Dubbed as ‘M-Pawa’, the innovative mobile banking platform allows a member to receive micro-loans of up to Sh10,000 with a repayment period of 30 days.
“This financial solutions platform takes our service delivery to the next level and underlines our standing as a fast growing, innovative Sacco riding the technology wave,” Chief Executive Officer, Stima Sacco Society Limited Paul Wambua said during the official launch.
The M-Pawa app has already registered 5,000 members, and disbursed loans worth Sh30 million in its pilot period which was launched two months ago.
“The mobile app offers our members the opportunity to easily access credit products as well as to save and repay their loans,” Wambua added.
The app also has a mobile wallet that allows members to send and withdraw money via M-PESA. Other services offered by the app include salary advances, accessing mini statements from the member’s account, checking account balances among others.
M-Pawa app is available for download on Apple’s iTunes and Google Play store.
“Services that would in the past require members to visit a Stima Sacco branch, fill in forms and wait for the processing of their requests are now right at their fingertips,” Wambua stated.
Speaking at the launch, Deputy Commissioner, Directorate of Co-operative Development, Ministry of Industrialization, Geoffrey Karuku said that the innovation was an excellent move of diversifying delivery channels that leverage on technology to cater to customer satisfaction.
The app, which was developed by Mobile Financial Solutions Limited, is set to see the Sacco widen its growing loan portfolio. Already, the Sacco’s loan book has doubled to Sh14.8 billion in the last four years with its asset base standing at Sh17.4 billion.
Jane W. Briggs, Director at Mobile Financial Solutions Limited, said that the app would help the more than 36,000 members of Stima Sacco as it is secure to use, easily accessible and convenient.
Going forward, the Sacco is set to acquire a core banking ICT infrastructure and a robust system that will be capable of offering a host of innovative solutions. This it will achieve, by partnering with key players in the industry.