Mwalimu National Deposit Taking Sacco has entered into a partnership with NCBA Bank Kenya to transform payroll management.
This, as the Sacco seeks to improve efficiency as it opens up to businesses and individuals outside the teaching profession, with a keen eye on both informal and formal sectors.
The two yesterday launched “Salo Xpress”, an innovative payroll management solution designed to simplify salary processing through enhanced efficiency, convenience, transparency, and real-time visibility.
According to management, Salo Xpress has been developed to address the growing demand for faster, more efficient payroll management by enabling organisations to process salaries seamlessly while maintaining greater control and visibility throughout the payroll cycle.
The solution offers a range of benefits, including full control and convenience in payroll management, fast and seamless payroll processing, access to reports for easy reconciliation, real-time tracking of posting status and improved efficiency and reduced turnaround time.
Speaking during the launch, Mwalimu Sacco chairman Joel Gachari said the introduction of Salo Xpress demonstrates the Sacco's commitment to innovation and delivering practical solutions that respond to the evolving needs of organisations.
"Innovation remains at the heart of our strategy to deliver value to our members and partners. The launch of Salo Xpress is a significant milestone in our digital transformation journey and reflects our commitment to providing solutions that enhance efficiency, transparency, and convenience,” he said.
“Through strategic partnerships such as the one we have with NCBA Bank Kenya, we continue to develop products that empower institutions to operate more effectively and serve their stakeholders better."
The Sacco’s CEO Kenneth Odhiambo said the move is a response to the changing needs of employers and institutions seeking greater speed, accuracy, and visibility in payroll administration.
“We are moving away from usiku sacco, where salaries used to hit accounts at 3 am. By digitising and streamlining payroll processes, we are enabling organisations to save time, reduce operational bottlenecks, and access real-time information for better decision-making.”
“This solution underscores our commitment to delivering innovative financial services that create measurable value for our customers."
He also challenged the sector regulator to create a sandbox to promote innovation.
NCBA director of liabilities, business and corporate investment banking, Sankul Mandavia, called on the Saccos sector to innovate and challenge the mainstream banking industry.
“Saccos should be able to rival commercial banks through speed, efficiency, transparency and effective services,” Mandavia said.
Mwalimu is one of the oldest Saccos in Kenya. The Sacco’s loan book stood at Sh56.3 billion as of last year, having grown from Sh47.2 billion in 2024. Member deposits closed the year at Sh56.5 up from Sh52.2 billion.
Its asset base grew to Sh76.3 billion, up from Sh68.8 billion, with major investments in property.
