MSACCO is digitizing SACCOs and creating Financial Freedom for everyone. #40Days40FinTechs Season 5 Day 4

Savings and Credit Cooperative Societies (SACCOs) are some of the most popular financial institutions serving both the unbanked and underbanked. Unfortunately, because many of these serve the informal sector, they are mainly operated through a cash based, manual approach. But thanks to continuous innovation and growing adoption of technology, many SACCOs are now digitized and able to serve customers from wherever they are located, any time.

One of the platforms that is leading the digitization of SACCOs is MSACCO by FutureLink Technologies, a Bank of Uganda licensed Payment System Operator that works to enhance the financial resilience of Africa’s low- and middle-income earners through a community-driven digital marketplace for affordable financial services.

According to Matia Ssebiranda, the Marketing Manager at FutureLink Technologies, MSACCO is the preferred community driven digital market place for Savings and Credit Societies in Uganda, and Zambia and now expanding to the whole of Africa.

“MSACCO serves the unbanked and underbanked in Africa. This is a channel where customers are able to serve themselves. A customer can be in Kampala and join a Sacco in Mbarara. Through MSACCO, every customer is able to manage their SACCO account anytime. Each customer can easily repay their loan, deposit, withdraw and monitor their account. MSACCO solves the pain of both the unbanked and underbanked by allowing everyone to choose financial services that are relevant to them,” Mr Ssebiranda said.

He added: “The MSACCO APP is available on Google Play and APP Store. After a new customer downloads it, they register and choose which SACCO they want to join after which they start transacting. The second customer we are serving is one that is already a member of a particular SACCO but wants to be digitized. For such a customer, they only download the APP or access through USSD, get an MSACCO number and start transacting.”

Mr Ssebiranda noted that while savings start automatically for new MSACCO customers, accessing credit depends on how long you have been a member of a particular SACCO and how much you have transacted during that period. He highlighted that most SACCOs give credit after someone has been an active member for an average of 6 months as this gives the SACCO sufficient customer behavior history.

MSACCO by FutureLink Technologies was featured on Day Four of 40 Days 40 FinTechs initiative, Season Five.

Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator, and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.

With over 150 participants in the last four years, #40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.