EFT Corporation, a payment solutions provider based in Africa that supports over 100 million end users and processes more than US$33 billion in transactions annually, has partnered with several of Kenya’s leading savings and credit cooperatives (SACCOs) to develop a shared digital payments platform.

The announcement was made at EFT Connect: Kenya, an event held in Nairobi in May 2025, which brought together regulators, SACCO representatives and fintech stakeholders to discuss the future of cooperative financial infrastructure.

Although SACCOs in Kenya have made progress in adopting digital tools, many are not yet licensed as payment service providers or fully integrated into the National Payment System.

As a result, they are unable to issue cards, process transactions independently or scale their digital services without depending on bank intermediaries.

“This initiative is about enabling SACCOs to take ownership of their digital future,”

said Catherine Korsten, Chief Commercial Officer at EFT Corporation.

“By co-creating the platform with the sector, we’re building the infrastructure SACCOs need to scale sustainably on their terms.”

Many SACCOs currently use real-time payment services through channels such as mobile money, bank ATMs and fintech platforms.

However, these rely heavily on third-party integration, which can introduce complexity, increase costs and present operational challenges.

A shared digital infrastructure aims to simplify these connections, reduce dependence on external providers and improve efficiency.

Despite the uptake of digital tools, manual processes such as cheque clearing, wire transfers and bank-led reconciliation remain prevalent.

Know Your Customer (KYC) and onboarding processes also vary widely, ranging from digital systems like the Integrated Population Registration System to manual methods conducted in branches.

While SACCOs have shown clear intent to scale their digital services, many still lack the infrastructure to do so independently.

Fragmented systems and continued reliance on external providers present ongoing barriers to growth, highlighting the need for a unified platform that supports broader participation in the national financial ecosystem.

The platform under development will allow SACCOs to connect directly to the National Payment System and facilitate real-time transaction interoperability.

It will also include functions such as shared agency banking, more efficient onboarding, and improved clearing and reconciliation mechanisms.

Additional features will be tailored to SACCO needs, including multi-wallet options and automated settlement tools, designed to accommodate institutions of varying size and capacity.

The platform is intended to complement existing systems by providing a foundational infrastructure layer that supports independent innovation.

It reflects EFT Corporation’s approach of enabling inclusion through co-creation.

EFT Corporation has previously contributed to national payment systems across Africa, including Zimswitch in Zimbabwe and Eswitch in Zambia.

Its platforms have supported secure, scalable and regulator-compliant solutions that aim to broaden financial access.

In Kenya, EFT Corporation will act as both the technology provider and strategic partner for the SACCO platform, working with a SACCO-led group of 20 to 25 institutions.

Drawing on experience from other markets, the company will support the design, development and implementation of the platform in line with local requirements.

A pilot programme is scheduled to begin in the third quarter of 2025, accompanied by co-design sessions to define digital wallet structures, onboarding flows and user journeys specific to SACCO operations and regulatory obligations.

Featured image credit: Edited by Fintech News Africa, based on image by pranavkr via Freepik