Displaying items by tag: SACCOS

In today's world, everything is digitized, which means we can access or get every service in digital format through mobile phones, computers, tablets, etc. The invention of computers and smartphones has created a huge impact on financial services. Today using computers and mobile phones, a person can access his/her bank account, verify account details, transfer funds, deposit cash, renew deposit, pay bills, book tickets, etc.

The global economy will likely contract by over 5 per cent in this year 2020 due to the impact of COVID-19, according to the recently released Global Economic Prospects. The deepest global recession in eight decades is sending hundreds of millions into poverty, and recovery appears to be far off. Still, the crisis has encouraged incentives for economic transformation and adoption of digital business models, including increased use of digital financial services (DFS).

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way.

The customer relations theory is the business concept which bring closer the business to its customers. In plain meaning it means the bridge that connects the customer to the service that they receive or entitled to receive from the business or the business vendor in other cases.