- Wakenya Pamoja Sacco plans to launch diaspora banking services, allowing Kenyans living abroad to invest and manage their finances remotely through a secure online platform.
- Their existing mobile banking platform (USSD) is already operational, offering access to loans, investment advice, money transfers, and savings plans.
- Wakenya Pamoja Sacco aims to provide accessible and convenient financial services, particularly for those who may face challenges with traditional banking systems.
By OBADIAH OROKO
Wakenya Pamoja Sacco, a prominent agricultural Sacco in Nyanza, is embracing digitalization to enter the growing digital financial services market.
During their 32nd Annual Delegates Meeting, the Chairman, Francis Ayieko, revealed a multi-phased, five-year strategic plan with a focus on the diaspora market.
To streamline remittance and investment for overseas members, Wakenya Pamoja plans to partner with the Co-operative Bank of Kenya, allowing direct deposits to Sacco accounts without intermediaries.
Recognizing the challenges faced by Kenyans abroad, Ayieko emphasized their commitment to leveraging diaspora banking technologies as part of their strategic plan.
“The Sacco management has taken it seriously to tap into the diaspora space by implementing its strategic plan in line with existing potential in the emerging diaspora banking technologies,” stated Ayieko.
While the announcement of a strategic focus on the diaspora market was welcome news, Chairman Ayieko acknowledged a past concern where many Kenyans living abroad have faced discouragement due to investment losses through friends and family back home.

Wakenya Pamoja Sacco, however, aims to change that narrative. By partnering with the Co-operative Bank of Kenya, they’re ensuring a secure and reliable platform for diaspora members to invest their hard-earned money directly into their Sacco accounts.
This innovative approach eliminates the need for intermediaries, fostering trust and encouraging investment back home.
“Wakenya Pamoja Sacco has taken cognizance of the unique investment potential provided by the Kenyans living in the diaspora, the reason why the idea behind diaspora banking comes up at this point,” observed Ayieko.
Through Sacco’s mobile banking (USSD) platform which has already been rolled out successfully, the Society facilities such as access to loans, investment advice, money transfer services and saving plans being offered can all be accessed even by members in the diaspora.
The Chairman’s sentiments come against the backdrop of increasing knowledge that Kenya is aiming to gain recognition as one of the most sophisticated, progressive, and innovative banking sectors in Africa.
It is also through this notion that many commercial banks offer diaspora products and services that can be accessed and utilized remotely and most importantly online banking platforms which act as important gateways for people living abroad to manage their local financial affairs.
Wakenya Pamoja Sacco’s new diaspora banking initiative tackles a major hurdle for Kenyans living abroad: the difficulty of managing investments back home.
Traditionally, relying on friends and family has exposed many to disappointment and lost savings. The Sacco offers a secure and convenient alternative.
Opening a diaspora account is the first step to accessing a suite of online banking functionalities, similar to those offered by commercial banks. These services include access to loans, investment advice, money transfers, and savings plans – all managed remotely.
This approach also bypasses the stricter loan and mortgage requirements often imposed by traditional banks. Wakenya Pamoja Sacco positions itself as a more accessible and trustworthy option for Kenyans abroad seeking to invest their hard-earned money back home.
The Society’s CEO, Dr. Isaac Omwenga, also addressed plans to expand access through the Agency Banking model. Feasibility studies and preparations are complete, and they await approval from the Sacco Societies Regulatory Authority (SASRA) before launching the service officially.
“I am confident that the new agency banking business model will be a game changer in our business operations, coming after we have successfully rolled out a Mobile Banking solution that has attracted excitement among our members,” Omwenga commented.
The need to keep pace with global technological advancements drove Wakenya Pamoja Sacco’s management to embrace the Agency Banking model, a key component of their 2022-2026 strategic plan.
This model, alongside the previously mentioned mobile banking platform, reflects Sacco’s commitment to modernizing its services. Additionally, opening satellite branches provides wider reach while optimizing operational costs compared to traditional, full-service branches.
During the ADM, Commissioner for Co-operatives Development, Mr David Obonyo, commended Sacco’s performance.
However, he highlighted a concern: the low participation of women and youth in leadership positions.
He challenged the management to prioritize member education initiatives focused on bridging the gender and generational gap within Sacco’s leadership structure.
“Though women offer an immense contribution to the progress witnessed in the co-operative sector in the country, their representation in leadership positions in the sector poses a worrying trend, with men usually controlling the sector whose stability and performance solely depends on women’s contribution,” Obonyo lamented.
The dominance of men in Gusii region’s deposit-taking Saccos (DT Saccos) raises concerns about the sector’s long-term sustainability.
Commissioner Obonyo attributes this to traditional membership demographics, with activities like dairy, tea, and coffee production, as well as formal employment, attracting a primarily male base.
However, a more pressing issue is the widening gender gap in leadership and youth engagement. Mr Obonyo fears this trend threatens the future of the sector, currently controlled by an ageing membership.
This lack of youth participation is not unique to Gusii. In developing countries worldwide, young people often lack access to financial services and education, hindering their economic participation. While this presents a challenge, it also offers an opportunity.
The Commissioner highlights the crucial role Saccos can play in fostering financial responsibility, character development, and healthy financial habits in young people.
By prioritizing youth engagement and promoting gender equality within their ranks, Gusii Saccos can ensure a more sustainable and inclusive future.
Through well-designed financial products specifically tailored to the needs and capabilities of young people, Saccos can empower them to manage their finances effectively.
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This could include services that support microenterprise development, and fostering self-sufficiency for young people and their families.
Fortunately, the financial services landscape is ripe for innovation. Many institutions have expanded their product offerings to include financial education, capacity building, and youth-friendly financial technologies.
By embracing these advancements and prioritizing gender equality within their leadership, Gusii Saccos can position themselves for a sustainable future that benefits all members of their community even as they strive to be at par with new technological trends.
