Savings Plus (SP5)
What is Savings Plus (SP5)
SP5 (Savings Plus) is the Business-facing part of the platform. For Africa’s Credit Unions and MFIs, SP5 is the Banking as a Service platform that enables them to acquire more customers, mobilise savings, grow transaction revenues, and geographically scale at 10% the ordinary cost. It is a combination of a hosted Core Banking system, managed network and call centre to support end consumers.
Benefits to SACCOs/MFIs
Customer Acquisition & Retention
Through our MSACCO Payment Gateway connected with the Savings Plus BaaS, institutions are able to acquire new customers and serve them regardless of where they live or shift to. Rural institutions are now able to acquire and serve urban customers and vice versa.
Our business models enable our partner institutions to make additional transaction revenues when customers transact. Experience is already showing that some of our partners are spending less than half of the transaction revenues they make in a year on technology. We believe that sustainable financial infrastructure in Africa must come with its own revenues, in order to remain sustainable.
Efficiency and Agility leading to Profitability
Because customers can serve themselves, there is less incremental cost for growth. Different products can easily be rolled out on the platform without additional costs. We are already witnessing unprecedented profitability within our network of SACCOs and MFIs.
Access to Affordable Financing
Due to the de-risking approach on the platform, we have witnessed a growing confidence in credit wholesellers to lend to our partner SACCOs and MFIs. This, coupled with the institution’s capacity to mobilise savings through the MSACCO Payment gateway, makes it possible to access financing at a lower cost.
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Are you a financial service provider in Uganda or Zambia, passionate about the thriving of Africa’s low and middle income earners? Join our network of financial service providers as we build a financially resilient Africa.