7.2.2023, Nairobi-Kenya: Sidian Bank has announced its title sponsorship for the 8th Annual Kenya Union of Savings & Credit Cooperatives (KUSCCO) conference which will be held at Sarova Whitesands Beach Hotel, Mombasa, from 20th to 24th February 2023. The Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO) has landed a KES. 2,000,000 sponsorship from Sidian Bank aimed at supporting Cooperatives and how SACCOs can be positioned as vehicles to accelerate Socio Economic Development in the Country.
The conference will be aimed at showcasing success stories of socio-economic development of SACCO member’s lifestyles through improved housing, education, incomes, skills development and employment. This will help to discuss an industry road map that can enable greater benefits from digital technologies in future to enhance financial inclusion among SACCOs and to create awareness among SACCO Leaders on the need and benefits of collaboration with the Government and other Financial service providers.
Speaking at the cheque handover ceremony of the two companies, CEO Sidian Bank Mr. Chege Thumbi said “We are grateful for this partnership with KUSCCO. We have enjoyed a partnership with KUSCCO since 2019, and this partnership has enabled us to extend tailored digital payments, collections and cash management solutions to SACCOs. You might be aware that SACCOs play an pivotal financial inclusion role in the economy by extending financial services into rural and peri-urban areas and this partnership affords us a chance to deepen these services and solutions.
“This conference will enable us to offer extended financial and digital solutions to the SACCOs, women groups and youth groups. We are keen to support the SACCOs and in turn support the government in enabling Kenyans and businesses access affordable credit to continue building the economy.” He ended.
As part of the organization’s SACCO Banking solution, they are a one-stop shop offering their customers remote cheque clearing, where SACCOs clear their customer cheques in real-time, a money transfer service through PesaLink that allows SACCO members to send money across commercial banks in real time, trade finance solutions that provides Bid bonds, Performance Bonds, Advance Payment Guarantees, and Bank Guarantees, where SACCO members can access these instruments from the SACCO through Sidian Bank.
KUSCCO CEO George Ototo mentioned “We are glad to cement our relationship with Sidian Bank that has been ongoing for the last 5 years . Sidian Bank being the MSME bank of choice to many saccos, A number of our members are keen on accessing credit to developing businesses through the lending that saccos do but don’t have enough capacity. Through this relationship, Sidian will enable us to implement technology inclusion in the SACCO industry through training, the SACCOs will learn how to advance Sacco credit in the Sacco segment and also to their own members.” We intend to train our leaders on cybersecurity, digitization and competition in the business space and how the hustler fund will be impactful in the SACCO community.”
SACCOs are Member based, Member owned and Member controlled where members are owners and customers. For Governance, members elect the Board of Directors in a democratic system (one man, one vote) regardless of the amount of individual investment or savings in the SACCO. SACCOs are operated for the purpose of promoting thrift, access to affordable credit as well as general financial services to the members.