Breaking the mould: How technology is turning Kenyan SACCOs into digital banks

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Over the years, Savings and Credit Cooperative Organisations (SACCOs) have been crucial in promoting financial inclusion in Kenya. SACCOs have played a vital role in providing financial services to underserved communities, especially those in rural areas. However, despite their importance, many SACCOs in Kenya have not fully embraced digitization. This has resulted in several challenges, including limited access to financial services, low efficiency, and limited growth.

The history of SACCOs in Kenya dates back to the 1950s when the first SACCO was established. Since then, SACCOs have grown in numbers and have become a significant contributor to the country's economy. As of 2021, there were over 20,000 registered SACCOs in Kenya, serving over 15 million members.