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Technology

Sumac to roll out digital outlet next month

Sumac Microfinance is testing its digital banking platform ahead of its planned rollout in December.

Chief executive John Njihia said the locally developed platform will be availed to members via a mobile App, USSD channel as well as on its official website-based platforms. This, he said, will unlock a branchless network running on a cloud-based platform.

Mr Njihia who spoke during the official opening of their Thika branch at Nafelin Plaza said their members will soon be able to transact their banking business on the platform on a 24 hour basis.

“We are responding to a need by our clients who want access to loans and money in their accounts on weekends, at night and on holidays wherever they are. This will be done via secure passwords that members will be given,” he said.

Sumac’s loan book has grown from Sh458 million to the current Sh1.4 billion while deposits have hit Sh600 million from Sh135 million reported three years ago.

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The 8,000-strong member microfinance company last year received Sh2 billion from US-based Social Investment Managers & Advisors (Sima) for onward disbursement as loans to its members for purchase of offgrid solar products.

In mid 2018, a Dubai-based firm, Badoer Investments bought a 15.6 percent stake in Sumac where it injected Sh100 million giving the lender new financial muscle to expand its services and network.

While it held a paltry 0.7 percent market share by end of 2018, Sumac had increased its foothold to 1.3 percent.

Opening of the Thika branch adds its branch network to five with two in Nairobi’s Ngara Parkroad and Koinange Road as well as Nakuru and Githunguri outlets.

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