Safaricom unveils MySacco platform as Saccos urged to embrace digital transformation
From left: Cynthia Kropac, Chief Enterprise Business Officer at Safaricom; Antony Wakahia from Stanbic Bank; Lucille Aveva, Director of Customer Obsession at Safaricom and Caleb Muriuki from Stanbic Bank engage in a conversation during the 10th Annual Sacco Leaders Convention
Savings and Credit Cooperatives (Saccos) have been called upon to embrace digital solutions to streamline operations, enhance efficiency, and improve customer service.
Speaking during an interview with journalists in Mombasa, Safaricom’s Chief Enterprise Business Officer, Cynthia Kropac, emphasized the need for Saccos to modernize their management systems to cater to a growing and increasingly tech-savvy membership base.
“At Safaricom, we recognize that Kenyans, especially young people, seek financial solutions that are easily accessible and available on digital platforms. That’s why we developed MySacco—to drive financial inclusion and sustainability in the Sacco sector,” Kropac stated.
A 2019 survey by the Sacco Societies Regulatory Authority (SASRA) revealed that the average age of Sacco members in Kenya is 40 years, a demographic that is increasingly inclined toward digital financial services. Despite this, only 5% of Saccos in Kenya are fully digitized, and less than 1 percent can afford traditional core banking systems, limiting their ability to serve members efficiently.
In response to this gap, Safaricom launched MySacco in October 2024, a multi-tenant digital platform designed to simplify Sacco operations. The platform enhances key services such as savings account management, loan applications, and membership tracking, making them fully digital, transparent, and user-friendly.
Kropac highlighted that affordability and scalability are major barriers preventing many Saccos from digitizing their services. Unlike costly banking systems, MySacco offers cloud-based solutions, enabling Saccos to subscribe without heavy infrastructure investments.
“With MySacco, we’re offering Saccos an all-in-one digital experience that integrates connectivity, cybersecurity, and a digital-first approach. This allows them to scale their operations, enhance member engagement, and drive growth,” Kropac added.
To ensure maximum accessibility, MySacco is available across multiple digital channels via mobile apps, a web portal, and USSD, enabling seamless Sacco management for all members.
The push for Saccos to adopt digital solutions is becoming more urgent. With digital platforms like MySacco, Saccos have an opportunity to enhance financial inclusion, improve operational efficiency, and future-proof their businesses in an increasingly digital economy.
