Visa has partnered with the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA), to launch the Financial Inclusion in Kenya and Tanzania (FIKT) project. The purpose of the project is to improve the access and usage of formal financial services among underserved communities and small businesses in the two countries.
The project also aims to leverage the co-operative and SACCOs movement and the Visa network to reach millions of unbanked and underbanked people across the two countries. Additionally, the project will conduct awareness campaigns and financial literacy programs to increase the demand and uptake of formal financial services among the potential and existing customers.
Speaking at the official launch of the Project, Hon. Simon Chelugui, Cabinet Secretary in the Ministry of Cooperatives and MSME Development said, “The project stands resolute in accelerating and supporting the National Government’s efforts towards providing services to the unbanked, and fostering financial literacy and resilience, ensuring that no one is left behind in our collective journey towards prosperity as envisioned by the government’s Transformation Agenda.”
The FIKT project is expected to have a significant impact on the socio-economic well-being the beneficiaries, as well as contribute to the achievement of the SDGs. The project also aligns with the national development plans and strategies of Kenya and Tanzania, such as the Vision 2030 and the Big Four Agenda in Kenya, and the Vision 2025 and the Five-Year Development Plan in Tanzania.
The launch event was attended by representatives from ACCOSCA, Visa, the co-operative sector, the government, the private sector, civil society, and other stakeholders. Various speakers at the event highlighted the importance and relevance of the FIKT project, as well as the opportunities and challenges of advancing financial inclusion in Kenya and Tanzania. They also expressed their commitment and support to the successful implementation and scaling up of the project.