Fintech Sacco Overview

A Description of Fintech Sacco which is powered by Tuku Pay.

Overview of Fintech Sacco

The Fintech Sacco is a digital-first cooperative society hosted within Tuku Pay, enabling users from various apps to join, save, and borrow funds. This modern Sacco operates like traditional Saccos, emphasizing financial empowerment through savings and loans, but leverages Tuku Pay's technology for seamless integration and operations.

Key Features:

1. Membership:

   • Users of any app integrated with Tuku Pay can join the Fintech Sacco.

   • Membership requires a registration fee (e.g., Kes 1000), which varies depending on the referring app.

   • KYC is automatically retrieved from the user’s existing Tuku Pay registration details.

2. Savings and Deposits:

   • Members can make regular deposits into their savings accounts.

   • Deposits can be managed by the Fintech Sacco on behalf of its members, ensuring streamlined transactions.

   • Members earn dividends or interest based on their savings contributions.

3. Loans:

   • The main activity of the Fintech Sacco is issuing loans to its members.

   • Members can borrow based on their savings contributions, credit score, or Sacco policies.

   • Loans are personalized, with repayment plans structured to suit members' needs.

4. Transactions Management:

   • Fintech Sacco autonomously handles transactions, including savings deposits, loan disbursements, and repayments.

   • Members have access to detailed transaction histories through their respective apps.

5. Integration with Other Apps:

   • Any app integrated with Tuku Pay can allow its users to access the Fintech Sacco services.

   • Users can join, deposit, and borrow through their primary app interface, ensuring a seamless experience.

6. Community Benefits:

   • Members benefit from pooled resources, creating opportunities for growth and shared financial success.

   • Special financial programs and incentives are periodically introduced for members.

How It Works:

1. Membership Registration:

   • Users select the "Join Fintech Sacco" option through their app.

   • The Sacco processes their registration fee and activates membership.

2. Savings Contributions:

   • Members deposit funds into their Sacco accounts directly via Tuku Pay’s payment gateway.

   • Savings grow with time, and members gain eligibility for larger loans.

3. Borrowing:

   • Members apply for loans through their app or the Sacco’s dashboard.

   • Loan applications are reviewed based on savings, credit history, and Sacco-specific KPIs.

   • Approved loans are disbursed directly to members’ accounts.

4. Management:

   • The Sacco operates as an independent "app" within Tuku Pay, managing its users, savings, and loan activities.

Benefits of the Fintech Sacco:

• For Users:

  • Access to affordable loans with simplified application processes.

  • A secure platform for saving and growing wealth.

  • Full integration with their existing app ecosystem.

• For Partner Apps:

  • Enhanced value for users, increasing app engagement.

  • Revenue share from member registration fees and other transactions.

Fintech Sacco Structure: The Fintech Sacco operates under cooperative society principles, blending technology with traditional Sacco operations. It ensures fairness, transparency, and empowerment for its members.