Savings & Credit Co-operatives (SACCOs)
Savings and Credit Co-operatives (SACCOs) are community membership-based financial institutions, that are formed and owned by their members in promotion of their economic interests. These institutions mobilise and intermediate savings among their members, under the co-operative regional regulatory frameworks, while some of them are micro finance institutions, offering both savings accounts and micro-loans.
Netcompany-Intrasoft can help SACCOs to accelerate their business growth with PROFITS® for SACCOs, a ready to deploy core banking solution tailored to meet their needs and expectations. PROFITS® for SACCOs covers the business, operational and regulatory needs of SACCOs worldwide in an efficient and seamless way, in a fast and secure manner, providing them with a reliable platform for scaling and providing modernised digital solutions to members.
Netcompany-Intrasoft enables SACCOs to create and maintain a sustainable and prosper financial relationship with their members, utilising a complete 360 view of each member’s profile and a continuous financial interaction between each member and the SACCO. Member shares management, visibility, and flexibility in accommodating current and future deposits, credit products and services are the cornerstone of PROFITS® for SACCOs, as well as FOSA and BOSA functionality.
SACCOs can take advantage of an omnichannel solution to build a strategy of consistent member experiences across all physical and digital touchpoints, through parametrically customisable open APIs and seamless integration among internal and external systems, as well as through common service business logic that ensure personalisation and individualisation.
Introducing core banking on the cloud gives SACCOs the opportunity to achieve conflicting objectives, such as reducing costs, increasing agility, flexibility, and scalability, and accelerated growth immediately. Netcompany-Intrasoft can help by removing IT maintenance, server hardware, and power consumption costs, as well as by automating operations and workflows, and ensure rapid deployment. With PROFITS® for SACCOs on Cloud SaaS, Netcompany-Intrasoft provides SACCOs with configurable components, through which building societies can tailor products and services across their digital channels.
PROFITS® for SACCOs integrates easily with SACCOs ERPs, to leave these handle internal, non-banking related enterprise-wide functions, as these are designed to do. Netcompany-Intrasoft can easily handle digital transformation initiatives that not only involve the migration of banking services from an ERP to PROFITS® for SACCOs, but also to ensure end to end automation for all the SACCO processes through mobile channels, as well as integration to CRMs, document management systems, credit bureaus, corresponding banks and other channels and third party applications that facilitate fast and seamless execution of the SACCOs business processes.
The adoption of PROFITS® for SACCOs has enhanced SACCOs members experience, since they are enjoying faster and efficient payroll processing, as well as processing of loan services. Members have frictionless access to their bank accounts and loans through various digital channels such as mobile applications, mobile USSD, agency and web banking, at their own convenience, anytime, anywhere. Transferring funds from their FOSA accounts to loan accounts, or to any other account within the SACCO ecosystem without intermediary services has never been easier, saving them time and money.