SACCOS have been serving the informal sector in Kenya for decades. They have continued following traditional methods to offer their services. Trust and social interaction remain important aspects amongst the members. However, with the growing needs and changing environment, legacy methods have started to lag behind.
At Wakandi, we believe technology can play a critical role for SACCOS, VICOBAs, and other informal financial groups in Kenya. It can help them achieve growth, deliver better services while improving user satisfaction.
As a technology-driven organization, we aim to provide effective and robust digital solutions to the Kenyan saving groups. That is why we are working together with SACCOS to offer our unique solution called Credit Association Management System (CAMS). We have already signed MoU with various SACCOS in Kenya to start the onboarding process of more than 14000 members. Mwenge Miraa SACCOS Ltd is one of the first organizations with which we have started the onboarding process.
CAMS offers the privilege to use technology and mobile payments to manage SACCOS effectively and efficiently. It can help them reduce the amount of paperwork and manual intervention that is required in day-to-day tasks. This significant shift to CAMS can lead to several benefits:
CAMS is built on top of already existing mobile payment systems. It allows members to use their preferred mobile wallet and send monthly contributions at a click of a button. Not just sending, they can also receive the loan amount directly into their mobile wallet when required.
Besides payments, it will be extremely easy for members to manage their finances through CAMS. They will be able to log in anytime to check their balance, loans they have takes, the amount due, contributions made, and everything else related to their finances.
Online loan applications
Applying for a loan can involve several processes, documents, and lots of paperwork. CAMS makes this process seamless with the help of technology. With CAMS, members can apply for loans in a few clicks and receive the amount directly into their wallets. Admins on the other hand can accept or reject the loan application within their system. CAMS effectively reduces the number of tasks and makes the process smoother.
All these transactions and applications are automatically recorded into the system requiring the least human effort. Moreover, these records will be visible to all admins and members with the required permissions for better transparency.
CAMS gives power to the hands of admins when it comes to managing contributions, loans, members, records, compliance, and other aspects of the SACCOS. They will have a separate application that will allow them to effectively manage daily operations and keep track of their progress.
Apart from all the features CAMS offers, security remains a crucial aspect of our system. It is highly important to keep the transaction data secure from unauthorized access, theft, or malicious activities. That is why we have built the solution on a blockchain-based infrastructure that offers robust security to the system.
Moving ahead, digitization of operations seems to be the way forward for the informal financial groups in Kenya. Implementing the right solution can lead to effective management, reduced costs, and user satisfaction. To know more about how we are enabling digitization for SACCOS, visit our website.