique challenges and needs of each SACCO, Kwara is not just offering a one-size-fits-all banking solution; it is enabling these institutions to reach their full potential, redefine their operational frameworks, and most importantly, serve their members better than ever before.
Are you interested in winning too? Then join Kwara here.