Safaricom Savings and Credit Cooperative society has introduced SafCiri Application, -an innovation of mobile banking, which is meant to transform how members interact with their Saccos.
The application launched on November 5 2019, will see members easily access services and products offered by Saccos’ Back Office Savings Activities (BOSA) and Front Office Savings Activities (FOSA), at the comfort of their homes or any place of their choice.
“With SafCiri, you can access Sacco services (both BOSA and FOSA) on your mobile phone, to view your account balance, withdraw funds from your FOSA account, Transfer funds, get statements among other services,” read a statement from the Sacco.
SafCiri will offer society members with services ranging from Airtime purchase from Sacco account for all networks (Safaricom, Airtel, TCash), mobile money services from all networks, payment of utility bills (KPLC, DSTV, Water among others ) and access to mobile loans and repayments.
Saccos’ bench marking
The application will benefit Safaricom Sacco members but the society has urged other Saccos trying to embrace technology and trends in the cooperative sector to come up for bench marking, so as to share on SafCiri innovation.
“SafCiri application is accessible to members of Safaricom Savings and Credit Cooperative Society however, we are open for bench marking to share this innovation with other cooperative societies,” confirmed Safaricom Sacco.
The Application can be downloaded from google play store for android phones, Apple store, Windows Personal Computer and laptops among other devices.
Since its inception in May 2001, Safaricom Sacco has been growing with a technological view of improving members’ service delivery in the cooperative industry.
The Sacco is open to Corporates, Individuals Introduced by Sacco members, SME’s, Small Sacco’s, Chama’s and other cooperate employees, following its decision to revise its by-laws.
The 2011 license to operate FOSA gave Safaricom Sacco a mandate to not only focus on individual memberships but also Chama’s, groups, Corporates and Mergers with small Sacco’s.
FOSA has boosted the Sacco’s liquidity level through introduction minimum shareholding to members and several unique products which are in line with the current technological trends.
These technological dynamics have increased the societies membership from the initial 222 members drawn from the Parent Company – Safaricom Ltd, to 13,000 members across all sectors of the economy.
The society has an Asset Base of Sh. 5.6 billion, and is ranked Tier 1 position 23 (2017) by the Sacco Regulatory Authority (SASRA) –placing it among the topflight Saccos in the country.
Safaricom Sacco offers FOSA Savings Products (Savings/Salary Account, Juniors Account, Fixed Deposit Account, Corporate Account, Holiday Account and Jaza Jaza Account. The credit products under this category range from Kona Advance, Emergency Loan, FOSA Silver Advance, Insurance Premium Finance Loan, Business Loan and Vijanaa Loan).
Back Office Savings Activity products include BOSA Savings Products (Deposit Contribution, Hand of Comfort/ Benevolent Fund) and BOSA Loans (Long Term) -Development Loan, Super Premium Loan and Miradi Loan.