The African Confederation of Co-operative Savings and Credit Associations (ACCOSCA) has teamed up with global digital payments leader Visa to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project. This initiative targets improved access to formal financial services for underserved communities and small businesses across both countries.

The FIKT project will use the power of the co-operative and SACCOs movement, combined with Visa’s extensive network, to bring financial services to millions of unbanked or underbanked individuals. It focuses on developing innovative, affordable financial products that specifically address those needs. Alongside this, the program will enhance the capacity of participating co-operative societies, promote a supportive regulatory environment, and drive awareness and financial literacy campaigns.

Speaking at the project’s official launch, Hon. Simon Chelugui, Cabinet Secretary – Ministry of Cooperatives and Micro, Small, and Medium Enterprises Development, lauded ACCOSCA and Visa’s collaboration. He called the initiative a strong example of cooperative principles in action, empowering men, women, and youth in both countries to achieve their economic goals.

“This project directly supports our government’s efforts to expand services to the unbanked and build financial literacy. It aligns with our transformation agenda, ensuring that no one is excluded from our shared journey towards prosperity”, stated Hon. Chelugui.

George Ombado, ACCOSCA’s Executive Director, emphasized the partnership’s unwavering commitment to sustainable, inclusive growth within both Kenya and Tanzania. “ACCOSCA is focused on enhancing financial inclusion across Africa. By unlocking the potential of our people through access to financial products and services, we will see economic growth, increased entrepreneurship and investment, and protection for vulnerable communities,” he said.

Eva-Ngigi-Sarwari, Visa Kenya’s Country Manager, stressed that financial education combined with digital payments has immense potential. “This blend can drive rapid financial inclusion and fuel economic growth for MSMEs, who are core to SACCOs membership. We can achieve this through targeted training programs for women, considering their unique needs, and partnering with women-led organizations to broaden our reach,” she noted.

The FIKT project promises a positive impact on the lives of beneficiaries and aligns with both Kenya and Tanzania’s national development visions. This project is a significant step towards a more financially inclusive East Africa.