The Effect of Financial Innovation on the Growth and Performance of Saccos in Embu County

Abstract

In the current modern world financial innovation has since shown a significant influence on the growth and performance of SACCOS in the whole globe. The impact caused by financial innovation can either be positive or negative on the other hand. Financial innovation has therefore been portrayed in a number of ways such as the adoption of financial technology(fintechs), emergence of new financial services such the Insurance covers etc. This research was therefore geared towards revealing the effects of financial innovation on the growth and performance of SACCOS in Embu County. The research study used secondary data collected from various annual reports of these SACCOS, journals and also the internet to help compare the past data of the SACCOS in the past five years and be able to establish the impact and also to help determine the various areas that have received little or no attention and thus be able come up with stringent measures to improve on them. The study recommended that proper awareness and sensitization need to be effectively carried out because the implementation of the current financial technology seem to be difficult for some of the customers and those willing to join these Sacco’s. Once this is done the Sacco’s will experience a large number of the active customers and thus improve the performance which enhances growth