KCB Bank Kenya has co-hosted a forum with Imarisha SACCO that brought together more than 80 Savings and Credit Co-operative Society (SACCO) stakeholders in Kericho to discuss digital transformation, agency banking and technology adoption in the sector.
The KCB SACCOs Forum, held at Sunshine Hotel, focused on how SACCOs can use information and communication technology (ICT), digital infrastructure and agency banking to improve service delivery and operational efficiency.
The forum provided a platform for SACCO stakeholders from across the region to exchange knowledge, network and discuss ways of improving experiences for their members.
Dr Silpah Owich of KCB delivered the keynote address, setting the stage for discussions on the changing SACCO landscape and the role of technology and infrastructure in supporting the sector.
SACCOs Seek Improved Digital Infrastructure
Discussions at the forum examined the adoption of digital technologies by SACCOs, including challenges associated with outdated and disconnected software systems.
Participants also explored how improved ICT infrastructure could support more efficient operations and enable SACCOs to deliver services to members through digital channels.
Agency banking formed another key area of discussion, with stakeholders examining how agency networks can expand access to financial services for SACCO members across different locations.
Imarisha SACCOs Highlights Diaspora Services
Imarisha SACCO, which co-hosted the forum, also outlined areas requiring attention as it serves its membership base.
The SACCO has about 280,000 members, with approximately 10 percent living in the diaspora.
The discussions included the need to improve cross-border remittances, speed up cheque clearing and strengthen compliance with data protection requirements.
Participants also discussed cybersecurity, automation, anti-money laundering (AML) frameworks and Know Your Customer (KYC) processes as part of SACCO risk and compliance requirements.
Regulated SACCOs Hold Sh1.8 Trillion in Assets
The forum also discussed the size of Kenya’s regulated SACCO sector.
According to figures shared by Imarisha SACCO Business Development Manager Tevin Maina, the regulated SACCO sector has 7.4 million members and assets worth Sh1.808 trillion.
The sector’s scale has increased the demand for technology, payment infrastructure and other financial services that enable SACCOs to manage member transactions and operations.
KCB Links SACCO Financing To Agriculture and Transport
The forum also touched on asset financing, including an arrangement through which KCB can finance up to 95 percent of New Holland agricultural equipment, with repayment periods of up to 60 months.
The financing is relevant to SACCO members engaged in agriculture, particularly in farming areas such as Kericho.
KCB also provides financing to SACCOs operating in the public transport sector. The bank has previously partnered with SACCOs to finance bus acquisitions and provides financing structures for micro-mobility assets such as motorcycles and tuk-tuks.
The Kericho forum forms part of KCB’s engagements with SACCOs, focusing on technology, agency banking, financial infrastructure and financing solutions for the sector.
KCB Offers Payment and Banking Infrastructure
KCB provides SACCOs with banking and payment services through its KCB Sacco Banking offering.
The services include integration with SACCO core systems, allowing members to make payments through PesaLink, Real-Time Gross Settlement (RTGS) and international SWIFT transfers.
KCB also supports co-branded debit cards and cardless ATM withdrawals, while its KCB Pay platform enables SACCOs to process bulk payments, including dividends, salaries and loan disbursements.
The bank also provides institutional loans, lines of credit and cash management services to SACCOs.