FINTECH INSTALLS I-FLEX SOFTWARE FOR MICRO LENDER KUSCCO
An ambitious multi-million project to Kenya’s credit unions started last week when Fintech Technologies begins training the would-be beneficiaries. The move marks the implementation stage of a deal signed last month between the financial software vendor and Kenya’s umbrella credit unions’ group, Kenya Union of Savings and Co-operatives (Kuscco) to provide an IT platform for the country’s 2000 credit unions.
Fintech spokesman Patrick Muriuki said the training phase would start at Kuscco before it is rolled out to the target co-operatives. The eventual aim is to install Fintech’s Microbanker software in each of the societies and have them connected in a nationwide network.
The software installed would enable them to improve efficiency and make easier the processing of loans, managing members’ accounts and overall operations. It will cost a savings and credit union KS2 million for a five users licence from the Indian company I-Flex Solutions. Kenya’s savings and credit movement has a total loan portfolio of KS39 billion.