INTRASOFT International, the global ICT company, has announced its collaboration with Mwalimu National, a leading savings and credit co-operative society (SACCO) in Kenya, for the provision of “Profits for Saccos”, a SaaS based SACCO core banking product.
This development follows a number of relevant successful achievements in Kenya’s Financial Services Sector.
Mwalimu National’s recent investment in a state-of-the-art data center offers a great opportunity for collaboration with INTRASOFT International to provide its market leading PROFITS SACCO Core Banking solution on a SaaS model through its data center and infrastructure. Many SACCOs in the region are evaluating new and innovative ways to expand their business activities.
The challenges for SACCOs today are vast, including cyber security and high cost of technology and ICT driven financial services, in order to serve members and attract potential ones. The competition for deposits from the market has become stiff, driven by many factors including the opening of the common bond and the popularity of unsecured digital micro credit facilities.
Adopting SaaS models will not only help SACCOs overcome the challenge of high cost of licenses, hardware and on-premise deployments but also meet the sector growth demands to increase technology uptake and innovate for higher ROI.
Mr. Alexandros Manos, Managing Director of INTRASOFT International, commented: “In order to compete, SACCOs need to innovate in achieving efficiency, as well as customer convenience, service reliability and accessibility, data security and cyber-crime. They must adopt the correct technologies that will ensure they keep costs to a minimum through Shared Services, Cloud and Software-as-a-Service approach, such as Profits for Saccos. In partnering with Mwalimu National, we are bringing such a solution to the SACCO sector in Kenya and the region, ensuring we remove the IT complexities from our clients and allow them to concentrate on their core business of deposits mobilization and lending.”
Mr. Alphonse Kaio, CEO of Mwalimu National, commented: “The focus to increase efficiency is top on the list for most SACCOs today. Given the changing member expectations, high cyber risks that have bedeviled the sector and the digitization era that is driving demand for fast responses and turnaround times for customer response, the need for business continuity cannot be understated. The demand and need for SACCOs to adopt customer centric, smart and secure technology applications is now a priority more than ever before. MWALIMU NATIONAL SACCO is therefore delighted to partner with INTRASOFT.
International to offer robust, secure and affordable solutions to the SACCO sector on a shared platform to be hosted in the state-of-the-art Data Center at Mwalimu Towers in Upperhill, Nairobi.
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