Mobile phone is the new bank was a message well passed during the premier SACCOTech Forum held in Nairobi, Kenya.
The forum themed: Harness Technology into Saccos for Socio-economic development, was organized by CIO East Africa and brought together over 100 professionals from IT and SACCOs.
Emphasizing on the dire need for SACCOs to digitize,Shailendra Yadav, CEO – Sybyl in Kenya and Tanzania, said: “Customer behavior is changing and becoming very competitive and SACCOs must change with the era to meet the customer demands or become obsolete.”
Sybyl, a technology company represented in East Africa has seen an opportunity in the bottom of the pyramid of the corporate sectors including SACCOs, hospitals and schools. Among the solutions it like Mobile Wallet for Member Saccos that as a package, offers Connectivity to National Payment System, Payment of County Revenues, Purchase of goods and services, Peer-to-Peer Transfer of funds and Mobile-Loans & Mobile-Insurance services among others.
“It is inevitable that SACCOs must have a digital strategy”, added Yadav, noting: “SACCOs have been losing members every day to their competitors like banks due to the value proposition that banks offer.”
Yadav pointed out that SACCOs have been digitally neglected for a long time, a situation he stresses must deliberately be corrected or Saccos would risk being wiped out owing to competition building in the financial industry. He added that today’s customers want to enjoy financial transactions on their phones, from the comfort of their seats. On the contrary SACCOs have been working towards congesting its members to physical location in order to access services.
“Sybyl offers digital transformation solutions to SACCOs that will give them the competitive edge with no entry barriers and give offer digital and mobile banking, social media marketing alongside visibility,” said Yadav.
Sybyl however appreciates that attempts to digitize assures customers of a security uptight strategy.
According to Yadav, Bankingly, an affiliate company of Sybyl helps the SACCOs co-operate and build a mutually inclusive rather than exclusive network as should be with SACCOs even from their ethos. It offers among other services; USSD, Mobile Banking, Internet Banking and Agency Banking.
The SACCOTech event overly called on Saccos to digitize in order to accelerate the SACCO financial aid, that has been a great pillar in the economic development of the country even once said to be a major drive for the Big Four Agenda.