Formalising SACCOS

Focus Groups: All

Tools of Impact: Catalytic Grant, Technical Assistance

Achievements: Over 60,000 SACCO members reached.

Synopsis: The linkage of SACCO member accounts to MTN Mobile Money wallets project , implemented by Future Link technologies (FLT), provided a digital payments platform for 61,529 SACCO members stimulating savings, reducing costs of transaction and improving convenience for members with cash in and out through mobile. A separate SACCO linkage project by Equity Bank provided SACCOs with formal financial services, providing them with access to savings and credit products to meet the needs of their members above the SACCO’s existing cashflow. SACCO members can now use Equity Bank’s alternative channels (ATM and mobile banking) to access their savings. The Bank also extended short term small loans up to Ugx 5,000,000 (approx. USD 1,365) to SACCO members for working capital.

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