In an era where dreams meet hurdles, the arrival of the Kabokisi app, birthed by the innovative minds of Team Alpha, stands as a monumental revolution in community savings and credit cooperative organizations (SACCOs).
Amidst the backdrop of surging SACCO memberships, Mariam from Iganga District embodies the aspirations shared by many: securing her children’s education, uplifting living standards, and preparing for unforeseen financial crises. Yet, SACCOs grapple with a labyrinth of obstacles—from insufficient financial resources to archaic reporting systems.
However, hope emerged at the 2023 MTN MoMo Hackathon, where Team Alpha’s Kabokisi app secured the coveted $5,000 top prize. This win marked a turning point, leveraging MTN Mobile Money’s platform to reshape financial tools.
Paul Barasa Ojiambo, the team lead, highlighted the app’s prowess in bridging gaps, transcending boundaries to offer seamless savings, and automating deposits. Ojiambo passionately emphasized Kabokisi’s role in connecting diaspora members with local savings groups, fostering a united financial environment.
“Most of these SACCO’s lack professional accounting services or specialized tracking software that aligns with their specific needs and therefore, managing borrowed funds and tracking returns becomes an intricate web, often leading to discord among members. Manual financial data entry is riddled with errors, and this can cause internal conflicts and casting doubt upon members’ contribution balances,”Ojiambo said.
He elaborated that the Kabokisi app was meticulously crafted to alleviate these pain points. It transcends boundaries, offering borderless saving contributions and automating deposits.
The app’s innovation extends beyond the ordinary, boasting multilingual interfaces, robust security, and an array of functionalities that promise to redefine financial landscapes.
Its intelligent design ensures precise tracking of savings and loans, promoting transparency and accountability within savings groups.
“Our app facilitates financial inclusion, creating bridges between diaspora members and their local savings groups,” Ojiambo explained.
Kabokisi’s AI-driven capabilities, including voice-enabled transactions and machine learning, elevate users’ financial insight, estimating personal net worth and establishing credit scoring models.
The app further enhances the value of savings groups’ assets through its auctioning platform, fostering higher market prices and improved bargaining.
Not stopping there, Kabokisi streamlines administrative complexities by generating detailed financial statements, providing an overarching view of SACCO activities.
Its security measures—biometrics, encryption, and multi-factor authentication—shield users from hacking and fraud, ensuring a secure and trustworthy platform.
Speaking at the MTN MoMo prize-giving ceremony, Stephen Mutana, MTN MoMo’s Chief Strategy & Stakeholder Management Officer, emphasized the transformative power of technology.
He echoed a commitment to drive financial inclusion through innovation, underlining the hackathon’s role as a platform for positive impact.
Kabokisi’s vision extends beyond redefining financial tools; it aims to reshape the financial landscape, providing secure money storage for the unbanked and catering to English-illiterate individuals through its USSD platform.
As Team Alpha continues to pave the way for financial inclusion and efficiency, the Kabokisi app stands tall, an emblem of innovation ushering in an era of effortless financial navigation, collective celebrations of success, and communal growth.
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