In a bid to enhance financial inclusion in Kenya and Tanzania, Visa and the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) have joined forces to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project.
FIKT, powered by the synergistic partnership between Visa’s extensive network and the robust presence of Savings and Credit Cooperative Organizations (SACCO) in Africa, seeks to revolutionise the accessibility of financial services.
By leveraging Visa’s infrastructure and the SACCOs’ grassroots reach, the project endeavours to bridge the gap in financial inclusivity.
Prior to the project’s official launch, ACCOSCA and Visa conducted a comprehensive survey among SACCO members in January 2024. The survey aimed to assess the level of financial literacy and the utilisation of group structures such as chamas and technology-based saving solutions.
These insights will inform tailored interventions and strategic execution plans within the FIKT project.
Recent reports indicate a positive trend, with a progressive decline in the percentage of unbanked individuals in both Kenya and Tanzania over the past few years.
This trend underscores the potential impact of initiatives like FIKT in expanding financial access and empowering marginalised communities.
ACCOSCA’s Executive Director, George Ombado, reaffirmed the organisation’s commitment to fostering economic growth and inclusive development. He emphasised the importance of protecting vulnerable communities from financial vulnerabilities while promoting entrepreneurship and investment opportunities.
Echoing these sentiments, Eva-Ngigi-Sarwari, Visa Kenya Country Manager, highlighted the significance of financial education and digital payment adoption in driving financial inclusion. She emphasised FIKT’s comprehensive approach, which includes awareness campaigns and financial literacy programs to promote formal financial services.
Visa’s proactive engagement in Kenya further underscores its dedication to advancing financial inclusion.
Collaborative initiatives such as the partnership with Pesaflow in January 2024 to enhance digital payments in public services and the introduction of contactless payments in August 2023 reflect Visa’s commitment to leveraging technology for inclusive growth.
In summary, the collaboration between Visa and ACCOSCA through the FIKT project represents a significant milestone in the quest for financial inclusion in Kenya and Tanzania.
With their combined expertise and resources, they aim to break down barriers to financial access, empower marginalised communities, and drive sustainable development in the region.
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