The Rwandan government is looking to automate Savings and Credit Cooperatives (SACCOs) across the country. According to a story published by the New Times, 25 SACCOs have so far commenced using the digital banking systems.
This is good news from Rwanda. Digitizing SACCOs has immense benefits. It will help to reduce operational costs and enhance efficiency in SACCO operations. It will also guarantee efficient, convenient and secure service delivery to members.
The automation which began last year, has been cited as the solution to major challenges affecting the SACCO sector in the country. The Auditor General’s report released in May 2021 indicated that automation of the banking systems aims to do away with the manual system, hence reducing cases of fraud and embezzlement of members’ funds.