Stima Sacco, on May 27th 2015, introduced M-Pawa, a revolutionary product that will see its members access an array of financial solutions through their mobile phone.
The service will enable member’s access an array of options with a click of a button. This product will revolutionize how the Sacco does its business because it defies the traditional Sacco model to advance unsecured loans to members.
Dr. Ben Chumo, Chairman Stima Sacco & MD Kenya Power, said the technology based products will see the Sacco increase their profitability by enabling its members transact using their mobile phones,therefore bridging the gap of physical branches for Stima Sacco in serving its customers.
The mobile solution also has a mobile wallet that allows members to send and withdraw money via M-PESA. Other services offered by the solution include salary advances, accessing mini statements from the member’s account, checking account balances among others.
M-Pawa app is available for download on Apple’s iTunes and Google Play store.
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 says Paul Wambua, CEO Stima Sacco
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 added Mr. Wambua adding that Strategic partnerships and technology will be the key to offering excellent services to customers.
Dr. chumo pointed out that “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”
Stima Sacco is a licensed deposit taking Sacco established in 1974 with the Sole objective of uplifting the members’ social economic wellbeing. The Sacco has witnessed phenomenon growth in the past4 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. The Sacco has tripled its membership in the last three years to stand at 36000.
For more details, follow the link : www.stima-sacco.com
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