Fortune SACCO

As a rural based SACCO that traditionally drew its membership from farmers, the SACCO largely served her members through the traditional brick and morter banking style. As such, the process of service provision to the members was either cumbersome, lengthy, slow and limited in scope and outreach.

With an increase in the penetration of Mobile gadgets and the Internet and driven by a need to offer more services to the members, the SACCO sought the intervention of Eclectics International; a Pan-African Fintech company headquartered in Nairobi and with IT projects spread across the Continent to spearhead their inventions.

As a pioneer institution in the uptake of Mobile Wallet Suite, Fortune SACCO has been able to create new revenue streams occasioned by the commission structure with utility companies, Merchant collection and settlement scheme as well as interest on Micro-Loans.

Further, the SACCO has been able to attract a new generation of Members that include the youth and those in diaspora- as aided by the fact that the App is easily available on the net. With an increase in membership, the SACCO’s deposits have also increased tremendously in the last two years.

Finally, there is a great improvement in terms of efficiency and responsiveness as much of the work is automated that include loan appraisal, management and repayment. The staff that were predominantly charged with paperwork and data entry have been redeployed to attend to other assignments within the institution. This in return, has increased their compliance with statutory regulations as provided for by the SACCO Regulatory Authority (SASRA).