Cooperative Alliance of Kenya (CAK) has launched a technological platform labelled Coop Tech that is aimed at bringing together all cooperatives under one shared system to better and effectively serve members in a more efficient manner.
CAK Executive Director Mr. Daniel Marube, while addressing sacco leaders during this year’s CAK annual conference said that the transformative technology will uplift the cooperative movement to a digital level and shift how saccos presently operate in their respective spaces.
“The platform is a shared banking system that will bring cooperatives and saccos together through shared services. Through Coop Tech, the cooperative movement’s operations, deficiencies and securities are expected to be lifted to a higher level because of the sophisticated tech that makes the system.” He stated.
Additionally, Mr. Marube further noted that the platform would be an enabler for cooperatives whereby cooperatives would collaborate together through shared services, facilitate inter-lending and allow both internal and external payments.
“At the end of the day, we want to have one cooperative movement with one till number and we will be respected as cooperatives,” said Marube.
He also stated that the new tech, once saccos are onboarded on it, will enable the industry players and members to borrow money amongst themselves, send remittances and receive money from all over the world. The financial muscles brought about by coming together, will grant them the power as cooperatives to better negotiate with the Government to invest in different bonds adding that the launch was the beginning of building a strong financial institution.
The platform, which he said had taken more than 7 years to build, will uplift cooperatives into a new world of technology and also attract the youth into the cooperative world.
Cooperatives Development and MSME Cabinet Secretary Mr. Simon Chelugui, during the same conference, citing the significance of embracing technology today, reiterated that technology was the global drive in every sector and had become an integral part of investment and business.
“A good number of Sacco’s, owing to lack of strong financial muscles, are unable to install current ICT models but through the new platform, Coop Tech, they will be able to access crucial services and more so expand their market share,” said Chelugui.
The CS further emphasized that through collaboration of different cooperative societies enjoined by the Coop Tech platform, cooperatives and saccos would be able to employ the most expensive technology to protect their members finances.
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