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SBS, GTBank, and KAFOSA to Promote Superior Financial Services in SACCOS

  Oct 8, 2015

Strathmore Business School, Guaranty Trust Bank and Kenya Association of Front Office Service Activity (KAFOSA), revives Sacco’s operations through the provision of superior financial services, over a memorandum of understanding, struck in September.

GTBank Managing Director Ibukun Odegbaike said the partnership will see Sacco’s provide efficient ATM services, agency banking, electronic funds transfer and inter-Sacco borrowing, among others services, courtesy of the bank and other partners.

“Together with Strathmore Business School as the Knowledge partner; Kenswitch, Paynet and Fintech as the technology partners, we shall endeavor to keep abreast with the dynamic market trends and provide timely solutions. This will eliminate inefficiencies including congestion, downtime and interoperability issues as currently experienced by KAFOSA members,” Ms Odegbaike said.

Image and story Courtesy of Daily Nation and Fintech.

She further reassured stakeholders that the bank will consistently provide customized products and services to KAFOSA and its members. Technology has made such partnerships much easier and more possible now than ever before. Organizations and individuals must leverage on advanced technology, electronic cards and mobile phones as channels of distribution of products and modes of settlement of payment.

KAFOSA Chairman Isedorius Ochola Agola said “We shall also be in a good position together with our partner to facilitate training of KAFOSA staff and KAFOSA members’ staff on technical application of technological services of the customized products and services deployed”. Bridging the gap shall be done through engaging key partners, among them, Strathmore Business School as the Knowledge partner.Stima and Bandari Sacco’s will be the first beneficiaries of the project that is targeting 182 other entities.

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