Saccos are turning to the agency business and partnering with financial technology (fintech) companies in efforts to fend off competition from other financial sector players such as digital credit providers.
Saccos increased their number of agents by 20.9 percent to 4,038 in 2023, from 3,340 a year earlier, while the number of transactions made by these agents on their behalf more than quadrupled to 7.8 million from 1.89 million in 2022, data from the sector regulator says.
