Financial Inclusion for Kenya and Tanzania (FIKT) Project
Financial Inclusion for Kenya and Tanzania (FIKT) Project by ACCOSCA and Visa
The Financial Inclusion for Kenya and Tanzania (FIKT) Project, implemented by ACCOSCA with the support of Visa, concluded its two-year implementation period having delivered measurable and meaningful impact across the cooperative finance ecosystem in both countries. Launched in March 2024, the project set out to advance financial inclusion, digital readiness, and institutional strength within SACCOs, objectives that align closely with ACCOSCA’s continuing commitment to member empowerment, cooperative self-reliance, and inclusive economic transformation across Africa.
By the close of the implementation period, the project had reached 16,282 individuals through structured financial literacy training, equipping members of the cooperative movement with practical skills in budgeting, savings, debt management, and long-term financial planning. This investment in human capacity was reinforced by the training of 152 Financial Coaches, who extended personalized guidance to SACCO members on retirement planning, credit discipline, and sustained behavioral change, embedding a culture of financial wellness that is expected to endure beyond the project’s formal timeline.
On digital transformation, the rollout of SOMA, a shared digital core banking platform integrated with Tanzania’s national MUVU system, onboarded 11 SACCOs and modernized core operations, strengthening regulatory compliance and positioning participating institutions to offer Visa-linked digital financial services. This progress was complemented by the activation of 14,151 new Visa-enabled SACCO accounts across Kenya and Tanzania, representing a tangible expansion of formal digital financial access for cooperative members.
Taken together, the FIKT project leaves behind a strengthened SACCO ecosystem, expanded financial access for underserved communities, and a demonstrable contribution to Visa’s global objectives on financial literacy, inclusion, and digital equity. In keeping with ACCOSCA’s mission of building resilient, member-owned financial institutions, the project has laid a credible foundation for a next-level phase centered on wealth creation, digital confidence, and long-term financial resilience for cooperative members across East Africa.
