In the past, SACCO operations have been burdened by manual processes and extensive paperwork. These outdated practices have led to inefficiencies and delays that can hinder growth and service delivery. Fortunately, mobile banking is ushering in a new era of streamlined operations. Here is how it can help you!
- Real-time balances: Mobile banking eliminates the need for manual entry and record-keeping. Whether it’s viewing balances, downloading statements, or making deposits, members can perform these actions directly from their phones. This ease and convenience reduce administrative burdens for SACCOs and increase the accuracy of member balances. As a result, mobile banking provides real-time data to members, garnering greater trust in their SACCO.
- Finding guarantors: With mobile banking, members can find and request guarantors themselves. With a secure search, members can get guarantors for their loan applications, which can be easily reviewed by the SACCO for loan approval. This increases the loan volume of SACCOs and decreases the burden of going around to physically find your guarantor.
- Automated loan applications: SACCOs can set parameters for mobile loans, enabling instant loan approval and disbursement. The convenience and speed of this process ensure that members have access to needed funds in times of urgency, thereby reducing their reliance on other digital lenders with high-interest rates.
The benefits of mobile banking extend beyond convenience. It empowers SACCOs to better serve their members and grow in a fast-paced, digital world. SACCOs that have embraced this digital transformation have seen a remarkable growth of over 300% in just two years. Indeed, mobile banking is not just the future of SACCO operations – it’s the present.
I hope you find this as exciting as we do! Stay tuned to our blog for more updates on the world of mobile banking.