Credit Unions in Africa Switch to Fintech

From table banking to credit unions, the savings and credit cooperative organization (Sacco) sector in Africa is fast digitizing to bring financial inclusion to all Sacco members. In December 2021, Kenyan fintech Kwar helped credit unions in the east African state shift to digital platform by raising $4 million in a seed round from Breega and the SoftBank vision fund, demonstrating the level of interest and opportunity that exists in the sector. “Members of a Sacco in far-flung areas are now able to transact without needing to visit a physical branch,” Kenya Police Sacco (KPS) National Chairman David Mategwa says.

SOURCE: QUARTZ  AFRICA

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