Sparkassen Foundation, Accosca-Capacity Development & Financial Education Project

Sparkassen Foundation is a German non-profit organization that recently started its operations in Kenya. The German Sparkassen Finance Group, a group of hundreds of retail banks, associations, and specialized financial institutions committed to providing financial services particularly to people of all social backgrounds and to small and medium-sized enterprises (SMEs).

The Sparkassen Finance Group is a market leader in their target segments and has been successfully operating for more than 200 years in Germany. Within their Sparkassen Foundation they combine their high degree of professionalism with a strong social mandate for the communities with a focus on promoting Financial Literary, Capacity Development for financial institutions, MSME Finance, Rural Development and Green Finance.

Since inception, Sparkassen Foundation has implemented development projects in more than 80 countries. In a bid to expand its operations in Eastern Africa, Sparkassen Foundation seeks to work in partnership with the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA); an umbrella organization of national apex bodies of Savings and Credit Cooperatives in Africa to effectively and sustainably promote financial inclusion in Kenya.

The overall goal of the Capacity Development and Financial Education project is to support ACCOSCA in its long-term efforts to empower SACCOs in Africa.

Project Objectives:

  • Basic vocational education in the microfinance sector has improved.
  • Financial education level of broad parts of the population and the commercial knowledge of MSMEs are improved.
  • Rural development in eastern Africa through institution strengthening of
    the microfinance sector

The project officially commenced in December 2019 and is intended in its initial phase to run till 2021. The project has since seen the successful training of 10 Trainer of trainers for Micro Business Games workshop, a highly interactive training for entrepreneurs that equips participants with basic economic knowledge of all influencing factors and understand the meaning of entrepreneurial thinking and acting. These trainers have since trained a total of 91 SACCO members.

The project has also successfully commissioned a baseline survey report that was put together after a survey done across Kenya which was initiated to determine the current financial literacy levels amongst Sacco members in Kenya. The findings of the survey act as a point of reference to inform Sparkassen Foundation and ACCOSCA on the implementation content of the contextualized capacity building initiatives for SACCOs.

Project Partner