Stima Sacco has unveiled a new service that will see its members access an array of financial solutions through their mobile phone.
Dubbed M-Pawa, the service will enable member’s access an array of options with a click of a button. Stima Sacco says this product will revolutionize how the Sacco does its business because it defies the traditional Sacco model to advance unsecured loans to members.
‘’The technology based products will see us increase our profitability by enabling our members transact using their mobile phones, therefore bridging the gap of physical branches for Stima Sacco in serving its customers’’ Dr. Ben Chumo, Chairman Stima Sacco & MD Kenya Power said.
“This approach of technology based products will vindicate our universal banking strategy whose key objective is to extend services closer to the people as part of financial inclusion efforts”
Paul Wambua, CEO Stima Sacco said the Sacco is keen on offering alternative delivery channels to its members as it diversifies delivery channels that leverage on technology. During the piloting stage, 5,000 members have registered and used the channel to apply and receive loans worth Kshs 30 million in a period of less than 2 months.
‘’To this end, the Sacco is set to acquire a core Banking ICT infrastructure, a robust system capable of offering a host of innovative Solutions’’, Mr. Wambua added.
He noted that adding that Strategic partnerships and technology will be the key to offering excellent services to customers.
Established in 1974, with the Sole objective of uplifting the members’ social economic wellbeing Stima Sacco has witnessed phenomenon growth in the past 4 years doubling its loan book to Kes 14.8 billion, its deposit stand at Kes 14.1 billion while its asset base is at Kes 17.4 billion. In the last three years, the Sacco has tripled its membership to stand at 36000.