SACCOS have been a symbol of trust and reliability when it comes to financial services for many millions in Africa. The growth of SACCOS in Kenya has been significant as they have witnessed a steady rise in savings and loans in recent years. They have become a key source of affordable loans and savings solutions. Unlike banks and other formal sectors, the growth has happened without many digital upgrades.
Though many SACCOS in Kenya have started exploring digital systems for their operations, a lot of aspects largely remain manual. They majorly interact in person and rely on traditional processes for maintaining records. That said, the adoption of technology has been going on but at a slower pace.
Moving towards digitization
However, the COVID-19 pandemic and its aftermath have driven a race to digitization, as members of SACCOS could not meet in person and deposit their savings. Moreover, they were unable to apply for loans and get the amount due to the applied restrictions on movement. The World Health Organization (WHO) also advised limiting the use of cash as it may carry the virus. Now, as the Delta variant of coronavirus continues to affect people, going digital remains the only option. It can be apt to say that SACCOS that can offer services remotely will be the most resilient through the pandemic and thereafter.
We aim to help SACCOS in Africa to go digital with CAMS and effectively manage their savings and loans. Read to know how CAMS can help savings groups against COVID-19 and future pandemics?
Even before the pandemic, it was essential to meet the changing needs of members to keep the business running. Members want their groups to offer business loans, quick credit facilities, and a lot more. Today, SACCOS in Kenya are not just a mode of saving but a reliable means to avail investments and insurance needs. Digitization can be a key aspect for them to meet the changing needs and offer better services. It can help SACCOS make all transactions paperless, secure, and more transparent. They can reduce the overall cost of operations to a large extent. Moreover, they will be able to serve a bigger market and lure more people to access financial services.
With CAMS, we aim to digitize SACCOS and make their operations paperless and transparent. Using our system will help them make transactions easier through mobile money and generate loan requests online. Know more about CAMS and how it can enable digitization for thousands of SACCOS in Kenya and other African countries.