Stanbic Extends Free Digital Solutions to SACCOs Through FlexiPay

This move aims to enhance the operational efficiency of SACCOs by equipping them with innovative tools for better financial management and customer engagement.
In a bid to support Savings and Credit Cooperative Societies (SACCOs) across Uganda, Stanbic Bank has launched an initiative to provide free digital solutions through its FlexiPay platform.
This move aims to enhance the operational efficiency of SACCOs by equipping them with innovative tools for better financial management and customer engagement.
FlexiPay, known for its user-friendly interface, offers SACCOs a range of digital solutions, including mobile payments, seamless fund transfers, and advanced reporting features.
Josephine Nakato, head of customer experience for FlexiPay, highlighted that this initiative aligns with Stanbic’s mission to drive Uganda’s growth.
"By providing these tools for free, we aim to empower SACCOs to better serve their communities while modernizing their operations," she said.
Dogo Singh, Stanbic Bank’s Insurance Manager, also unveiled new insurance packages tailored for SACCOs to mitigate risks in managing finances and investments.
"Empowering SACCOs with insurance packages will help sustain their operations," Singh remarked, emphasizing the importance of financial security for SACCOs handling large transactions.
The initiative comes at a time when SACCOs face increasing pressure to digitize to remain competitive. FlexiPay offers them the tools to improve transaction speeds, security, and customer reach.
According to the Bank of Uganda, there were 33,000 SACCOs in Uganda as of May 2023, with continued growth expected.
Stanbic Bank’s commitment to SACCOs is also reflected in its loan distribution program, which has provided Shs200 billion in loans to various groups, offering competitive interest rates of 10% per annum.
This initiative is poised to play a significant role in enhancing financial inclusion and supporting small businesses across the country.