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When individuals join in a cooperative venture, the power generated far exceeds what they could have accomplished acting individually.

- - R. Buckminster Fuller

overview

Cooperative banks cater to the banking needs at grassroots level and play a crucial role in financial inclusion. They enable socio-economic empowerment of local communities and help facilitate ‘banking for the unbanked’.

However, in today’s highly competitive ‘survival of the fittest’ playing field, it is imperative for Savings and Credit Co-operative Organizations (SACCO) to embrace the latest technology for self-sustainability and enhanced profits. SACCOs need to adopt specifically designed technology solutions, based on a low-cost, viable plug and play model with superior features like detailed analytics, risk management tools, robust architecture and performance tracking mechanisms.

Our product was further enhanced to generate key ratios and indicators that are documented in the MIS guidelines from World Council of Credit Unions (WCCU) and CGAP.

SACCO

Challenges in adopting SACCO solutions

Standalone architecture leads to software integration issues

Business expansion limited by lack of multi-currency, multi-language and multi-channel facilities

Cybersecurity concerns with many SACCOs lacking proper security safeguard mechanisms

Lack of scalable software for adoption by SACCOs across the ecosystem

Software solutions for SACCOs lack report generation, timely creation of loan provisions and computation of statutory ratios

High cost associated with enterprise level software implementation

Need for improved data management and analytics

Inadequate user skills along with hard to use systems

Use technology to drive financial inclusion from the grassroots

Embrace future-ready technology solutions specially crafted for SAACOs

Technological prowess includes robust multi-branch client server architecture

Flexible design that allows inclusion of banking functions and seamless automation

Multi-feature reporting with performance analysis and actionable insights

High security standards, centralized architecture, and capability to handle third party channels

Workflow-based account and loan application

Maintenance of SACCO members

Collateral and Guarantor management

Value added functions for a user-friendly interface

clients

Jamii Bora

Case Study

The objective was to streamline digital channels into a single secure experience, enable customers to open accounts instantly, and reduce the pressure on branches to service customers.

Client Speak

Craft Silicon stands firmly behind Jamii Bora Bank to achieve its growth objectives.
Jamii Bora Bank

testimonial

For more than 5 years, Paramount Bank has worked with Craft Silicon to implement the most innovative ways to help with the banks day to day running and to help with efficient and effective ways for our customers to bank digitally. With this Craft Silicon has provided a full suite web based core banking system and channels system to cater for both retail and corporate customers. We are satisfied with the continued support accorded by Craft Silicon to ensure smooth business operations

Mandeep Kaur
Paramount Bank
IT
Paramount Bank

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clientele

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