Waskom SACCO has been a pillar in providing financial services to employees and ex-employees across multiple companies. In a recent interview with Kwara, the Waskom SACCO team shared their transformative journey with Kwara’s platform. Here are the key takeaways from their experience.
A Brief Introduction to Waskom SACCO
Waskom SACCO, a non-withdrawable deposit-taking SACCO, operates primarily as a back-office service regulated by SASRA. With around 20 affiliated companies, Waskom boasts a membership of approximately 3,000 individuals, including current and former employees.
The Need for Change
Before partnering with Kwara in 2022, Waskom SACCO faced significant challenges with their previous system, particularly in reconciliation, customer care, and loan processing. The transition to Kwara’s platform marked a turning point in addressing these issues.
Enhanced Member Engagement and Convenience
One of the standout features of Kwara for Waskom SACCO was the USSD and online payment systems, along with the Kwara app. These tools have revolutionized how members interact with the SACCO, as highlighted by the Waskom representative:
Having the Kwara App on your phone has made it easier for members to see their accounts, statements, and loan balances without needing to visit the SACCO. This has significantly reduced the number of calls and in-person inquiries.
Streamlined Operations and Support
The move to Kwara was smooth, thanks to the extensive support from the Kwara team. The representative appreciated the seamless transition and ongoing assistance:
During the transition from the old system to Kwara, the support from Kwara’s staff was exceptional, making our work much easier.
Improved Loan Processing and Reporting
Once a tedious task, loan processing has been streamlined with Kwara’s system. The representative noted:
Loan processing is now user-friendly and fast. The step-by-step member registration process and the detailed reporting capabilities have improved our efficiency.
Tangible Results and Member Growth
The impact of Kwara’s platform is evident in Waskom SACCO’s growth and operational improvements:
In terms of membership, we have grown. Members are attracted by the ease of accessing information and services through Kwara. Our loan recovery has improved, and the speed and accuracy of our daily operations have increased.
The Best System for SACCOs
The representative’s endorsement of Kwara encapsulates their positive experience:
Kwara is the best system I’ve used in SACCOs and microfinance. In terms of speed, technology, and security, it’s unmatched. We’ve never had issues with security or hacking, making it the most secure system I’ve ever used.
Conclusion
Waskom SACCO’s journey with Kwara highlights the transformative power of innovative financial technology. The partnership has enhanced member experience and streamlined operations, positioning Waskom SACCO for continued growth and success.
