Saccos face pressure from rising transactions, stricter rules
Byndoor said the rapid growth of real-time payments is testing the ability of banks and SACCOs to keep systems stable, transparent and compliant. Kenya breaking news | Kenya news today |..
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Kenyan SACCOs are facing increased regulatory scrutiny due to surging digital transactions overwhelming their payment systems, according to BPC East Africa Country Manager Prashant Byndoor.
- SACCOs hold over Sh1 trillion in assets and serve more than seven million members.
- The growing volume of real-time payments, processing about 64 billion transactions worth nearly $2 trillion across Africa, highlights system vulnerabilities.
- Fragmented systems and a lack of integrated platforms risk governance concerns and erode customer trust amidst stricter oversight and intensifying competition from fintech firms.
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