Abstract:
The adoption and usage of financial technologies (fintech) in Savings
and Credit Cooperatives (SACCOS) have become increasingly relevant in enhancing
financial inclusion and service delivery. However, there remains a gap in
understanding how SACCOS members interact with these technologies, the factors
influencing their adoption, and the challenges they face. This study explores the
deployment of fintech in SACCOS, focusing on usage patterns, adoption drivers, and
barriers among members. The study employing a mixed-methods research design,
the study integrates qualitative insights from key informant interviews with
quantitative data collected through structured surveys. The analysis is guided by the
technology acceptance model (TAM), the study finds that all respondents they are
aware of the fintech services provided by their SACCOS. Most of the fintech tools
used by members are loan application tools, digital saving platforms as well as SMS
notifications for transaction. Members face challenges like poor internet connectivity,
high transactions cost and lack of trust in digital transactions. Majority of the
SACCOS members are satisfied with the fintech tools they are using. Final the study
recommends that the SACCOS management to educate members on the usage of
fintech tools and to add more fintech tools to be used by members.
