Visa, a global fintech payment platform plans to launch a mobile banking app for Kenyan savings and co-operative societies. The app development will be carried out at Visa’s Innovation Center in Dubai. This project was announced by Visa’s Head of Community Accounts, Douglas Leighton at the 2019 World Credit Union (WOCCU) Conference.
The move to develop the app was birthed through Visa’s partnership with Kenya Union of Savings and Credit Co-operatives (KUSCCO). The app’s strategy was mapped during the Kenyan Savings and Credit Co-operative Societies (SACCOS) representatives visit the Visa Dubai labs.
WOCCU Vice President of Financial Inclusion, Megan O’Donnell said, “Though technology has expanded access to finance dramatically, there are still gaps in the market. We at WOCCU is working with partners to fill these gaps. We want businesses to come in and create useful services for credit unions.”
SACCOS comprises of co-operative societies that have been authorized to take lend and also receive deposits from its members. The society has notable members like Fortune, Universal Traders, and Siraji. The app initiative was birthed in a bid to make readily available a digital solution that is seamless and affordable to SACCOS and its members.
The Kenya Union of Savings and Credit Co-operatives (KUSCCO) is the apex body for Kenyan co-operative societies. KUSCCO has over 2000 members of the credit and co-operative societies. Their Risk Management Services provides SACCOS with mutual protection on loan losses. The union also provides financial and technical assistance that will favour middle and low-income earners both in Kenya.