Kwara, a digital banking platform in Kenya has today launched “Kwara Pronto” a digital banking software for SACCOs at risk during the Coronavirus pandemic. The platform will allow SACCOs to continue business operations and serve their customers amid the social distancing measures for the next three months.
Due to government-enforced restrictions on movement and social distancing measures during COVID-19, SACCOs are unable to operate at full capacity. As a result, members face challenges applying for loans, transacting and accessing their funds.
The new Pronto product will enable both BOSA and FOSA SACCOs to quickly and easily go digital. They simply need to provide minimum mandatory KYC requirements. And a snapshot of financial data, all of which are protected under NDA. Staff can work remotely, process the high volume of incoming loan requests quickly, disburse funds, and easily get in touch with members. Members, in turn, can begin to transact digitally and view their finances and loan eligibility in real-time. Eligible SACCOs will also get a free website to enhance their digital presence.
Kwara is offering access to an essential version of its core digital banking platform. Which will enable SACCOs who qualify to bring their operations online, at no cost, for the next 3 months. This is an effort to enable SACCOs and their members to keep transacting while observing social distancing.
“The COVID-19 crisis will inevitably disproportionately impact the financially vulnerable, who rely heavily on SACCOs for access to fair loans and a safety net when they need it,” said Kwara CEO Cynthia Wandia. “Traditionally, SACCOs rely on face to face interaction to serve their customers. Today they are facing significant challenges trying to operate in this new environment. Our platform is designed to kickstart their digital transformation. We are offering an essential version of our platform for free. SACCOs can continue serving the members that need them and get through these difficult times.”
“The Kwara core banking platform is stable and secure, with incredible dedication and commitment in providing support to its clients. I commend them in making an effort to focus on helping SACCOs keep issuing loans through this time,” said Kenya Bankers SACCO Chief Information Officer Steve Biko, of the company’s clients.
Kwara serves more than 27,000 SACCO members via SACCOs. Including Kenya Bankers Sacco Ltd in Kenya and has over Ksh 8bn in assets under management on its platform.