Stima DT Sacco undergoes system upgrade to improve efficiency

PHOTO | Courtesy

Stima DT Sacco is undertaking a system transition that has caused interruption of some of the banking services.

The giant Sacco says it has been undergoing transition from Electronic Resource Planning (ERP) it has been using for years to a new core banking system which is expected to expand services available to customers using alternative digital channels.

The new core banking system is backed to improve efficiency and uptime as the old ERP was prone to downtime and transaction delays.

According to Stima Sacco Chief Executive Officer Dr Gamaliel Hassan, the new system is expected to easen the future anticipated access to the national payment system which will help in faster processing and clearance of cheques and bank transfers.

Dr Hassan says upon completion of migration to the new core banking system, the Sacco will optimize delivery of services where members will be able to efficiently check balance, withdraw to mobile money accounts and conduct internal transfer of funds to deposit and share capital accounts using its Mobile USSD code.

Additionally, the Sacco will be able to carry out Electronic Funds Transfer (EFT), Real Time Gross Settlement (RTGS) and direct deposits.

The new system is also expected to help members access funds using all Visa branded ATMs and pay at Point of Sale.

Other services being deployed using the new system include salary processing, direct debits, and cash deposits.

Dr Hassan says Stima Sacco is also set to avail internet banking for its members.

“We are replacing the web portal with Internet banking. We are currently at the tail end of carrying out an assessment tests on the platform and the initial services include checking balances, and access to statements. Other features should be released by February 10, 2023, with transactional functions to follow gradually,” said Dr Hassan.

Other available services will include standing order set up and cancellation, loan application, statement view and download, utility payments and sending money to from one member to another.

Dr Gamaliel however says services such as loan repayment which have been unavailable to members via the USSD is currently being rectified and will be up upon completion of the transition. Currently members are paying the Mobile loans through their prime account

Some Stima Sacco members have raised concern on the elogated change over period which is expected to end in February.

The Sacco has however assured its members security of their deposits and investments. Dr. Hassan gave assurance that the Sacco is strong and doing well having grown to over 53.7 B in its asset base by the close of year 2022 which shall result to healthy member returns. The Sacco also anticipates the new corebanking system shall usher in new mobile products and services post the transition period.

Saccos in the country have been urged to develop their own central liquidity system that will enable them process and clear own cheques and transfer funds to each other without going through banks to access the National Payment System.

This is expected to help the movement which currently boasts Ksh 1.5 trillion in assets and Ksh 980 billion in deposits save on charges and fees levied by banks.