Digital Platforms for SACCOS in Kenya

How digital platforms can transform SACCOS in Kenya

The financial sector across the globe is witnessing a digital transformation. Equity Bank Kenya Limited reported a rise of 38% in merchant banking digital payments. Beyond commercial banking, mobile wallets have become extremely popular in retail transactions. 

SACCOS and other cooperative societies, on the other hand, rely on manual processes for day-to-day operations. They mostly manage their records in physical documents and manually write all the entries. Furthermore, all transactions majorly happen in cash. All this brings a number of challenges in the longer run.  

  • Lack of compliance – Compliance with government regulations and finance acts is highly important. Their guidelines are receives updates from time to time. SACCOS need to make changes in order to comply with the updated guidelines. Such updates can be quite difficult with manual processes as they can be slow and require more effort.  
  • Poor record management – While manual entries of transactions can be quick, there are more chances of errors and missing entries. Moreover, it becomes hard to trace all transactions with 100% accuracy. 
  • Fraud and theft – Paper documents and cash transactions can lead to theft fraudulent activities. Such records can be easily manipulated and cash can be easily stolen. 
  • High competition – The growth in the finance sector brings immense competition to the SACCOS from banks and microfinance institutes. Not upgrading with the pace of the market can lead to many missed opportunities. The members may look for organizations that can serve them better.   

The role of digital platforms for SACCOS in Kenya 

Digital platforms can transform the way SACCOS operate. They can digitally power their tasks to bring better speed, security, and transparency. While enabling better services, digital platforms can also help solve various challenges they face in day-to-day operations. 

Adopting digital platforms brings automated record management as every transaction is saved online. There will be no manual entries which will significantly reduce the chances of errors while offering 100% accuracy. 

Such digital record management will also reduce the chances of fraud and theft. Every person will be able to view the transactions, and only a few will have permission to edit or delete them.  

Digital platforms can bring better speed and security in whatever they do. Be it, deposits, loans, managing finances, adding new members, etc. members can do everything in a matter of seconds. Moreover, every transaction will be done in a secure and transparent way.

With everything recorded formally, better and more compliant records can be made. Consequently, it will be easier for SACCOS to stay compliant with the latest government guidelines and new acts. Furthermore, they will be able to offer better services while serving effectively the changing needs of their members.

CAMS as a digital platform for SACCOS

We have launched the Credit Association Management System (CAMS) as a digital platform for SACCOS. With CAMS, SACCOS can offer formal financial services by digitizing savings and loan services for millions of members. 

At Wakandi, we aim to promote cashless transactions and digital processes for SACCOS with the help of CAMS. It would lead to a world that is digitally able and more inclusive. Read more about CAMS here.  


In the wake of digitization, SACCOS in Kenya are attempting to digitize their daily transactions. They are using mobile money to send or receive money. Adoption of digital platforms like CAMS can speed up the processes and make things more secure and transparent. However, technical expertise remains a challenge as that may slow down the whole adoption process. SACCOS adopting digital platforms will see better growth in the longer run.

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