IT blushes Stima Sacco system upgrade
Stima Deposit Taking (DT) Sacco’s shift from its Electronic Resource Planning (ERP) platform to a new core banking system has been hit by technical hiccups and customer complaints following disruptions of some banking services.
The Sacco is upgrading its systems that will allow easy integration with third-party vendors, responsive product delivery, better database management, internal controls, and the ability to disburse up to Kes120,000 loans via mobile.
However, the shift in IT systems has never been a straightforward matter of a click of a button with Stima Sacco members witnessing minimal disruptions and delays during the current transition.
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Stima Sacco is the second largest savings and credit unit in the country with Kes46.4 billion in assets and Kes34.2 billion in deposits according to the SACCO Societies Regulatory Authority (SASRA) 2021 annual report.
The Sacco has issued loans for up to Kes39.3 billion, raking in Kes6.9 billion in incomes that could grow with a more efficient system and deployment of mobile loans.
The new core banking system is billed to significantly improve efficiency and uptime and also make integration with third parties flawless thereby improving the microlender’s business efficiency.
Some Stima Sacco members have, however, raised concerns about the teething problems with the transition that is expected to end in February. The Sacco has assured its members of the security of their deposits and investments.