Saccos should embrace technology in running their operations as well as product offering so as to attract the youth to replace an aging membership.
This is according to the Acting Commissioner for Cooperatives Geoffrey Njeru who says technology would also prepare the cooperative movement to handle rising cases of cyber crime.
Most of the challenges faced by Saccos are attributed to obsolete technology. Among this is the slow rate at which Saccos are attracting the youth to join its membership as well as in offering products via the mobile platform or the internet.
With the rising cases of cyber crime that mainly target financial service players, experts at the 5th Annual Sacco leaders Convention underscored the need for Saccos to have the latest technology and ensure it is updated to handle cyber-attacks.
Leaders said Saccos were playing a major role in the realization of the government’s Big four agenda, citing their contribution towards the affordable housing pillar.
They committed to be more proactive in the legislation process in efforts to protect their interests.
Saccos have to date mobilised over 700 billion shillings in savings from members and sit on an asset base of more than a trillion shillings.