Exploring the usage and adoption of financial technologies by saccos members:

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.