Sakaja lauds bid to support Nairobi slum dwellers as Shofco Sacco goes digital

Speaking during the launch of the Sacco’s digital platforms, the Nairobi Governor welcomed the innovative and digital-oriented approach in serving its members.

“I applaud you for what you have done. You’ve done amazing work and I’m sure your members are happy to do transaction at the comfort of their homes digitally. This is the way to go,” the Governor said.

Sakaja also promised to support the Sacco, while congratulation Shofco Founder and CEO Dr. Kennedy Odede for his effort in uplifting the lives of the slum dwellers.

“Any support you need, ask me. I know you have applied to join SASRA and we are fully behind you to ensure that you get the support you need so that you can transform this Sacco into a fully-fledged bank for everyone,” he said.

The Sacco, which has over 20,000 members across Kenya, will now transact its businesses via Mobile App, USSD Code and Website, enabling its customers to borrow and deposit money in real time.

“Following the launch of our digital platforms, our members can now access our services from wherever they are. We have an App and website for transaction. This means that we have not left anyone behind in this digital transformation,” Shofco Sacco General Ibrahim Maina said.

The platforms were launched during the Sacco’s Seventh Annual Delegates Meeting held in Kibera.

Odede, who is also the Sacco’s Chairman noted that its main focus is supporting people at the bottom of the economic pyramid which banks term as high risk.

“We are one of the largest and fast growing Saccos in Kenya. We are banking those who don’t have jobs, boda boda riders, mama mbogas and all those at the bottom of the economic pyramid. These are people who are seen as high risk, but we see them as high opportunity and they have never let us down,” Dr. Odede said.

The Shofco boss also said the Sacco has grown from 10 members to over 20,000 members in the past five years.

The Sacco gave out loans worth Ksh.272million in 2023 up from 148million it disbursed in 2022, registering an increase of 83 per cent. The lender’s assets increased from Ksh.231million in 2022 to Ksh.389million in 2023.

The Sacco, which was founded in 2015, allows residents of informal settlements to access credit without collaterals as long as they have savings as little as Ksh.1000. At least 86 per cent of the Sacco's members are women