Visa and ACCOSCA Partner to Accelerate Financial Inclusion in Africa

ACCOSCA and Visa have partnered to redefine the continent’s economic landscape, champion deepened financial inclusion, and improve the access and usage of formal financial services among underserved communities and small businesses through their joint Financial Inclusion in Kenya and Tanzania (FIKT). 

The project aims to leverage the strength of the SACCO movement in Africa and the Visa network to reach millions of unbanked and underbanked people across the two countries. 

Speaking during the official launch in Nairobi, Hon. Simon Kiprono Chelugui, EGH Cabinet Secretary in the Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development, applauded ACCOSCA and Visa for their cooperation to create an inclusive and enabling environment that empowers men, women, and youth in Kenya and Tanzania to overcome financial barriers and achieve their economic aspirations, terming it a true embodiment of the cooperative principles and philosophy.

George Ombado, Executive Director of ACCOSCA reiterated ACCOSCA’s commitment to fostering economic growth, promoting entrepreneurship, investment, and productivity, and allowing vulnerable communities to invest in education and healthcare while shielding them from financial vulnerabilities. 

Eva-Ngigi-Sarwari, Country Manager of Visa Kenya said a blend of financial education and the uptake of digital payments holds the potential to rapidly advance financial inclusion and economic growth for MSMEs in Kenya and Tanzania, who form a large base of members and potential members of SACCOs. 

Hon. Patrick Kilemi, Principal Secretary at the State Department of Cooperatives, noted that the purpose-driven partnership between ACCOSCA and Visa is geared towards advancing inclusive, equitable, and sustainable growth for the citizens in both countries, ensuring that no one is left behind in our collective journey towards prosperity. 

Cooperative leaders in attendance included Chad Pollock – General Manager and Vice President, Visa East Africa, Arnold Munene – Acting Group Managing Director of KUSCCO Ltd, Peter Njuguna – CEO of Sacco Societies Regulatory Authority, Hassan Mnyone – CEO of Sccult 1992 Ltd Tanzania, David Sohelo Mategwa – Board Vice Chairperson of ACDF among other invited dignitaries.

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