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Transforming SACCOs in Uganda with Kanzu Banking – Stanbic Bank Partnership

Kanzu Banking and Stanbic Bank have joined forces to digitize SACCOs throughout the country. After a rigorous procurement process, Stanbic Bank selected Kanzu Code as one of the Fintechs to digitize its SACCOs. The move aims to provide secure financial records and improve operational efficiency by bringing bank-grade software to the unbanked and underbanked.

The digitization process is now in its fourth phase. In the first three phases, Kanzu Code travelled around the country to educate SACCOs on the impact of digitization, visited SACCOs that had been approved by Stanbic Bank to be digitized, conducted feasibility tests to ascertain the SACCOs’ network requirements, computer literacy, access to electricity, and consent from the committee and members for the change. Lastly, data migration from manual paper records to Kanzu Banking involved intensive training for both members and administrators of the SACCOs on how to utilize the system entirely. This is to help the SACCO members run the system independently, leading to Kanzu Code stepping back and offering maintenance services plus guidance when needed.
The digitization process has had a significant impact on the SACCOs.

The benefits of digitization go beyond improving operational efficiency. Digitization has increased the level of trust that members have in SACCOs. Previously, members found it hard to trust that their money was safe with manual systems. With digitization, members can now track their transactions in real-time, which has increased their level of trust in SACCOs. Digitization has also made it possible to integrate with platforms like mobile money. This innovation has enabled SACCOs to offer new services to their members, which has resulted in continued growth and continuity.
In conclusion, the partnership between Kanzu Banking and Stanbic Bank has revolutionized SACCOs. Digitization has brought bank-grade software to the unbanked and underbanked, providing them with secure financial records and improving operational efficiency.

One Response

  1. I love the fact that you are uplifting SACCOs with technology because they are institutions tailored towards reducing poverty and vulnerability among urban communities and ultimately supporting socio-economic transformation in Uganda. Kudos!!

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