Digitization of Saccos to facilitate financial access – experts

The Coordinator of Operation Wealth Creation (OWC) at the Ministry of Finance, Colonel Ronald Rubare, said that the digital bank Co+ (cooperative bank) will promote financial inclusion for all people across the country when planning governmental.

“For six years we have been fighting for financial inclusion where everyone can be seen as part of the financial network, whether in banks, Saccos cooperatives, in women’s and youth organizations where everyone may be seen. Sometimes you can’t be seen because you can be somewhere and you think you’re banking or borrowing from someone and that person isn’t recognized by the government,” he said. he declares.

Mr. Rubare made the remarks during the tecnostac digitalizing SACCO, MFIs and self-help groups stakeholder engagement held in Kampala on Friday.

“The government sees organizations, numbers, they want to plan for the people they can see. This is why they find it difficult to implement programs like the parish development model. You see a whole pillar under three brings financial inclusion for all, but they can’t do it if they can’t see you,” he said.

The Business Development Manager of Tecnostac Systems Private limited, Mr. Jimmy Sebastian, said that Digital Co+ Banking targets all kinds of Saccos to provide interested solutions to Sacco members to connect them with banking institutions,” he said. he declares.

“Currently we are in the closing phase of 10 Saccos and we will definitely see more join us, allowing them to be part of financial inclusion, financial literacy and to be social catalysts in Uganda,” he said.

Mr. Sebastian said digital banking will make it easier and faster to save lives for Ugandans.

“We don’t get into revenue sharing; we only take care of managing the back office to help them integrate. During the negotiations, we can listen to them and offer technical advice, but the agreement is between the Saccos and a third party,” he said.

Mr. Tibs Olikiriza, Director of Microfinance Institutions of the Uganda Microfinance Regulatory Authority (UMRA) in charge of Saccos, said that all Saccos need user-friendly, integrated and cost-effective digital systems to run their operations. .

“We want Saccos to adopt digital systems that interact with savers, the third party and also give us reports easily as regulators at the push of a button in a timely manner,” he said.

Inter switch East Africa Financial Services Manager, Mr. Shaffic Semakula said digitizing sacco operations will allow people to access their savings from any part of the country without having to travel to wait for the opening of a particular branch.

“There is a missing link, a conception that people want to keep Saccos in their own folder, but with digitization Saccos should become a way of life,” he said.

About Bradley J. Bridges

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