‘The role of SACCOs as international remittance providers in Kenya’ report sheds light on whether Kenyan SACCOs can play a larger role by offering remittance services directly.
Remittances are a crucial part of Kenya’s economy, surpassing traditional foreign exchange. Globally, and particularly in East Africa, SACCOs (Savings and Credit Cooperative Organisations) play a vital role in providing financial services. The research surveyed 140 SACCOs in Kenya, revealing that nearly a quarter currently offer remittance services, and of these, one-third are developing products tailored for the diaspora. SACCOs have expressed interest in offering remittance services, presenting a key opportunity to provide regulatory, strategic, and operational support for broader reach and more favorable business models.
