Schools open in less than a week and at this time many parents are pacing up and down to ensure their children have the items that they need to begin a new term.
More often than not, parents will be overwhelmed due to the numerous requirements which range from school fees to textbooks, stationery, new uniform, shoes and whatnot.
Sometimes they stretch themselves too thin and leave their children with little pocket money but things don’t have to be like that since there is a way that they can save money during back to school shopping.
Co-operative Bank has partnered with TextBook Centre to give their customers a 10% discount and the only catch is that you should pay using Co-op Visa Card.
So if you had planned to buy some textbooks or stationery head over to the nearest TextBook Centre with your Co-op Visa card and enjoy the discount.
In addition to that, are you aware that there are several ways through can pay your child’s fees without having to line up in the bank? You can read about that here.
Thanks to Co-operative Bank parents can now rest easy when their children are about to resume school because they enjoy convenience but also and good discounts.
Some landlords can be a nightmare and you should be wary of them now that the festive season is around the corner because quite a number of them won’t think twice before adding a huge padlock on your door.
If you ask me, there’s nothing worse than being locked out of your house in December. It just ruins your mood and it is likely that you won’t even enjoy Christmas or New Year’s.
December is only two days away and that means that bills are about to start piling up. From rent, electricity, garbage, internet, insurance, you name it.
To add to that, you still have to set aside some money to make merry because it is the festive season after all. Even if you had planned on how you would spend your money, you might still find yourself in a tight financial spot.
This is where Co-op Bank comes in, to give you that financial boost that you desperately need or else you’d have to fake an out-of-town vacation or default on your rent.
You can get an instant loan at friendly interest rates on the MCo-op Cash app and relieve yourself from the pressure that comes with the festive season, including having run-ins with your landlord for not paying your rent.
To access the loan, you need to be a Co-op Bank customer and install the MCo-op Cash application from Google Play Store or the iOS App Store.
After signing up, you can borrow anything between KSh. 1000 and a maximum of KSh. 200,000. For businesses, the limit is KSh. 500,000.
There you go. That’s how you avoid landlord drama and enjoy yourself during the festive season. Happy holidays!
In modern times, back-to-school days are less stressful for the parent. In the days of yore, parents would have lots of choices to make on such days. Do they have to skip work to accompany their kids to school, specifically to pay school fees? Can I trust my wayward son whose seemingly sole ambition in life is ‘to be cool?’
It was akin to playing poker, and the roll of the dice sometimes came short.
A traumatising episode in my early high school days still haunts me. I was blessed with noble parents, but I doubt they’ve let it go, to this date. Take a seat, grab some popcorn.
Oh, this story involves your favorite salad fruit, the avocado. Did you know Mexican recipes refer to the avocado as the ‘guacamole’?
On the material day, it was decided that I would be reporting back to school unaccompanied. None of my parents or elder sibling had a day to spare. I was a strapping lad of 15, with a brimming cauldron of teenage hormones. I was glad my folks had finally given me an ‘adult-stamp’, despite a turbulent few weeks of holiday.
I received the crumpled bundle of notes from my dad, with the solemnity of Biblical Moses receiving The Ten Commandments. Then, my pocket money in an assortment of coins neatly tied up in an old handkerchief. My dad then said it was my second term’s fees in full. It was a little over five thousand, but I broke out in a hot sweat. It had the weight of the national treasury.
At the time, I was also a budding entrepreneur in school. On opening days, I would pick a pack of fresh avocado from home to hawk off to my classmates. I had to boost my pocket money. I had a dilemma: where do I hide my treasury? The bag didn’t seem a good idea – in those days, brats from neighbouring schools would often mug their counterparts for the-hell-of-it.
I chose to hide my school fees in my socks.
At the bus terminus, there is the usual shoving and pushing for the few matatu available. In the midst of it, my school bag had the misfortune of bursting at the seams. I hadn’t factored in the weight of my avocado stock. It also didn’t help, that the terminus has a gentle slope. My guacamole salad started rolling down the hill on the tarmac.
It was mighty embarrassing sprinting after avocados, in my school uniform. In the melee, my Cash-In-Transit socks lost their elasticity, and dropped their cargo. I tasted Murphy’s Law before they taught me about it. To date, my folks haven’t believed I lost my school fees chasing avocados down the hill.
No need for that nowadays, with PesaLink. All Coop Bank customers with MCoopCash app, for instance, are already registered to PesaLink. This allows any parent to easily and safely pay school fees to multiple schools from the convenience of their homes. Coop Bank customers can access PesaLink by dialling *667# on their phones, or via MCoopCash app.
Even Non-Coop Bank customers can still send money instantly to a Coop Bank account via PesaLink. All they need is the details of the school’s Coop Bank account, and pay school fees directly.
Discerning business people use PesaLink to conveniently pay their suppliers instantly into their bank accounts, at very affordable rates. For other personal business transactions, Coop bank customers can send money instantly to any local account at very friendly rates – like, Ksh.10 up to Ksh.200,000 at an extremely low cost between Ksh.0 to Ksh.152 – depending on the amount due for transfer.
Co-op Bank has deepened its strategic partnership with the giant Metropolitan National Sacco (formerly Kiambu Teachers Sacco) to streamline and enhance service delivery to the members.
The Bank is offering corporate advisory services through its subsidiary, Co-op Consultancy to build capacity for long term sustainability.
In addition, under a Corporate Restructure Program, the Bank has restructured the Sacco’s funding requirements to better manage the members’ monthly loan demands as well as the overall liquidity flows aimed at a complete turnaround of the Sacco.
Metropolitan National Sacco is one of the largest Saccos in the over 15-million-member co-operative movement and has a membership of over 100,000, a total assets base of Sh13.6 billion and runs 8 branches spread across the country.
Co-operative Bank CEO/Managing Director Gideon Muriuki
The Sacco has stabilized its operations with additional effort geared towards recovery of the outstanding loans while availing the recovered funds for on-lending to members.
The Bank has re-launched the Saccolink debit card, Sacco Personal Cheques and trade finance partnership to increase the Sacco’s revenue base through its front office service activity (FOSA).
Speaking at the event organized to sign the restructuring agreement the Chairman of the Sacco Mr Christopher Karanja, highly commended Co-operative Bank for the timely intervention noting the restructuring has really injected new impetus for growth at the Sacco.
“We thank the Co-operative Bank for coming to our great support at such a critical moment. The recommendations and measures that have so far been put in place will certainly get the Sacco to new heights. The corporate restructure by the Bank is the best thing that has happened to the Sacco in a long time. We will now boldly and seamlessly offer services to our members,” he said.
Speaking at the same function, the Director, Co-operatives Banking Division at Co-operative Bank, Mr Vincent Marangu said that the bank has a strategic interest in the turn-around and long-term growth of Metropolitan National Sacco a key stakeholder in the co-operative movement.
Mr Marangu added that the corporate restructuring deal will ensure the Sacco has adequate working capital to support the members as well as improve the operational efficiency of the Sacco.
“We have done it before for a number of co-operatives, with huge success, and therefore this will be in line with our mandate and commitment to the co-operative movement,” he concluded.The corporate restructuring program commenced this month.
The Co-operative Bank of Kenya together with leading leasing company Super Group of South Africa have reiterated their commitment to deepen the partnership in the local leasing business, through the joint venture firm owned by the two institutions named Co-op Bank Fleet Africa Leasing Limited.
(L-R) The Chairman, Co-operative Bank John Murugu, Fleet Global Chief Operating Officer Super Group, Philip Smith and Group Managing Director and CEO Co-operative Bank Dr. Gideon Muriuki sign-off the joint venture strategic partnership arrangement in leasing business, witnessed by Company Secretary Co-operative Bank Samuel Kibugi (standing).
The strategic partnership between Co-op Bank and Super Group is intended at penetrating and growing a modern leasing business aiming at market leadership, securing long-term partnerships and joint ventures to sustainably support growth, building on world-class competencies in the supply chain, fleet management, and dealerships, and providing customers with innovative leasing solutions.
Co-op Bank Fleet Africa Leasing Limited, known in short as ‘’Co-op Bank Fleet’’ has within a short time since its establishment moved to stamp its presence in the leasing space, is a joint venture of two major players who bring to the table complementary capabilities in leasing.
Super Group of South Africa delivers its proven expertise in customer screening, product structuring, and risk management as Co-op Bank makes available it’s excellent client base to whom leasing is critical such as SMEs, Co-operatives and the Public Sector.
A truck branded with Supergroup logo
“Co-op Bank Fleet’’ already got off to a roaring start by concluding its first leasing deal worth over Ksh890 million in January of this year. This maiden transaction, which is part of a larger Ksh2.2 billion deal, entails the financing and delivery of a fleet of 125 vehicles to the Ministry of Interior.
The Co-operative Bank was the financier, with Co-op Bank Fleet arranging the leasing in collaboration with motor vehicle dealers Isuzu East Africa Limited who are to deliver the fleet made up of trucks, pickups, and buses.
“Super Group Limited is an established global leader in leasing business operating in three continents and is listed on the Johannesburg and Sydney stock exchanges. This partnership between Co-op Bank and Super Group continues to deliver mutual benefits as it taps the synergies created by the joint venture,” said Co-operative Bank Group Managing Director and CEO Dr. Gideon Muriuki.
Co-op Bank CEO Gideon Muriuki
“Co-op Bank Fleet enables the bank to better support customers to acquire the assets, technologies, and equipment they require at the same time enable the bank to diversify its income streams,” added Dr. Muriuki adding that Co-op Bank Fleet enables the bank to better support customers to acquire the assets, technologies, and equipment they require at the same time enable the bank to diversify its income streams.
Co-operative Bank Group has registered a pre-tax profit of Ksh. 5.1 billion for the first quarter of 2019 compared to Ksh. 4.9 billion recorded in the first quarter of 2018.
This is a steady growth of 4.4 per cent against the backdrop of a challenging economic environment in the period. Profit after tax was Ksh 3.6 billion compared to Ksh 3.4 billion in the previous year.
The group continues to leverage on the benefits of the “Soaring Eagle” Transformation Agenda that has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments and Counties; which has progressively deepened the Financial Inclusion model rooted in the over 15 million-member co-operative movement, that is the face of Kenya.
Cooperative Bank Group MD Gideon Muriuki (right) and Chairman Stanley Muchiri
The total non-interest income increased by 19.1 per cent from Ksh. 3.5 billion to Ksh. 4.2 billion with interest income from government securities increasing by 39.6 per cent from Ksh. 2.0 billion to Ksh. 2.8 billion.
The operating income grew by 1.7 per cent from Ksh. 10.9 billion to Ksh. 11.1 billion while total operating expenditure decreased by 1.2 per cent from Ksh. 6.1 billion to Ksh. 6.0 billion as a result of prudent cost management strategy and enhanced efficiency.
Assets grew by Ksh. 27.9 Billion (+7 per cent) to Ksh. 425.7 billion compared to Ksh. 397.8 billion in the same period last year.
Net loans and advances book remained relative stable at Ksh. 251.6 billion.
Investment in government securities grew by Ksh 29.0 billion (+38.6 per cent) to Ksh. 103.9 billion compared to Ksh. 75.0 billion in first quarter of 2018.
Customers’ deposits grew by 7.4 per cent from Ksh. 295.9 billion to Ksh. 317.8 billion.
Borrowed funds from development partners grew by Ksh. 3.1 billion (+14.9 per cent) to Ksh. 23.7 billion compared to Ksh. 20.7 billion in the same period the previous year.
Shareholders’ funds grew from Ksh. 67.9 billion to Ksh. 72.8 billion.
The bank closed the quarter with a sound capital base, with adjusted total capital against total risk-weighted assets standing at 16.5 per cent, which is 2.0 per cent above the statutory minimum of 14.5 per cent.
Through its multi-channel strategy, the Bank has successfully moved 88 per cent of all customer transactions to alternative delivery channels that include self-service kiosks in 155 branches, an expanded 24-hour contact centre, mobile banking, 585 ATMs, internet and over 11,600 Co-op Kwa Jirani banking agents.
A successful universal banking model and the implementation of sales force effectiveness has seen the Group serve 8.2 million account-holders across all sectors.
Key focus on digital banking, with the all-telco Mco-op Cash mobile wallet continuing to play a pivotal role in the growth of non-funded income with over 4.3 million customers registered and 1.2 million loans worth over Ksh. 5.1 billion disbursed as at the close of Q1 2019.
Over 26,800 customers have taken up the rolled out MSME packages that Co-op Bank launched in 2018 and 1600 have been trained on business management and planning.
The bank has earmarked Ksh. 15.2 billion for MSME lending and to date we have disbursed Ksh. 3.2 billion under the program.
These include 24,167 mobile unsecured business e-loans and 450 supply-chain loans disbursed in Q1 2019 alone.
Co-op Bank’s unique model of retail banking services through Sacco FOSAs has enabled it to provide wholesale financial services to over 464 FOSA outlets, and issue over 1 million Sacco-Link cards.
Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51 per cent and GOSS 49 per cent) made a profit before tax of Ksh. 1.7 million in Q1 2019, which was 28.7 per cent higher than Ksh. 32.4 million posted in 2018.
Co-op Bank Foundation has also provided scholarships for gifted but needy students from all regions of Kenya. The sponsorship includes; fully-paid secondary education, full fees for university education, internships and career openings for beneficiaries.
The foundation is fully funded by the bank and has so far supported 7,689 students since the inception of the program.
Co-operative Bank, through its subsidiary, Co-op Consultancy & Insurance Agency on Thursday concluded its Annual National Co-operatives workshop where CEOs from across the country deliberated key issues concerning the industry.
The workshop themed Co-operatives Tomorrow: Technology and Innovation for Sustainable and Inclusive Development was presided over by the PS State Department for Co-operative Development, Mr. Ali Noor Ismail, who in his keynote speech highlighted the importance of leveraging technology in Co-operatives to spur innovation.
Speaking at the workshop, Mr. Noor Ismail explained that co-operatives are operating smarter today than they did in the past due to the adoption of technology.
“With adoption of technology in Co-operatives, we have seen new types of products introduced that meet more specific needs of members, improve liquidity in Saccos and even yield better margins for Co-operatives,” he stated.
Co-op Bank Director, Co-operatives Division, Mr. Vincent Marangu (left) with Mr. Noor Ismail, Principal Secretary State Department for Co-operative Development
The three-day workshop focused on engaging the CEOs on how to revolutionize their societies and operate within the competitive business environment with the constantly changing market dynamics. The bank’s subsidiary Co-op Consultancy’s main role is to enhance the institutional capacities of co-operative societies, who are the core stakeholders of the bank.
Speaking at the workshop, Coop Bank Director Co-operatives Division, Mr. Vincent Marangu stated that the bank facilitates such workshops every year to create an environment where co-operatives can deliberate, share learnings and build each other.
“We understand that organizations are faced with numerous institutional challenges which they must address in order to attain their goals in the dynamic business environment in the country,” he said.
This year’s workshop covered a wide range of topics such as building technological capabilities in Co-operatives which will help the participants think strategically about technology beyond adoption and managing the associated risks. It had a panel discussion focusing on three key areas, building capacity in terms of strategy, governance and security.
It also covered demystifying digital transformation in Co-operatives; many Co-operatives have carried out system changes and adopted new technologies but they are not fully digital. The session gave a breakdown what digital transformation is and demonstrate what the Co-operatives need to do to achieve it. They also covered management and expansion of the Agricultural value chain, this session challenged the participants to think further on what they can do to expand their value chain and introduce new alternatives to their existing business models.
The Co-operatives CEOs also covered managing technology partnership, leadership and coaching and the Impact of the Proceeds of Crime and Anti Money Laundering Act (PoCAMLA) to bring on board Deposit-taking SACCOs into mandatory reporting of large transactions in respect to prevention of money laundering and combating the financing of terrorism.
This workshop is one of several trainings offered to Co-operatives by Co-operative Bank, through Co-op Consultancy & Insurance Agency, to help them in capacity building, development and growth.
The vibrant and dynamic co-operative movement in Kenya is a key player in the economy, controlling about over 40 per cent of Kenya’s gross domestic product (GDP).
The Co-operative Societies in Kenya employs more than 500,000 people, besides providing opportunities for self-employment to many more. Savings and credit societies (SACCOs), the fastest growing sub-sector in the movement, controls over 30 percent of national savings.
Co-operative House, Headquarters of the Co-operative Bank of Kenya
Co-operative Bank, through its MSME offering, has taken customers to Shanghai and Yiwu in China for a business networking trip. The trip will enable customers to create linkages for overseas business and build partnership opportunities as well as purchase various items at a highly discounted costs which will enable them to pass the discounts to their customers making their products competitive.
The customers, drawn from across the country, will tour China, specifically Shanghai and Yiwu. In Shanghai, they will visit one of the world’s busiest shopping streets, Nanjing and in Yiwu, they will visit Futian Market which is the biggest hub in China for all kinds of products. It is divided into 5 districts, each with various sections selling specific products. In this trip, the customers will get to meet suppliers of electric appliances, electronics, hardware tools & fittings, telcom equipment, vehicles and many others.
They will further visit markets for office supplies, sports equipment, stationery, cosmetics, beauty/salon equipment, fashion accessories, beddings, curtains, fabrics, auto & motorcycle accessories, hair ornament & jewellery, festival arts and decorative arts.
Speaking about the business trip, Coop Bank Head of Business Banking, Mr Moses Gitau said it will be instrumental to all the business customers who will travel as they will create linkages for overseas business and partnership opportunities.
Co-operative Bank’s Arthur Muchangi and Moses Gitau
“From our engagement with various business customers, we know that their business needs go beyond finance; they also need exposure and networking opportunities with business practitioners, in Kenya and beyond the border especially in successful countries like China,” he stated.
Later this year, in October, the bank will organize another business networking trip to Guangzhou for the 126th Canton Fair. This is the largest trade fair in China with the largest assortment of products, largest attendance and with the largest number of deals made at a fair. It is a unique experience where participants get to mix business with leisure. This trip is open for all business customers looking to travel to China for business.
Co-operative Bank recently revamped its MSME offering and now has an arm in the bank which deals specifically with non-financial services for its MSME business banking customers. The bank retooled and refreshed the product offering to make it more responsive to the needs of MSMEs. They have made available a substantial kitty of Ksh. 15.2 billion for a package of loans that include an unsecured business loan, a first of its kind in Kenya, E-Credit through our MCo-op Cash App where businesses are able to borrow up to Ksh. 2 million via their mobile phone, packaged insurance cover which are handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans.
The loans will be supported by trade services that include Letters of Credit, guarantees, supply chain financing, among others. These services are available at all Cooperative Bank branches across the country. The vision for this revamped MSME offering from Coop Bank is to grow world class entrepreneurs beyond the Kenyan borders.
Cooperative Bank Group MD Gideon Muriuki (right) and Chairman Stanley Muchiri
Co-operative Bank has formed a joint partnership with World Navi Co. Ltd, a leading Japanese exporter of used units to Africa and Europe, launching a financing scheme to enable Kenyans to import second-hand cars.
Co-op Bank’s Moses Gitau with World Navi Co. Ltd Managing Director Yoshifumi Sawada during the signing of the deal
The partnership guarantees a 100pc safe and reliable vehicle importation including three months warranty on the engine & transmission, accident free & genuine mileage certificates and zero risk of stolen parts or non-performance.
In line with the Bank’s efforts to build a strong offering, this service will help customers to import quality second-hand vehicles at affordable prices through a secure platform from key source markets in Japan, UK and Thailand as well as secure up to 80% financing for the purchase.
With this service, the Bank will also finance approved motor vehicle dealers to enable them to import vehicles on behalf of their customers.
Co-op Bank’s Moses Gitau with World Navi Co. Ltd Managing Director Yoshifumi Sawada during the signing of the deal
Speaking during the agreement signing with World Navi at a Nairobi Hotel on Friday, the Head of Business Banking at Co-operative Bank, Mr Moses Gitau said the partnership creates a end-to end solution for people to import quality second hand vehicles at affordable prices.
“Majority of Kenyans depend on the import second-hand vehicle market to own a car but one of the prevailing issues plaguing the public is the anxiety of finding a reliable agent who will ensure they get what they are paying for,” he stated
Speaking at the same event, World Navi Co. Ltd Managing Director, Mr Yoshifumi Sawada said the partnership intends to meet the local market’s needs on used vehicles which will reach out to the majority of the market areas across the entire country through its 150 branches.
“Our company is offering its 20 years’ experience in the business of exporting used cars globally with the assurance of every customer receiving high quality cars through the unique: 3 months warranty on engine and transmission which no other exporters can offer,” he said.
The service is open to both Co-op Bank customers and non-customers wishing to import vehicles using either their own funds or looking to be financed by the bank.
For customers purchasing the vehicle using their own funds, they would identify the car on the World Navi’s website, place the order then receive a general pro-forma invoice.
The customer will then deposit the whole amount into an internal account with the bank, where it will be held until the car is shipped and delivered to them.
Co-op Bank’s Moses Gitau shakes hands with World Navi Co. Ltd Managing Director Yoshifumi Sawada after signing the deal
Customers seeking financing from the Bank to buy the vehicles, would follow the same process in identifying and ordering the car, however on receipt of the general pro-forma invoice they would start the loan application process with the bank.
Once approved, the customer will receive an indicative offer letter and would then proceed to deposit their own contribution (at least 20%) into an internal account and the Bank will cover the rest, enabling the import agent to ship and deliver the vehicle.
The vehicle purchase will be handled wholly by World Navi; they will purchase the vehicle on behalf of the customer, carry out quality checks and ship the car to Kenya.
The documents will be consigned to the bank, who will release them to the clearing agent to facilitate clearing and registration following which the vehicle is delivered to the customer. Once the customer receives the vehicle they will execute a delivery note confirming receipt. The minimum car purchase amount is Ksh. 500,000/-.
Co-operative Bank firmly believes that forming partnerships that benefit the customer is key to success. Before providing a financial solution, Co-op Bank will ensure that they weigh the business need and the prevailing market situation versus the opportunity and customers needs. This ensures that the partnership deal meets the customer needs and keeps up with the ever changing market.
The Easter is break finally here and with it, a majority of Kenyans are set to enjoy a four day break from their usual busy schedules. So, the question is: how are you planning to spend the holiday?
Maybe you are going on a trip out of town with your significant other, maybe you are travelling upcountry to spend time with your relatives, maybe you’ll treat yourself to a sumptuous meal at your favourite eatery and call it a day.
However you choose to spend your Easter holiday, rest assured that you can access your funds at Co-operative Bank and transact wherever you are and at whatever time you feel like.
You have a wide range of options at your disposal. This is so as to ensure that you continue to enjoy uninterrupted services and have stress-free holiday.
Let’s take a look at some of the services that you’ll continue to enjoy during the Easter period and how each of them can come in handy wherever you will find yourself during this festive period.
1. Co-operative Bank Card – If you are travelling out of town or out of the country, don’t forget to carry your Co-op Visa Card because it will help you in so many ways.
With the card, you can pay for goods and services at merchants who accept Visa cards, you can even pay at fuel stations.
What’s more is that you will transact at no extra cost. You’ll just bear the costs of the items that you are purchasing or the services that you are getting.
While using your Visa Card, it’s important to remember that you should not share your PIN with anyone, write it down anywhere and keep your card safe.
2. Co-op Kwa Jirani Agents – Co-operative Bank ATMs are all over the country. However, let’s say you are facing challenges accessing an ATM machine, this is something that should not give you a reason to worry. You can still access a number of services and transact through the Co-op Kwa Jirani Agents which are open 7 days a week, including public holidays.
Some of the services that are available at Co-op Kwa Jirani Agents include; withdrawing and depositing money, transferring money to another account, paying fees and utility bills checking your balance. You can even access a mini statement which will help you track your expenses.
3. MCo-op Cash Services – This can be accessed by downloading the MCo-op Cash app from Google Play Store or the iOS App Store. You can also dial *667# on your phone.
Some of the services you can access include; loan facilities, withdrawing cash, bank transfers, paying utility bills and what have you.
As you enjoy your Easter Holiday remember that the services that are offered by Co-operative Bank will still be accessible through this period. You can access them using any of the three options above.
Sometimes, your employer may fail to credit your salary into your account in time. This forces you to look for other ways of paying the rent, utility bills, monthly repayments and what have you.
Gone are the days when people would panic because of delayed salaries. It’s no longer a cause for alarm thanks to Co-operative Bank’s MCo-op Cash Salary Loan.
You can go about your business and take care of what you need to without having to worry about when your salary will be paid into your account. It gives you some peace of mind.
What is the MCo-op Cash Salary Loan? What are the terms, and how can you access it? Well, let me explain. MCo-op Cash Salary Loan is a service by Co-operative Bank that allows customers to access loans of up to Ksh 200,000 – a maximum of 1.5 times of one’s net salary.
The loan is repayable in one month or you can spread it over three months and pay a small bit each month, depending on what works for you. This way, you can sort a few bills and live a stress-free life as you wait for your salary to check in.
You can access the MCo-op Cash Salary loan by following these 4 simple steps:
1. Dial *667# and enter your PIN (or open the MCo-op Cash app and enter your PIN)
2. Select “Loans” on the main menu an then select “Apply Loan” and then you pick the type of loan that you want for example “Business Loan”.
3. Enter the amount that you would like to borrow and confirm the transaction by pressing “Ok”
4. Accept the MCo-op Cash terms and conditions to complete your application.
You’ll receive a text informing you that your request has been received. After a short while, you’ll receive another message confirming that your loan application was successful and the amount that you requested for has been deposited into your account.
Yes, it’s that simple. What’s even more is that the loans have a one-off fee of 8% of the amount that you have borrowed.
You can also access the service by downloading the MCo-op Cash app from Google Play Store or the iOS App Store. Next time you find yourself in a tight financial spot, you know where to turn.
Wednesday 27th March 2019, Nairobi: Leading local vehicle assembler Isuzu East Africa (Isuzu EA) and Co-operative Bank of Kenya, have today announced a daily repayment asset finance partnership that seeks to address financial challenges faced by customers who reconcile their profits and losses daily.
The partnership, which is the first ever in Kenya, offers customers an option to repay their loans on a daily basis and is expected to take away the anxiety of an expected huge amount payment required at the end of the month, making it of the easiest and most affordable way to own Isuzu pickups and trucks.
Speaking on this development, Isuzu EA Managing Director Rita Kavashe noted that this program provides an opportunity for daily reconciliation customers to invest and grow their businesses.
“Our decision to partner with Coop Bank was informed by their business DNA, dealing with our customer base, the SMEs, their deep understanding of customer cash generation; and experience with SME customers’ business cycles. Today, we are happy to announce to a partnership that will see SMEs enjoy a raft of benefits,” said Rita.
“We strongly believe that this partnership will enable SMEs grow their business without affecting their cash flow,” added Rita. Co-operative Bank Director for Retail & Business Banking, Mr. Arthur Muchangi emphasized the need for SMEs to take this opportunity to re-tool and renew their motor vehicle fleet at very affordable terms.
“Our message to customers is simple; if you desire to purchase an Isuzu bus, an Isuzu truck or a pick-up such as the famous D-Max, this is the best time. Through this partnership between Isuzu and Co-op Bank, customers will get up to 95% financing to purchase the vehicle of their choice, and in addition be given a whole two months to use the vehicle before they begin repaying the loan. This will give customers space to generate cash to service the loan, which is to be repaid over an extended period of five years every day. For those Isuzu customers who also wish to boost the working capital of their business, we are providing an additional loan of Ksh 300,000 to be repaid in 12 months,” said Mr. Muchangi.
Mr. Muchangi added that the offer comes with a most reasonably-priced comprehensive insurance package priced at 4.75% of vehicle value (that includes Political Violence & Terrorism). In addition, Insurance Premium Finance is available to allow customers pay insurance premiums in easy instalments.
Isuzu EA Managing Director Rita Kavashe noted that the partnership with Co-op Bank was crucial, adding that Isuzu EA aims to make it easier for SMEs to access financing for their Isuzu products that SMEs strongly rely on to build, grow and sustain their businesses.
“Last year, we ran a series of ground activations to understand customer needs and expectations. And we took note of a group of customers that have a different business operation system that runs on a daily reconciliation system. We therefore took it upon ourselves to develop an innovative partnership that will benefit them and enable them to grow their business exponentially. For example, with 95% financing and 60 months repayment period, the daily repayment for an Isuzu D-Max pick-up is only Ksh 2,577,” explained Rita.
This new and innovative partnership is targeted to help farm produce traders at Marikiti, meat traders from Burma market, hardware store owners, mitumba traders, upholstery traders from Kamukunji and Gikomba market areas. In the partnership, Isuzu customers are set to enjoy Ksh 300,000 working capital to empower their business payable in 12 months, a 60-day repayment holiday that will allow SMEs to generate monthly instalments, the lowest market negotiation fee of one per cent and the longest re-payment period of 60 months in the market.
The Co-operative Bank Group is delighted to report a Profit before Tax of Kshs 18.2 billion for Full Year 2018 compared to Kshs 16.4 billion recorded in 2017, an impressive growth of 11% against the backdrop of a challenging operating environment in the period. Profit after Tax was Kshs 12.7 billion compared to Kshs 11.4 billion in the previous year.
Our operating model has equipped the business with added resilience to achieve the set strategic objectives, as reflected in the commendable performance in the period under review.
The Group continues to leverage on the benefits of the “Soaring Eagle” Transformation Agenda that has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments and Counties, which has progressively deepened our celebrated Financial Inclusion model rooted in the over 15 million-member co-operative movement, that is the face of Kenya.
Key financial highlights include;-
1. Profit&Loss
• Total interest income improved by 7% from Kshs 40.37 billion to Kshs 43.02 billion on account of; Interest income from government securities increasing by 19% from Kshs 8.21 billion to Kshs 9.79 billion and Interest income from loans & advances increasing by 3% from Kshs 31.94 billion to Kshs 32.95 billion.
• Total interest expense remained under tight control, falling by Kshs 300 million from Kshs 12.27 billion to Kshs 12.24 billion. This was despite a 7% growth in deposits indicating improved management of the cost of funds.
• Total operating income grew by 5% from Kshs 41.6 billion to Kshs 43.68 billion.
2. Balance sheet
• Total assets grew by Kshs 26.5 billion (+7%) to Kshs 413.41 billion from Kshs 386.86 billion recorded at the close of year 2017.
• Net loans and advances book declined marginally (-3%) to stand at Kshs 245.41 billion compared to Kshs 253.86 billion in 2017.
• Investment in Government securities grew by Kshs 11.03 billion (+16%) to Kshs 80.27 billion compared to Kshs. 69.24 billion in 2017.
• Customers deposits grew by 7% from Kshs. 287.37 billion to Kshs 306.12 billion
• Borrowed Funds from development partners grew by Kshs 2.79 billion (+13%) to Kshs 23.95 billion compared to Kshs 21.16 billion in 2017.
• Shareholders’ funds grew to Kshs 69.86 billion in 2018 that enables the bank to continue to pitch for big ticket deals.
3. Innovative Customer Delivery Platforms
• Through our multi-channel strategy, the Bank has successfully moved 91% of all customer transactions to alternative delivery channels that include self-service kiosks in 155 branches, an expanded 24-hour contact centre, mobile banking, 580 ATMs, internet and over 11,000 Co-op Kwa Jirani banking agents.
• A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 8 million Account-holders across all sectors.
• Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 4 Million customers registered.
• Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 464 FOSA outlets, and issue over 1 million Sacco-Link cards.
4. Regional Expansion
Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a Profit before tax of South Sudanese pounds (SSP) 897.3 Million in 2018 which was 368% higher than SSP 192 Million posted in 2017. This performance however translated to a monetary loss of Kshs 16.4 million in 2018 attributable to hyperinflation accounting occasioned by currency devaluation of the South Sudanese pound.
5. Corporate Social Investment
Co-operative Bank Foundation has provided Scholarships for gifted but needy students from all regions of Kenya. The sponsorship includes; fully-paid secondary education, full fees for University education, Internships and career openings for beneficiaries. The Foundation is fully funded by the bank and has so far supported 7,002 students since inception.
6. Accolades
The Group was recognised by Banker Africa, East Africa Awards 2018 with three key awards, namely the Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya. This is a re-affirmation of the bank’s unique position as a bank that positively influences the lives of the majority of Kenyan citizens.
The Group was also recognized by Europe Middle East & Africa Finance (EMEA Finance) – African Banking Awards 2018 as the Best Bank in Kenya and Best Product Launch in Africa (MCo-op Cash v4.0 update) while International Finance recognized the bank with Best Retail Bank in Kenya and Best Banking CEO, Kenya for Dr. Gideon Muriuki.
7. Dividend
The Board of Directors has recommended for approval by the AGM the payment of a dividend of Kshs. 1.00 per every ordinary share held subject to approval by the Capital Markets Authority. This will represent a growth of 25% compared to a dividend of Kshs 0.80 paid in 2017.
Conclusion
The Co-operative Bank Group will continue to deliver strong performance as we focus on the growing 8 million account-holder base, digital banking, the basket of innovative financial solutions, efficient delivery of services and multichannel access to retain market position and deliver business growth and profitability in the days ahead.
DR. GIDEON MURIUKI – CBS, MBS
GROUP MANAGING DIRECTOR & CEO
When you are in a tight financial spot, you can feel like you are drowning. You struggle to clear your child’s school fees and before the end of the day, you receive a text from your internet service provider that bill is due. When you get home, you are plunged into darkness because you forgot to buy electricity tokens.
When you look at the calendar, it dawns on you that pay day is still far away so you are forced to cut down costs. Soon enough, you realize that cutting expenses won’t work, you need things like electricity to get around, so you decide to reach out to some friends to bail you out.
Unfortunately, your friends inform you that their hands are tied so they can’t help you even if they wanted to. When you are on the verge of giving up, you remember the MCo-op Cash salary loan adverts that you have been seeing on TV and social media.
You decide to give it a try since you’ve heard so many good things about the MCo-op Cash app. It exceeds your expectations when you use it for the first time. After using it for a while, you can attest that it’s the best first resort when your money is that tight because of many reasons including;
1. High loan limit – the MCo-op cash salary loan allows you to apply for up to KSh. 200,000 i.e. you can access 1.5 times of your net salary. For example, if your net salary is KSh. 30,000, you can apply for up to KSh. 45,000. The higher your salary, the higher the loan limit.
2. Flexible repayment schedule – you can pay the loan at once in one instalment or spread it over three months and pay a small part of it every month. i.e. if you owe 45,000, you can pay it in 3 monthly instalments of KSh. 15,000.
3. Low interest rate – the loan has a one-off fee of 8% of the amount that you have requested for. The interest is deducted from the loan before the money is deposited into your MCo-op cash account.
4. Instant crediting to your account – when your loan is approved it’s deposited into your MCo-op cash account instantly. This means that you can access the funds immediately and get rid of the expense that has been bugging you.
5. It’s hassle-free – all you need to do is to register for MCo-op Cash, which is free of charge, and link your salary account at the branch that is closest to you. After this, you are all set to apply for a loan. You don’t need approvals from your employer or guarantors.
The next time you find yourself in a tight spot, remember MCo-op Cash salary loan has your back. You can access the service dialling *667# on your phone or downloading the app from Google Play Store or the iOS App Store.
I almost got dumped on Valentine’s Day! Right now, I’d be looking back at the good old days when I had a girlfriend and took it for granted. Luckily, a timely idea saved my relationship. Sijui ningeambia watu nini!
On the morning of Valentines, I received a text from bae. It was around 10 am. She wanted to know what I had planned for us that evening.
After reading her message, it then dawned on me that it was actually Valentine’s Day and I was supposed to pull off a romantic gesture to show bae that I appreciate her.
Truth is I had nothing in mind. I thought it was just an ordinary day. I had not even noticed that most people in the office were in red outfits. Knowing too well that she might dump me for ‘simply’ forgetting that it was Valentine’s Day, I decided to play it cool.
“I got this. If I tell you what I’ve planned then it won’t be a surprise, will it?” I texted her back. Minutes later, she replied “Okay then. I can’t wait.”
I started panicking almost immediately there’s nothing worse than looking forward to something then ending up with disappointment.
As I went about my day I thought of several ways to surprise her but none of them seemed practical because I was too broke. Valentine’s Day falls in the middle of February and who has money kati kati ya mwezi? Surely.
I grabbed my notebook and calculated the cost of taking her out that evening. The figure came to KSh. 5700, this included a bouquet of flowers, chocolates, dinner for two at her favourite eatery, skating, cab fare and airtime to make calls here and there.
I started looking for the money after drawing my budget. I knew too well that my friends were also hanging on to their last coins. This meant that they weren’t able to bail me out even if they wanted to. I explored other options. Not only were loan limits extremely low, the interest rates were also too high.
When I was on the verge of giving up and coming clean to bae, I remembered that I have access to MCo-op Cash loans as a Co-operative Bank customer.
I dialled *667#, entered my pin, selected (8) Loan option, then I selected (2) and keyed in the amount that I wanted to borrow which was KSh. 6000.
In a matter of the seconds, my MCo-op Cash salary loan had been processed and deposited into my MCo-op Cash account. I could finally relax and wait to surprise bae in the evening. The best part was that she won’t have a clue of what I went through.
Optionally, you can install the MCo-op Cash app from Google Play Store or the iOS App Store. After signing up, you can borrow a salary advance loan of any amount between KSh. 1000 and KSh. 200,000. For businesses, the maximum limit is KSh 500,000.
Now that I am aware of the MCo-op Cash loan, I’m already planning a birthday surprise for her. This time around, I am going all out!
Valentine’s Day is upon us! While some people will go out of their way to surprise their loved ones with grandiose gifts, others will make do with simple gestures such as boat rides at Uhuru Park and call it a day. After all, it’s the thought that counts right?
Even if you are not the romantic type, you might find yourself in an awkward situation if you don’t do something unique to show your partner that you appreciate the role that he/she plays in your life.
Truth is, no one, whether they are in a relationship or not, is ready to face the fact that they didn’t cross someone’s mind on Valentine’s Day, especially in this day and age when all you have to do is log into social media to see how your peers were dining in 5-star hotels, vacationing, jetsetting and what have you.
Planning is vital if you want to see to it that what you had thought of as the perfect surprise for your significant other comes to life.
Another important aspect is one’s financial resources. Let’s face it, of what good is a plan when you are penniless?
More often than not, you will face one of these financial hurdles; it’s either you have no money at all or you need a small top up on the amount that you already have.
That is where MCo-op Cash comes in, to give you that timely financial boost that you really need, or else you would have to lie about a non-existent out-of-town trip or fake your kidnapping at worst, because, who’s ready to face their significant other and inform them that they did not plan anything? Definitely not me.
You can get an instant loan at friendly interest rates on the MCo-op Cash app and relieve yourself from the unnecessary pressure that comes with Valentine’s Day.
To access the loan facility, you need to be a Co-op Bank customer and install the MCo-op Cash application from Google Play Store or the iOS App Store.
After signing up, you can borrow from KSh. 1000 to a maximum of KSh. 200,000. For businesses, the maximum limit is KSh 500,000.
The ball is now on your court, treat your bae to a surprise that they will remember for a lifetime this Valentine’s Day!
If you ever dreamed about owning Isuzu double cabin such as the famous D-Max, or any Isuzu pickup, bus or truck, then you dream has just been made a reality by Co-operative Bank and Isuzu East Africa (Isuzu EA) asset finance partnership.
Today Wednesday 30th January 2019, Isuzu East Africa (Isuzu EA) and Cooperative Bank of Kenya announced an asset finance partnership that seeks to address Small and medium-sized enterprises’ (SMEs) challenge of access to finance and acceleration for business growth.
Isuzu customers are now set to enjoy Kes 300,000 working capital to empower their business payable in 12 months, a 60-day repayment holiday that will allow SMEs to generate monthly instalments – the lowest market negotiation fee of one per cent and the longest re-payment period of 60 months in the market.
95% financing
Co-op bank Director for Retail & Business Banking Mr. Arthur Muchangi stressed that through the partnership Kenyans seeking to buy Isuzu models will get up to 95% financing to purchase the vehicle of their choice.
“Our message to customers is simple; if you desire to purchase an Isuzu bus, an Isuzu truck or a pick-up such as the famous D-Max, this is the best time. Through this partnership between Isuzu and Co-op Bank, customers will get up to 95% financing to purchase the vehicle of their choice, and in addition be given a whole two months to use the vehicle before they begin repaying the loan. This will give customers space to generate cash to service the loan, which is to be repaid over an extended period of four years. For those Isuzu customers who also wish to boost the working capital of their business, we are providing an additional loan of Kes 300,000 to be repaid in 12 months,” said Mr. Muchangi.
Co-op bank and Isuzu East Africa top honchos during the signing of the partnership
Mr. Muchangi added that the offer comes with a most reasonably-priced comprehensive insurance package priced at 4.75% of vehicle value (that includes Political Violence & Terrorism).
Isuzu EA Managing Director Rita Kavashe noted that the partnership will enable customers invest back in their business without affecting cash flow growing their business.
“SME businesses in Kenya have suffered for the last 18 months due to the prolonged election cycle and slow-down of financing to this sector by banks. This has drastically affected the SMEs’ cash flow and ability to invest in their business,” said Rita.
Co-operative Bank’s joint leasing venture with South African logistics firm Super Group is set to deliver a fleet of 125 vehicles to the Ministry of Interior, the National Police Service and the Prisons Department.
The The new leasing firm known in short as ‘Co-op Bank Fleet’ inked its first leasing deal with the government which is worth over Kes 890 million.
The Co-operative Bank is the financier, with Co-op Bank Fleet arranging the leasing in collaboration with motor vehicle dealers Isuzu East Africa Limited who are to deliver the fleet of 125 vehicles. The fleet comprises of trucks, pickups and buses.
Support customers to acquire assets
Leasing is gaining traction in Kenya with the government setting the pace notably by opting to re-tool, equip and modernize the National Police Service by way of leasing.
Experts say the availability of leasing implies that it does not make commercial sense any longer to buy assets to own, whereas you can hire to use them as and when you need them.
Co-operative Bank Group Managing Director and CEO Dr. Gideon Muriuki said that the leasing business provides an opportunity for the bank to better support customers to acquire the assets, technologies and equipment they require at the same time enable the bank diversify its income streams.
Experts also point out that sale and lease-back allows organisations to shed heavy cost of carrying assets in their balance sheets, but still have access to use those assets. This is by selling off the assets they already own, and then simultaneously lease them back to use.
The Co-operative Bank Group has reported a profit before Tax of Kesh 14.65 billion for the for the nine months up to 30th September 2018.
This is an impressive growth of 7% against the backdrop of a challenging economic environment in the period. The bank record a Kes 13.74 billion in the same period last year. Profit after tax was Kes 10.31 billion compared to Kes 9.54 billion in the previous year, a remarkable 8% growth.
The commendable performance is an affirmation of the Transformation Agenda which has re-tooled and equipped the business with the strategic agility and resilience to achieve set objectives even in the difficult trading environment.
The Group continues to leverage on the benefits arising from the “Soaring Eagle” Transformation Project that the bank has been implementing since 2014, with a clear focus on improvement in Operating Efficiencies, Salesforce Effectiveness and Innovative customer delivery platforms.
Co-operative Bank Group Managing Director & CEO Dr. Gideon Muriuki
The key financial highlights include;
Profit & Loss
Total interest income improved by 3.5% from Kes 29.85 billion to Kes 30.89 billion on account of; Interest income from government securities increasing by 13.5% from Kes 6.12 billion to Kes 6.95 billion and Interest income from loans & advances increasing by 1% from Kes 23.58 billion to Kes 23.77 billion.
Total interest expense remained tightly controlled, increasing marginally by 1% from Kes 9.08 billion to Kes 9.15 billion on account of a 3% growth in deposits. Total operating income grew by 5% from Kes 30.91 billion to Kes 32.32 billion.
Balance sheet
Total assets grew by Kes 15.85 Billion (+4%) to Kes 404.15 Billion compared to Kshs 388.30 Billion in the same period last year.
Innovative Customer Delivery Platforms
Through Co-op bank’s multi-channel strategy, the Bank has successfully moved almost 90% of all customer transactions to alternative delivery channels that include Mobile Banking, a 24-hour contact centre, 580 ATMs, Internet Banking and over 11,000 Co-op Kwa Jirani banking agents.
Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with over 3.9 million customers registered.
Regional Expansion
Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) made a remarkable Profit before tax of Kes 235.12 Million in Q32018 compared to a profit of Kes 39.15 Million in the corresponding period in 2017.
Corporate Social Responsibility Programs
Co-op Bank Foundation has provided Scholarships for gifted but needy students from all regions of Kenya. The sponsorship includes; fully-paid secondary education, full fees for University education, Internships and career openings for beneficiaries. The foundation is fully funded by the bank and has so far supported 6,331 students since the inception of the program in 2007.
Accolades
The Group was recognized by the Europe, Middle East and Africa Finance (EMEA Finance) – African Banking Awards 2018 as the Best Bank in Kenya and Best Product Launch in Africa (MCo-op Cash v4.0 update).
The Group was also recognised by Banker Africa East Africa Awards 2018 with three key awards, namely the Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya. This is a re-affirmation of the bank’s unique position as a bank that positively influences the lives of the majority of Kenyan citizens.
Queuing in the banking halls is no longer necessary in this age and era. There are so many bank transactions that can be done through your phone at your own convenience if you have downloaded the MCo-op Cash app.
For starters, MCo-op Cash is a mobile banking service app from the Co-operative bank that enables you to access your Co-op Bank accounts on mobile phone platform.
MCo-op Cash makes it possible for you to bank anytime and anywhere without necessarily going to the bank to do your transactions.
Accessing MCo-op Cash is as easy as dialing *667# or via the MCo-op Cash App.
Transactions
Below is a list of services you can access with MCo-op Cash:
1. Apply and pay for a loan
2. Send money from your account to another MCo-op Cash Account, Co-op Bank Account or SACCO Account
3. Send money from your bank account to other mobile money services, for example, M-PESA
4. Withdraw money at a Co-op Agent or Co-op ATM
5. Transfer money to and from your Co-op Account or SACCO Account
6. Buy airtime for any mobile number from your bank account
7. Pay bills, for example, KPLC, DStv, KRA Tax and Insurance
8. Pay for goods and services
9. Pay fees, for example, school fees or rent
10. Check your account balance or get a statement
11. Buy, sell or transfer shares
12. Activate SMS alerts for debits and credits
13. Checking balance: you can use your MCo-op Cash to check your account balance.
Schools across the country are opening for the third term and it’s chaos, banking halls are packed to capacity as parents and guardians rush to pay school fees for their children.
Co-operative bank is offering parents a simple solution to help them save time instead of queuing in banking halls waiting to pay fees.
The bank is encouraging parents to pay school fees anytime, anywhere through M-Pesa PayBill 400222, MCo-op Cash App via MCo-op Cash USSD *667#, or at a Co-op Kwa Jirani.
How to pay through M-Pesa PayBill
Go to Lipa na M-Pesa (PayBill)
Enter Business Code 400222
Enter Account Number as School Code followed by # followed by the student number, for example, 1059#123456789
(NB: Click hereto confirm your school’s coordinates)
Enter amount
Enter M-Pesa PIN
Confirm transaction
Receive SMS confirming that the transaction was successful
How to pay through MCo-op Cash
Log in to MCo-op Cash
Select OTHER PAYMENTS
Select SCHOOL FEES
Enter school code/business number; click here to confirm your school’s coordinates
Enter account to pay from
Enter student number
Confirm transaction
Receive SMS confirming that the transaction was successful
How to pay at a Co-op Kwa Jirani Agent
You can also deposit cash in the school’s account at your nearest Co-op Kwa Jirani for FREE! You will get a receipt showing the student’s name, ID Number and the amount paid.
Pay for back to school shopping with your Co-op Visa card
Make payments for back to school shopping with your Co-op Visa Debit or Credit Card at No Extra Cost!
Central Bank of Kenya’s (CBK) 2017 Annual Bank Supervision Report shows how stiff competition has significantly readjusted banks’ positions in terms of market share.
The Co-operative Bank’s market share grew marginally from 9.9% in 2016 to 9.93% in 2017. This increase has seen Co-op bank emerge as Kenya’s second biggest lender.
Co-op bank went a rank higher and dislodged Equity bank whose market share dipped significantly from 10% in 2016 to 9.85% in 2017.
Co-operative Bank headquarters
Ranking
The market share Index is calculated by taking into account bank results across five key performance indicators namely total net assets, total deposits, total shareholders’ funds, total deposit accounts and total loan accounts.
Below is the market share ranking by CBK:
1. KCB has 14.4%
Everybody is complaining of hard economic times in Kenya, the prices of most basic commodities have shot up causing chaos.
Parents are the most affected by the current state of economy – keeping children in school has become a headache for most caregivers.
Three types of parents are not feeling the pinch of hard economic times even as most parents sweating to find school fees for their children.
The three types of parents who are lucky are; super rich parents, parents whose kids have won bursaries and parents who are fully utilizing services offered by the Co-operative Bank of Kenya.
School fees and shopping expenses are a burden to parents who haven’t discovered life can be much easier by using tailored products offered by the Co-operative Bank of Kenya.
MCo-op Cash, a service offered by Co-operative Bank th should make all parents smile because paying school fees is now easily even as hard economic times bite.
Some parents don’t have money to pay for school fees, and this where MCo-op Cash comes in handy. Parents short of money to pay school fees can get a loan directly from MCo-op cash.
Co-op bank’s interest rate is the lowest in the market at only 1.16% interest rate per month. There are no facilitation fees on this loan or any hidden fees.
It should also be noted that sending money from MCo-op Cash to MCo-op Cash is free. So in case you need to send school fees to someone, use MCo-op cash.
Parents can also use Mco-op Cash to pay school fees at the convenience of their phones. Several schools have integrated to Mco-op Cash so you can just pay school fees via MCo-op cash without being charged extra transaction fees.
Parents and students can also use MCo-op Cash to send school fees into a Co-op account or to a Sacco Account. The money reflects into the account immediately. You can also check your account balance via MCo-op Cash.
Download the MCo-op Cash app on your phone from your app/play store and enjoy these amazing services being offered.
The Co-operative Bank has highlighted a game changing move to play a crucial role in funding the provision of affordable housing – which is part of president Uhuru’s big four agenda that includes food security, affordable housing, manufacturing and affordable healthcare for all.
While releasing Half-year 2018 Financial Results of the Co-operative Bank, managing director and CEO Gideon Muriuki announced that Co-op Board of Directors had approved a key Ksh 200 million capital injection in the share capital of the Kenya Mortgage Refinance Company (KMRC).
In acquiring shareholding in KMRC, Co-op bank will be a key player in implementing Uhuru’s big four agenda since the Ministry of Finance had already kicked-off the initiative of KMRC to source for long-term financing to fund the provision of affordable housing to the majority of Kenyans.
The bank and the Co-operative Movement/Saccos (that predominantly own the bank) expect to be key partners with the government and will play a critical role on this key social/economic agenda.
Co-operative Bank CEO/Managing Director Gideon Muriuki
9.98 billion profit in half year 2018
Meanwhile the Co-operative Bank Group recorded a profit before tax of Kshs 9.98 billion for the first half of 2018 compared to Kshs 9.3 billion recorded in a similar period in 2017 – an impressive growth of +7.6% against the backdrop of a challenging economic environment in the period.
Profit after tax was Kshs 7.1 Billion compared to Kshs 6.6 Billion in the previous year, a +7.6% rise. This is a commendable performance in an operating environment that is gradually recovering from the significant headwinds that business had to contend with in the aftermath of the 2017 Elections.
The good performance represents the tangible benefits arising from the bold “Soaring Eagle” Transformation Project that the bank has been implementing since 2014 with a clear focus on improvement in operating efficiencies, sales-force effectiveness and innovative customer delivery platforms.
Co-operative Bank of South Sudan that is a unique Joint Venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) also made a profit before tax of Kshs 114.6 Million in half-year 2018 compared to a marginal loss of Kshs 60,000 in the first half of 2017.
Corporate Social Responsibility Programs
Co-op Bank Foundation continues to provide Scholarships for gifted but needy students from all regions of Kenya. The sponsorship includes; fully-paid secondary education, full fees for University education, Internships and career openings for beneficiaries. The foundation is fully funded by the bank and has so far supported 6,331 students since the inception of the program in 2007.
The Group was recognized by Banker Africa, East Africa Awards 2018 with three key awards, namely the Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya. This is a re-affirmation of the bank’s unique position as a bank that positively influences the lives of the majority of Kenyan citizens.
Xpress Money has partnered with Co-operative Bank of Kenya to increase its footprint and strengthen its presence in the country.
For starters, Xpress Money is a global money transfer brand with a thriving presence in more than 165 countries across all continents through 200,000 agent locations.
The partnership between Xpress Money and Co-operative Bank will enable Kenyans to send as well as receive money at 561 agent locations, which includes 150 branches of Co-operative Bank of Kenya.
Xpress Money is offering both SEND and RECEIVE (Cash to Cash, Account Credits and Mobile Wallets) services through such partnerships.
Kenya among highest recipients of remittances in Africa
Remittances to Kenya play an important role in the development of the country and contributes around 2.5 percent of the country’s GDP.
“Kenya is amongst the highest recipients of remittances in Africa. According to the World Bank, the Kenyan diaspora has sent a record USD 1.97 Billion through remittances in 2017. There is a huge demand for simple and convenient money transfer service options in the country. Through our new partnership, we aim to provide affordable remittance services, that can be easily accessed, giving even the unbanked customers, who are mostly located at remote corners in the country, a chance to access their finances, thereby promoting financial inclusion,” said Xpress Money COO Sudhesh Giriyan.
Speaking for Co-operative Bank of Kenya, Group Managing Director and CEO, Dr. Gideon Muriuki confirmed the bank’s commitment to support remittances;
“As a bank that handles some of the largest volumes of remittances to Kenya, we shall continue to invest in such partnerships that provide Kenyans in the Diaspora with the most affordable and secure means of transferring their funds home for domestic support, savings and investment. Co-operative Bank has a dedicated Diaspora Banking Center that is available 24/7 to serve diaspora clients irrespective of time zones, the first of its kind in Kenya.”
The Co-operative Bank was feted in Digital Media Awards which was held on Friday 15th June 2018. The award gala was organized by Go Gaga Experiential Kenya during the concluded Social Media Week Nairobi.
Digital Media Awards is open to all corporate and individuals with a presence on the digital space in Kenya. Nominees in the inaugural award were judged by a panel of judges who critically looked at the websites before settling on one that had the best content and helped solve its target audience needs most efficiently.
The aim was to recognize excellence by Agencies, Brands, Techies and Individuals doing a remarkable job in the digital space. Nominees presented work that ranged from digital content creation, digital publishing, to App development and digital, as well as campaign management.
Stiff competition
The Co-operative Bank was nominated in Digital Brand of the Year category alongside Royal Media Services and Tusker. The bank managed to beat the two competitors to win the award.
Digital Brand of the Year
Co-operative Bank (Winner)
Royal Media Services
Tusker
