The African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) has joined forces with Visa to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project, aimed at enhancing financial access in both countries.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
FIKT will introduce innovative financial products and services to target demographics in Africa by leveraging Visa’s network and SACCOs. A survey conducted by ACCOSCA and Visa assessed financial literacy and group structures among SACCO members to inform the project’s interventions and implementation plans.
Reports indicate a gradual decline in the percentage of unbanked individuals in both Kenya and Tanzania. In Tanzania, the number of people without access to formal financial services has decreased over the past five years, while the proportion of Kenyans with banking accounts has steadily increased since 2014, with further growth expected.
Following the project’s launch, George Ombado, Executive Director of ACCOSCA, reaffirmed the organization’s commitment to fostering economic growth, entrepreneurship, and investment while ensuring the inclusion of vulnerable communities and safeguarding them from financial vulnerabilities.
Eva-Ngigi-Sarwari, Visa Kenya Country Manager, underscored the significance of financial education and digital payment adoption for promoting financial inclusion. The project aims to raise awareness of formal financial services through campaigns and financial literacy programs.
“A combination of financial education and the adoption of digital payments holds the potential to significantly advance financial inclusion and spur economic growth for MSMEs in Kenya and Tanzania,” said Sarwari.
Visa has already established a presence in Kenya through various partnerships aimed at promoting financial inclusion. In January 2024, Visa collaborated with Kenya’s payments platform, Pesaflow, to enhance digital payments in public and government services, aiming to improve efficiency, transparency, and financial inclusion. Moreover, the payments giant partnered with local banks and fintech companies in Kenya in August 2023 to introduce contactless payment solutions.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
