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Technology offers savings, borrowing platform for Kenya’s SMEs

SCI & TECH
By Standard Reporter | June 21st 2016

NAIROBI, KENYA: A new savings and credit cooperative society (Sacco) powered by mobile technology has been launched in Kenya.

HOME PESA Sacco, a licensed Sacco, enables members to register online at its website www.homepesasacco.com to save and borrow loans.

The Sacco, owned by Nairobi-based Innovations Holdings Ltd, aims to use technology (internet and mobile phone) to create a huge network of small, medium and even big businesses as well as Saccos to save in an automated environment.

HOMEPESA SACCO Director Dennis Satia said internet and mobile based savings and credit access will stimulate development through savings and investment as the platform ensures faster savings, with a short-code provided to members who have no access to the internet through their phones.

Members can make their contributions using M-Pesa and Airtel Money and credit cards from anywhere in the world. “This means those in diaspora can also join,” he said.

The platform enables members to register using debit/credit cards from a variety of financial institutions such cards Visa, Master Card, American Express, Paypal, Airtel Money and M-Pesa. The CEO said members can monitor their savings and loan levels from the comfort of their homes and or offices using mobile phones.

“HOMEPESA SACCO registers customers at no cost, requires no paper work and thus saves time and money,” said Mr. Dennis Satia.

The Sacco’s loan rates range from 1-4 percent per month. Members can qualify for a loan by having guarantors registered with HOME PESA SACCO or proving security such land title deed or car logbooks.

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