Kenya’s cooperative financial sector is turning to partnerships with financial technology companies as SACCOs push to modernise their services and better meet member needs.
This shift centered discussions at the 4th Annual Cooperatives CEOs Roundtable in Nairobi, where more than 100 SACCO leaders gathered under the theme “Transforming Cooperatives through Technology, Innovation, and Human Capital Readiness.”
Participants agreed that, instead of competing, SACCOs should collaborate with fintech firms to adapt to rapid changes in technology and evolving customer expectations.
According to Vincent Marangu, Director of the Cooperatives Banking Division at Co-operative Bank of Kenya, staying ahead of technological trends is now essential for leadership in the financial sector.
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SACCOs were challenged to upgrade their core banking systems, use data more effectively in decision-making, and adopt interoperable digital platforms to allow members to access services seamlessly across different channels.
“The technology landscape is evolving at an unprecedented pace,” said Vincent Marangu, Director of the Cooperatives Banking Division at Co-operative Bank of Kenya.
“For players in Kenya’s financial sector, constant environmental scanning is no longer optional—it is a leadership obligation.”
There was also exploration of how digital tools could help drive youth engagement, support financing for micro, small and medium enterprises (MSMEs), and enhance services for diaspora members.
Data presented at the event showed that Kenya’s regulated SACCO sector had grown to approximately 7.39 million members in 2024, with assets rising from Ksh.972 billion in 2023 to Ksh.1.07 trillion in 2024 and about Ksh.1.13 trillion by late 2025.
Digital transactions processed through SACCO agent networks also grew by more than 14 per cent, indicating increasing adoption of digital channels.
SACCO leaders committed to work more closely on shared digital infrastructure, strengthen cybersecurity, and develop talent capable of leading digital transformation while upholding cooperative principles of trust, inclusion and member ownership.
Marangu emphasised that Co-operative Bank aims to support SACCOs as a long-term strategic partner, asserting that investment in both technology and people will help build a future-ready cooperative sector.
