Sidian Bank announces Sh2million sponsorship for annual sacco conference

Sidian Bank has announced a Sh2million title sponsorship for this year's Kenya Union of Savings and Credit Cooperatives (Kuscco) conference.

The conference, which is in its 8th edition, will be held at Sarova Whitesands Beach Hotel, Mombasa, from February 20-24, 2023. The conference aims at supporting cooperatives and positioning saccos as vehicles to accelerate socio-economic development in the country.

The conference will showcase success stories of socio-economic development of sacco member's lifestyles through improved housing, education, incomes, skills development and employment. This will help to discuss an industry road map that can enable greater benefits from digital technologies in future to enhance financial inclusion among saccos and to create awareness among sacco leaders on the need and benefits of collaboration with the government and other financial service providers.

Speaking at the cheque presentation ceremony, Sidian Bank CEO, Mr Chege Thumbi, said saccos play a pivotal financial inclusion role in the economy by extending financial services into rural and peri-urban areas and this partnership affords us a chance to deepen these services and solutions. 

Financial and digital solutions

“We are grateful for this partnership with Kuscco. We have enjoyed a partnership with Kuscco since 2019, and this partnership has enabled us to extend tailored digital payments, collections and cash management solutions to saccos," Mr Thumbi said.

“This conference will enable us to offer extended financial and digital solutions to the saccos, women groups and youth groups. We are keen to support the saccos and in turn support the government in enabling Kenyans and businesses access affordable credit to continue building the economy,” he said.

As part of the Sidian Bank's sacco banking solution, is a one-stop shop that offers customers remote cheque clearing, where saccos clear their customer cheques in real-time, a money transfer service through PesaLink that allows saccos members to send money across commercial banks in real time.

The bank also has trade finance solutions that provides Bid bonds, Performance Bonds, Advance Payment Guarantees and Bank Guarantees, where sacco members can access these instruments from the sacco through Sidian Bank.

Accessing credit

Kuscco CEO, George Ototo, said they intend to train their leaders on cybersecurity, digitisation and competition in the business space and how the Hustler Fund will be impactful in the sacco community.

“We are glad to cement our relationship with Sidian Bank that has been ongoing for the last five years. Sidian Bank being the MSME bank of choice to many saccos. A number of our members are keen on accessing credit to developing businesses through the lending that saccos do but don't have enough capacity. Through this relationship, Sidian will enable us to implement technology inclusion in the sacco industry through training, the saccos will learn how to advance sacco credit in the sacco segment and also to their own members,” Mr Ototo said.

Saccos are member based, member owned and member controlled where members are owners and customers. For Governance, members elect the board of directors in a democratic system (one man, one vote) regardless of the amount of individual investment or savings in the sacco. Saccos are operated for the purpose of promoting thrift, access to affordable credit as well as general financial services to the members.