In a bid to improve the access and usage of formal financial services among underserved communities and small businesses in Kenya and Tanzania, ACCOSCA (the African Confederation of Co-operative Savings and Credit Associations) and Visa, a global leader in digital payments, have partnered to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project.
The project aims to leverage the Co-operative and SACCOs movement and the Visa network to reach millions of unbanked and underbanked people across the two countries.
“The project stands resolute in accelerating and supporting the National Government’s efforts towards providing services to the unbanked, and fostering financial literacy and resilience, ensuring that no one is left behind in our collective journey towards prosperity as envisioned by the government’s Transformation Agenda,” Cabinet Secretary in the Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development Simon Chelugui stated while speaking at the event.
George Ombado, Executive Director of ACCOSCA revealed that the purpose-driven partnership is committed to advancing inclusive, equitable, and sustainable growth for the citizens in both countries.
“ACCOSCA is very intentional in enhancing Financial Inclusion through Financial Education and Digital Financial Solutions across Africa. We are accelerating Financial Inclusion to unleash the untapped potential of Africa. We want to see our people access financial products and services therefore fostering economic growth, promoting entrepreneurship, investment, and productivity, and allowing vulnerable communities to invest in education and healthcare while shielding them from financial vulnerabilities,” George Ombado.