Steps Saccos Need To Take To Attract Gen Z

Generation Z (Gen Zers) – people born between 1997-2012 – happen to be the first generation to have grown up with a smartphone. They have huge digital expectations that businesses should meet since they will soon become the largest cohort of consumers.

At the recently held Africa SACCOTech Forum, Saccos were advised to start engaging with Gen Zers because their requirements are unique and are set to challenge the product architects in Saccos to a whole different level.

At a panel discussion during the Africa SACCOTech Forum Kelvin Ebole, ICT and Business Innovations Manager at Safaricom Sacco LTD, Joseph Mathenge, COO, Serianu Victor Isyamba, Founder, Wiseup Kenya and Patrick Kiniti, CEO, Techmax outline steps do Saccos need to take to attract Gen Z? The session was moderated by Michael Michie, CTO, Solv.

Ebole advised SACCOs to tailor their products and services to meet the needs of Gen Z.

“These are people who were born in the Internet age. When building products for them, it is important that you first understand that they are antisocial and the only place they get information is social media. They would rather speak to customer care in form of a chatbot rather than talk to a real person. They would rather transact on a mobile phone rather than as opposed to visiting a branch. SACCOs should put these into consideration when designing products and services for them,” he said.

Kiniti stated that SACCOs should first understand the mindset of Gen Zers before designing products for them.

“SACCOs should first read the mind of Gen Z before coming up with products and services for them. SACCOs should develop digital platforms with the right interface and experience for Gen Z,” he said.

According to Kiniti, Gen Zers are unlikely to visit physical offices and this calls for SACCOs to have a digital onboarding process. This entails marketing products and services on social media platforms that are popular with them such as Instagram and TikTok.

Mathenge advised SACCOs to ensure that they provide quality service and products for Gen Zers because they value seamless digital experiences.

“Gen Zers will interact with data protection as a requirement. They are sensitive about data collection and will ask questions before parting with their information. Also, they don’t want businesses to send them unnecessary promotional messages or sell their data to the wrong person. They want quality of service that should be available all the time,” he said.

Isyamba advised SACCOs developing products for Gen Zers to simplify complex issues, educate them on what is being offered and reward them to spur action.