Case Study:

Adoption of Sakoly as a platform for mobile money at Kenya Entrepreneurship Empowerment Foundation (KEEF)

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Executive Summary

In 2018, the Kenya Entrepreneurship Empowerment Foundation (KEEF) adopted Sakoly as their lending system. However, in 2021, they realized they needed to optimize their business processes and develop an IT strategy for the long term. This led KEEF to engage Sakoly’s Mobile Financial Services team to help integrate Safaricom’s M-PESA mobile payments service into their operations, resulting in the development and piloting of a mobile money system. This case study highlights the three most important lessons learned from this project, including the benefits of properly implementing Sakoly and mobile money, and the importance of considering people and processes in addition to technology.

Pain Points

KEEF was facing challenges in loan processing and report generation due to its manual system, which caused delays and inefficiencies. Additionally, the handling of cash at group meetings and head offices presented security risks and increased the possibility of fraud.

Solution

Sakoly’s core banking solution was implemented to address KEEF’s pain points by providing a cloud-based Management Information System (MIS) to reduce the IT burden and provide access to technical services and support. After proper training, loan processing time was reduced, and report generation was made more efficient. Sakoly’s Mobile Financial Services team helped integrate M-PESA mobile payments service into KEEF’s operations, eliminating the need for cash handling and improving security.

Implementation

The implementation of Sakoly was done with minimal cost and was coupled with business process optimization and staffing to ensure the effective use of the system. The mobile money project was piloted as part of a larger IT strategy and process improvement.

Impact

The Sakoly platform has been proven to be cost-effective for microfinance institutions (MFI) with a cloud-based MIS system that reduces IT burden, providing access to technical services and support. The implementation of Sakoly has resulted in time-saving and efficiency improvements in loan processing and report generation. The integration of the M-PESA mobile payments service has brought added efficiencies to KEEF, eliminating tasks related to cash handling, reducing fraud, and minimizing security risks. This project has reinforced the importance of careful consideration of people, processes, and technology in technology projects.

Mobile money has been proven to be a viable technology for serving microfinance clients in Kenya as long as the client benefits outweigh the costs of using the service. It has brought added efficiencies to MFIs and minimized security risks associated with handling cash from both the client’s and the institution’s perspective. The implementation of Sakoly has enabled KEEF to evolve from a lending corporation to a microfinance bank that offers savings products.

In conclusion, the success of implementing technology projects requires careful consideration of people, processes, and technology. The fundamentals of business operations must be in place before automation and innovation can succeed. The implementation of Sakoly has helped KEEF improve its business processes and provided a path to evolve into a microfinance bank that offers savings products.

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Sakoly for banks

Executive Summary

In this case study, we will be exploring the implementation of Sakoly, a core banking solution, for a bank. The bank was facing numerous challenges with its existing systems, and Sakoly was chosen as the solution to address these pain points. The implementation of Sakoly helped the bank streamline its operations, improve customer experience, and increase efficiency.

Pain Points

The bank was facing several challenges with its existing systems. The main pain points were:

  1. Outdated Technology: The bank’s existing systems were outdated and could not keep up with the modern demands of customers.
  2. Poor Customer Experience: The bank’s existing systems were cumbersome and difficult to use, leading to poor customer experience.
  3. Lack of Integration: The bank’s various systems were not integrated, leading to inefficiencies and errors.
  4. Security Concerns: The bank’s existing systems had several security concerns that needed to be addressed.

Solution

After evaluating several options, the bank chose Sakoly as its core banking solution. Sakoly offered the following benefits:

  1. Modern Technology: Sakoly offered a modern, cloud-based platform that could keep up with the demands of customers.
  2. Improved Customer Experience: Sakoly’s user-friendly interface and intuitive design improved the customer experience.
  3. Integration: Sakoly’s integrated platform allowed for seamless communication between the bank’s various systems, reducing inefficiencies and errors.
  4. Enhanced Security: Sakoly’s advanced security features ensured that the bank’s systems were protected from cyber threats.

Implementation

The implementation of Sakoly was a complex process that involved several stages. The bank worked closely with Sakoly’s implementation team to ensure a smooth transition. The implementation process included the following stages:
Planning: The bank and Sakoly’s team worked together to plan the implementation process and define project timelines.
Data Migration: The bank’s existing data was migrated to Sakoly’s platform.
Testing: Sakoly’s platform was thoroughly tested to ensure that it was functioning as expected.
Training: The bank’s employees were trained on how to use Sakoly’s platform.
Go-Live: Sakoly’s platform was launched, and the bank began using it to conduct its operations.

Impact

The implementation of Sakoly had a significant impact on the bank. The main benefits were:

  1. Improved Efficiency: Sakoly’s integrated platform streamlined the bank’s operations, reducing inefficiencies and errors.
  2. Enhanced Customer Experience: Sakoly’s user-friendly interface and intuitive design improved the customer experience, leading to higher satisfaction rates.
  3. Increased Security: Sakoly’s advanced security features protected the bank’s systems from cyber threats, enhancing its security posture.
  4. Cost Savings: The bank was able to reduce its operational costs by using Sakoly’s platform.

Overall, the implementation of Sakoly was a success for the bank, and it helped the bank address its pain points, improve its operations, and enhance its customer experience.

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Sakoly for lenders

Executive Summary

In this case study, we will be exploring the implementation of Sakoly, a core banking solution with lending features, for a lending corporation that was evolving to offer savings products and becoming a microfinance bank. Sakoly’s lending features and core banking solution helped the corporation streamline its operations, improve customer experience, and expand its offerings to include savings products.

Pain Points

The lending corporation was facing several challenges with its existing systems. The main pain points were:

  1. Manual Processes: The corporation’s existing systems relied heavily on manual processes, leading to inefficiencies and errors.
  2. Limited Product Offerings: The corporation was only able to offer lending products, which limited its customer base and revenue streams.
  3. Poor Customer Experience: The corporation’s existing systems were cumbersome and difficult to use, leading to poor customer experience.

Solution

After evaluating several options, the lending corporation chose Sakoly as its core banking solution. Sakoly offered the following benefits:

  1. Lending Features: Sakoly’s lending features allowed the corporation to streamline its lending operations, reducing inefficiencies and errors.
  2. Core Banking Solution: Sakoly’s core banking solution provided the corporation with a modern, cloud-based platform that could keep up with the demands of customers.
  3. Savings Product Offerings: Sakoly’s platform allowed the corporation to expand its offerings to include savings products, increasing its customer base and revenue streams.
  4. Improved Customer Experience: Sakoly’s user-friendly interface and intuitive design improved the customer experience.

Implementation

The implementation of Sakoly was a complex process that involved several stages. The lending corporation worked closely with Sakoly’s implementation team to ensure a smooth transition. The implementation process included the following stages:

  1. Planning: The lending corporation and Sakoly’s team worked together to plan the implementation process and define project timelines.
  2. Data Migration: The corporation’s existing data was migrated to Sakoly’s platform.
  3. Testing: Sakoly’s platform was thoroughly tested to ensure that it was functioning as expected.
  4. Training: The corporation’s employees were trained on how to use Sakoly’s platform.
  5. Go-Live: Sakoly’s platform was launched, and the corporation began using it to conduct its operations.

Impact

The implementation of Sakoly had a significant impact on the lending corporation. The main benefits were:

  1. Improved Efficiency: Sakoly’s lending features and core banking solution streamlined the corporation’s operations, reducing inefficiencies and errors.
  2. Expanded Product Offerings: Sakoly’s platform allowed the corporation to offer savings products, increasing its customer base and revenue streams.
  3. Enhanced Customer Experience: Sakoly’s user-friendly interface and intuitive design improved the customer experience, leading to higher satisfaction rates.
  4. Cost Savings: The corporation was able to reduce its operational costs by using Sakoly’s platform.

Overall, the implementation of Sakoly was a success for the lending corporation, and it helped the corporation address its pain points, improve its operations, and expand its offerings to include savings products. The corporation was able to evolve into a microfinance bank, serving a wider range of customers and contributing to financial inclusion.

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Empower your lending business for the digital age with Sakoly - the complete core banking solution.

Revolutionize your lending experience with Sakoly and deliver powerful financial products to underserved markets.

Transform the way you lend with Sakoly - a powerful and efficient lending solution for the modern era.

Meet the demands of today's borrowers with Sakoly - the complete digital lending solution for financial institutions.

Expand your lending horizons with Sakoly - the ultimate lending platform for global financial institutions.

So why Sakoly?

Sakoly is a complete core banking solution that enables financial institutions to streamline their lending processes and enhance their service offerings. Here are some reasons why you should consider Sakoly for your lending business:

Comprehensive Solution

Sakoly provides a complete suite of lending features, including loan origination, underwriting, disbursement, and servicing. Additionally, it offers an array of core banking functionalities such as accounting, customer management, and reporting.

Digital capabilities

With Sakoly, your lending business can operate in the digital age, providing customers with the ability to borrow what they need, when they need it, and at the lowest cost. The platform is designed to improve the efficiency of lending processes, reduce turnaround times, and provide a seamless experience for customers.

Flexibility

Sakoly is a highly configurable platform that can be tailored to meet the specific needs of your lending business. It offers a range of loan types, repayment schedules, interest rates, and other features that can be customized to match your lending policies and practices.

Scalability

Sakoly is designed to support growth and expansion. Whether you’re a small lending institution or a large financial institution, the platform can scale to accommodate your needs.

Technical Support

Sakoly provides technical support and training to ensure that your lending business is up and running smoothly. Additionally, Sakoly offers ongoing support to help you optimize your lending operations and improve your bottom line.

Personalized Training

Sakoly offers the enhanced operation, technology, and marketing training modules & trainers. Get access to exclusive training materials and courses, as well as personalized training sessions to help you and your team become more effective and knowledgeable in your roles.

Outsourcing Your Needs

Streamline your recruitment and HR processes with Sakoly’s outsourcing services. Our team of experienced recruiters can help you find the best candidates for your organization and provide training to ensure they’re up to speed. We can also take care of human resources and payroll functions, freeing up your time to focus on your core business.

Marketing Solutions

We offer a wide range of marketing services to help financial institutions enhance their online presence and reach more potential clients. From Sakoly Marketing Tools to custom videos and creatives, social media management, search engine optimization, and pay-per-click advertising, we can help you grow your business and achieve your goals. Our marketing training can also help your CSMO and marketing team become more effective and knowledgeable in their roles.

Overall, Sakoly provides end-to-end microfinance business solutions that can

save you time, money, and resources while transforming your organization into financial industry leaders.

With complete core banking features, unlimited customization options with API, personalized training, and outsourcing services for recruitment and marketing, Sakoly is the perfect partner to help your lending business thrive in the digital age.