Since mid-2019, Metropolitan National Sacco embarked on a transformative strategy that has seen it embrace financial technology (FinTech)
To ensure smooth running of operations that has also seen it overcome the tough Covid-19 period, the Sacco has increasingly embraced technology and encouraged its 100,000 strong members to use them.
One of the digital services that has revolutionized how members transact is the USSD Service code *268#.
The USSD Service, is a mobile banking system that enables members to access Sacco services anytime of the day, anywhere. This is coupled with increased business hours of between 8:30 am to 4:00 pm on weekdays and 8:30 am to 12 noon for Saturdays.
m-Metro Cash
Another innovation is the m-Metro Cash; a Mobile banking solution service where the Sacco members can undertake transactions at their convenience on the palm of their hands.
Through m-Metro Cash, members of the Sacco can access up to Sh20,000 loan. However, they must have their salaries channelled through FOSA section and have been active members of the Sacco for the last three months
However, the m-Metro Cash service does not serve joint account or accounts which require more than one signatory.
The Mobile banking solution service works for 24 hours.
Lower cost
The new technology-driven strategy has even reduced the Sacco’s costs of doing business.
“The operational efficiency initiatives resulted in an overall cost reduction of Sh96 million, mainly driven by savings in financial and administrative expenses which were further powered by enhanced uptake of digital service delivery channels,” the CEO said
