Es Solo’s prepaid card programs facilitate the distribution of SACCO member salaries that are currently processed through the SACCO, primarily in cash. These programs can increase the speed with which SACCO members receive their salary payments, reduce the burden and wait times on SACCOs in the distribution of salaries and allow SACCOs to move into the administration of member funds through the use of Es Solo’s prepaid card program management software. These capabilities not only make participating SACCOs more attractive to potential members but also create all-new revenue streams for the SACCOs associated with the administration of member card accounts.
Savings Cooperatives and Credit Unions
Es Solo provides both all-in-one and a la carte financial technology solutions to savings cooperatives and credit unions (SACCOs) around the world. Depending on the present or desired capabilities of the SACCO, Es Solo can deploy some or all of its technologies to convert the SACCO into the equivalent of a modern financial institution. Some of the capabilities that Es Solo’s technology can deliver to SACCOs are:
Global Compliance and Digital Identity Programs
Es Solo’s compliance and digital identity programs grant SACCO members true access to the global financial community, using Nestor, Es Solo’s proprietary AML/CFT/Sanctions compliance and monitoring software.
Virtual Agency Banking Capability
Through deployment of Es Solo’s card management software, SACCOs can function as quasi-financial institutions in remote areas where traditional banks do not maintain a presence or are prohibitively expensive to SACCO members.
Global Remittance Capability
Es Solo’s proprietary remittance platform allows SACCO members to send and receive funds to friends and family members internationally.
Business Intelligence Tools
Es Solo’s tools give SACCOs the power to monitor how funds are used by SACCO members, enabling the SACCOs to create special offers for members based on their spending habits as well asto develop credit profiles for each member that enable the future disbursement of loan products as they become available.