Microsoft is working with the World Council of Credit Unions (WOCCU) to support Savings and Credit Cooperatives Societies (SACCOs) with digital finance solutions to improve and increase credit union lending to small and medium enterprises (SMEs) in Kenya.
The company held a two-day ideation workshop with 16 SACCOs in Mombasa seeking to understand the digital transformation challenges faced by the lending sector. With a strategic partnership execution program drawn to address the concerns raised during the event.
Microsoft says digital transformation will firstly build trust among members and improve loan repayments. Secondly, It will enable informed decision making on members or clients. Thirdly, the transformation will enable better credit scoring letting SACCOs manage risks and improve their bottom line.
Microsoft announced an MoU with WOCCU last year to help accelerate digital transformation within the savings and credit sector. Where both parties will work to establish a framework for the digital transformation of SACCOs in Kenya. Microsoft will leverage programs to close the skills gap and develop a training curriculum to accelerate the adoption. It will also identify local partners to support the development of solutions and business strategies within the sector. Whilst WOCCU will deploy its TIFI lending methodology and SME Finance Toolkit.
“COVID-19 has accelerated the need for SACCOs to evolve and embrace digital channels. Empowering them to embark on this journey is not only critical to their sustainability but also the key to unlocking further growth potential within the region,” said Megan O’Donnell, WOCCU Vice President of Financial Inclusion.
Both organizations will develop a proof of concept that can be tested and deployed once they meet sector demands.
sign up so you can get the latest
in breaking news, reviews,
community updates right
in your inbox. ” custom_font_size=”16px” custom_border_radius=”0″ custom_border_weight=”1″ custom_padding=”15″ custom_spacing=”10″ submit_button_classes=”” email_field_classes=”” show_only_email_and_button=”true”]
- YouTube wouldn’t build an app for the Apple Vision Pro, so Someone did! Introducing Juno
- What is Microsoft 365?
- Get to know Norton Genie app?
- Microsoft Copilot on iOS and Android get upgrade
- Microsoft’s new OneDrive design is out now!
- Sudo command comes to Windows 11
- Google has announced that its first cloud region in Africa is now open for business.
- Apple Vision Pro Review
- Apple’s first-party Podcasts app
- What is Amazon presents Diffuse to Choose?