This archive report was first published on 1 July 2021.
On July 1, 2021, the East Africa SaccoTech Forum 2021, organized by CIO East Africa, brought together stakeholders in the Sacco space to deliberate on pertinent issues.
According to Winnie Sergon, Head of Information Technology at Boresha Sacco, the adoption of technology is crucial for Saccos to compete effectively in the financial sector.
"It is until Saccos embrace digitisation that they will become competitive in the finance sector," Sergon said.
However, Sergon noted that many Saccos are hesitant to adopt technology due to the fear of making employees redundant.
"The shift to technology will transform and accelerate growth of the Saccos, but many are adverse to that due to fear of making employees redundant," Sergon said.
Laura Chite, CEO of CIO East Africa, emphasized the importance of digitization in the Sacco industry.
"Traditionally, Saccos have had their fair share of challenges that have hampered growth and profitability and like other organisations they were impacted by the Covid-19 pandemic," Chite said.
Chite noted that Saccos have found new ways of doing things and some are already thriving, which can be attributed to cutting-edge technologies that are leveling the playing field for Saccos.
"Look at how your technology maps into your business strategy, several critical questions, like what your Sacco should invest in can be answered by trends such as IT security, data analytics, cloud computing," Chite added.
