Tag: Coop Bank news

Businesses and farmers to gain as Co-op Bank seals a landmark 95% vehicle financing deal with Toyota Kenya

Posted on by Kibaki Muthamia

Toyota Kenya and Co-operative Bank have entered into a strategic financing partnership that will enable the bank’s customers to purchase commercial and personal vehicles under Toyota Kenya’s portfolio, including Toyota, Suzuki, Hino and Yamaha.

This Scheme is expected to assist business recover from the ravages of Covid-19, as customers require to place a down-payment as low as 5% to purchase the vehicles, as financing of up to 95% will be provided.

In addition, repayment of the loan is for a long period of up to 60-months.

The iconic Toyota Landcruiser Pick Up: One of the models available in the financing scheme.

Co-op Bank will also extend a ​Kshs. 500,000 working capital loan – without additional security – to the successful applicants of the Toyota Vehicles. What’s more, to give  customers some relief to enable them build cash for repaying the loan, customers will enjoy a grace period of 2 months​ (60 days) before they begin paying back the loan.

The new partnership also allows fleet customers under Coop Fleet Africa, the leasing arm of Co-operative Bank Group, to acquire more units. This is an amplification of the existing deal that only covers the commercial segment with the financing of the Hiace van and Hilux pickups.

Managing Director Toyota Kenya, Arvinder Reel, in lauding the improved deal said the pandemic demonstrated the need to support individuals and sectors that are at the heart of the country’s economy with flexible options to acquire key assets for their operations.

“Our partnership with Co-op Bank goes beyond just the sale of the vehicles. We are saying this is an improved partnership since customers will also receive professional training for their drivers under the Toyota Advanced Driving program and the Yamaha Riding Academy, for those who purchase the Yamaha motorbikes,” he said.

“From our lineup of quality, durable and reliable commercial and passenger vehicles, Toyota Kenya shall continue prioritizing solutions that support Kenyans towards their personal and business re-building in the wake of the pandemic,” he said.

DEAL SIGNED-OFF: (L-R) Managing Director Toyota Kenya, Arvinder S. Reel, Ag Director Corporate & Institutional Banking at Co-op Bank Jacqueline Waithaka and Co-op Bank Fleet Africa Leasing Managing Director Robert Mbugua display the deal documents following the sign-off the joint financing deal that will offer up to 95% financing for the purchase of Toyota vehicles.

Toyota Kenya has over the years been a great champion of growing the local automotive industry through the production of various models under its stable, hence building the local content supply chain, transferring technology and creating direct and indirect jobs for Kenyans.

“Currently, Toyota Kenya locally assembles 11 varied models which includes Hilux & Land cruiser pick-ups, Hino trucks and Yamaha motorcycles,” he noted.

On behalf of Co-op Bank, the Director of Corporate and Institutional Banking, Mrs. Jacquelyne Waithaka said that the scheme is available for those customers who want direct acquisition of the vehicles, or for leasing. The bank has made the terms flexible to accommodate MSME’s, Co-operatives, Corporate, Individuals and Farmers, to support them re-tool their businesses as the economy re-opens.

Even after the lifting of the interest rate capping, the two firms have agreed to keep the borrowing rate at 13% on reducing balance.

Co-operative Bank lights up the property market by launching the innovative Good-Home ‘Property Hub’

Posted on by Kibaki Muthamia

Co-operative Bank has launched The GoodHome Mortgage Property Hub where clients can access bank-approved properties for residential and commercial use.

This is a one-stop shop that will serve the twin purpose of giving developers financed by the bank a ready market for their properties, while at the same time giving buyers a wide range of properties to choose from.

Customers will access property solutions at both the physical office located at KUSCCO Center, Upperhill and virtually through goodhome.co.ke.

Chris Chege, the Head of Mortgage Finance at Co-operative Bank and Jacquelyne Waithaka, the bank’s Director of Corporate & Institutional Banking launch the GoodHome Property Hub at KUSCCO Center, Upperhill on 28th September 2020. Looking on are Patrick Macharia, the Property Hub Manager and other members of staff who serve customers at the Property Hub.
Chris Chege, the Head of Mortgage Finance at Co-operative Bank and Jacquelyne Waithaka, the bank’s Director of Corporate & Institutional Banking launch the GoodHome Property Hub at KUSCCO Center, Upperhill on 28th September 2020. Looking on are Patrick Macharia, the Property Hub Manager and other members of staff who serve customers at the Property Hub.

The hub will also provide access to financing through the GoodHome Mortgage which is available in all major currencies to Kenyan Individuals, SMEs, Corporate companies and Co-operatives including those in the Diaspora.

Our team of experts have also developed a wide range of solutions for specialized groups such as landlords, contractors and Co-operative Societies in line with the affordable housing program which is one of the key pillars in the Government’s Big 4 agenda.

Jacquelyne Waithaka, the Director of Corporate & Institutional Banking at Co-operative Bank and Chris Chege, the Bank’s Head of Mortgage Finance launch the GoodHome Property Hub at KUSCCO Center, Upperhill on 28th September 2020. Looking on are Patrick Macharia, the Property Hub Manager and other members of staff who serve customers at the Property Hub.
Jacquelyne Waithaka, the Director of Corporate & Institutional Banking at Co-operative Bank and Chris Chege, the Bank’s Head of Mortgage Finance launch the GoodHome Property Hub at KUSCCO Center, Upperhill on 28th September 2020. Looking on are Patrick Macharia, the Property Hub Manager and other members of staff who serve customers at the Property Hub.

Co-operative Bank is one of the leading mortgage financiers in Kenya and has provided mortgage solutions since 2009.

The property hub further enhances the bank’s capacity to serve all sectors of the real estate market, in line with its mission of providing innovative and relevant services to a wide range of retail and corporate customers.

Also Check: https://www.ghafla.com/sponsored/co-op-bank-partners-with-isuzu-and-simba-colt-to-stir-the-motoring-industry-with-an-incredible-95-vehicle-financing-scheme/

What best describes the feeling of getting to your house after a long day at work?

Posted on by Kibaki Muthamia

After a hard day’s hustle, and errands – what’s the first thing you do when you get into your house?

Kick off the irksome heels?

Flop on the stained coach and switch on the thumping music system?

Unclip tight clothing to free long-suffering appendages?

There’s no place like home. This is your personal space – you can be you.

It matters not if it’s a sprawling estate on endless acreage fraught with servants, or, a tiny, cramped, windowless box in a maze of floors and staircases somewhere in the city.

This is home, and there’s nowhere else the heart would rather be. And, these are just urban rentals. The homeowners are usually on another, higher level.

Have you seen how hard faces and hearts melt into emotional mirages when discussing the journey to building the first home?

The first home is often a rewarding culmination of an intense journey of endless personal sacrifice, sweat, blood and tears. The patience and inner drive needed to transform a barren piece of rocky land into a haven of dreams, is not a mean feat – and it’s painstakingly slow – akin to pulling out multiple bee stings.

Also Read: https://www.ghafla.com/sponsored/co-op-bank-partners-with-isuzu-and-simba-colt-to-stir-the-motoring-industry-with-an-incredible-95-vehicle-financing-scheme/

In between dishonest building crews bent on fleecing by overcharging for supplies and inflating the casuals tally, most home builders contend with taxing day jobs. Site supervision is relegated to multiple calls to the foreman – energy sapping and financially draining.

And, no, hiring a relative as a supervisor at your building site always ends in tears – and, irreparable family damages.

To fill in this gap, numerous construction firms have been formed. Depending on the level of work, these firms usually charge a percentage higher – but, all factors held constant – it’s the safer bet for the busy corporate home builder.

 

Along the Kenyan coastal zone, one building firm stands out – Riziki Home Solutions.

Interestingly, Riziki Home Solutions is lady-owned, and ran. This firm has steadily created a comfortable niche in residential and business structure development. As it is, once a potential home owner signs a contract and settles half of the agreed final payment, the firm handles every aspect of the process – from ground breaking to final touches – within an agreed time frame.

There’s some truth in the adage that what a man can do a woman can do twice better.

The firm is staffed with lady professionals, from architects, civil engineers and all craftsmen in between. Read plumbers, electricians, interior décor and landscaping experts.

Riziki Home Solutions Director, one Ms. Sarah Riziki doesn’t mince words, in her swivel leather seat behind a swarthy mahogany desk in her spacious office on the mezzanine floor, on one office block off Nkrumah Road.

“We started off as a tiny cowboy outfit – with the bare minimum we needed to make a successful project – one architect, one engineer, one plumber, et al. At the time, we all had day jobs till we ran the first few projects. We all quit and got into it fulltime” Says Ms. Sarah.

“Thanks to a solid financial partner, Co-op Bank, we’ve been able to expand, and build a credible working reputation”.

As we speak, Riziki Home Solutions is taking advantage of the Biashara Indelee Na Isuzu Campaign.

Co-op Bank has partnered with Isuzu and Simba Colt in a vehicle financing deal that gives clients up to 95% funding on selected vehicle brands to boost Micro, Small and Medium Enterprises (MSMEs).

The construction firm has signed up for a fleet of Isuzu trucks and pick-ups: the TFR series, the N-series NHR; and the F-Series models – FRR, FSR.

The Biashara Iendelee Na Isuzu Campaign also allows clients a Ksh.500,000 working capital facility, a 60 day repayment-grace period, a negotiated motor vehicle insurance cover and the longest, flexible re-payment periods in the market – 5 years.

 

Get home and kick off your heels, enjoy your personal space and just be yourself.

This is home.

This is how cereal, fruit & vegetable traders get easy financing for brand new trucks to ferry produce, cut transit losses and irksome middlemen

Posted on by Kibaki Muthamia

Do you know why bananas are a sure fixture in the breakfast basket in every hotel? Or, in your own kitchen, or sneaked into your school lunch basket?

The fruit is loaded with healthy benefits. It’s loaded with fibre – both soluble and insoluble.

The soluble fiber has the tendency to slow down digestion and keep you feeling full for a longer time.

In Nairobi, and other major towns across the region, the banana is the fastest moving fruit in grocery stalls, street vendors and supermarket fruit stands. Its available all year round, and a common staple in most households.

The versatility is boundless.

Ripe? You game.

Chopped and tagged with other fruits as pudding? Even better.

Peeled raw and chopped into tire shapes and fried? Who doesn’t miss that cuisine?

The banana also features heavily in every urban bachelor’s dwelling. Its affordable – and a high -energy fruit.

In Kenya, many regions grow bananas. The richest, though, and famous for their banana-cultured lifestyles, are the Kisii people. In hot pursuit is the Meru region.

The banana trade is booming, but the blunt edge is borne by traders – on the transport part. It’s really hectic. But necessity is the mother of innovation, right?

In banana-rich Kisii and Meru region, traders have joined up to form empowerment groups. This enables them to pool resources and hire a single hauling truck, as opposed to the previous trend to just source for available transport at the main markets.

One step further, is that these trading groups have evolved to be financial outfits, and got duly registered. Each member has a membership number to the group, and deposits money directly to the group’s central account.

For Co-op Bank, these trader groups enjoy customized services, and expert financial advice. The bank has assiste4d the group acquire Safaricom till numbers that deposit money directly to the group’s account.

Despite the prevailing financial melt-down spurred by the pandemic, Co-op Bank has renewed a vehicle financing deal financing deal that is set to empower such registered groups – like, the banana traders.

The Biashara Iendelee campaign deal gives clients up to 95% funding on selected vehicle brands to boost Micro, Small and Medium Enterprises (MSMEs).

These are versatile lorry and pick-up trucks ideal for business, from Isuzu Kenya and Simba Colt.

For Isuzu, models available are: Pickups – TFS & TFR series. Trucks: N-series Models – NHR, NKR, NQR, NPR; Isuzu F-Series models – FRR, FSR.

For Simba Colt, Co-op Bank clients can pick the versatile Mitsubishi Canter FE 71, 84,85CG, 85CH, Mitsubishi Trucks and assorted Mitsubishi Pickups.

If they wish, these groups can also apply for a Ksh.500,000 working capital facility to ride out the crippling Covid-19 season. Other exciting perks is the 60 day loan-grace-period, a negotiated motor vehicle insurance cover and the longest, flexible re-payment periods in the market – 5 years.

There’s really no need for your group to incur losses due to delayed transport from the farm to the market – NO MATTER THE DISTANCE!

What’s the weirdest experience you’ve had travelling long-distance on a public bus?  

Posted on by Kibaki Muthamia

Who doesn’t love a long road trip?

The endless open road, favorite jams and binge-ing on junk with a loved one.

If one is lucky, a spontaneous fight with the significant other over some useless trivia from weeks ago – that results to a few miles of tarmac in total silence – as each goes over the minute merits and de-merits of dating a complete Neanderthal …….

It’s never that serious, right?

Endless miles staring at gaping cornfields and bare-chested farm workers often lead to a wise, epiphany moment – and you always make up!

But, have you had a chance to travel long distance on public transport?

On the long distance, overnight buses, it’s easy to be a complete idiot. Something takes over the minds and personalities of otherwise rational citizens to transition them to undesirable versions of themselves.

Is it the caging feel? It can be overwhelming for natural free birds.

Most overnight buses are severely sealed and air-conditioned. Free birds seek refuge in some sort of protest. Is it the scented air of the bus cabins – tainted with a variety of individual smells – garlic, alcohol, strong perfumes and, of course, body sweats?

Whatever it is, people act weird and irritable.

Once in a while, though, these night travel buses have been the source of very inspiring stories.

Lifelong friendships and even marriages have started with a mere, random seating arrangement. Getting stuck with someone for long periods sometimes leads to honest one-to-one conversations – meeting new friends, and networking.

On a personal front, an eye-opening encounter happened in November 2019.

The pandemic hadn’t yet gained traction in East Africa, and business was still bustling – gearing up for the Christmas festivities.

On this day, I was booked on a 10 PM bus from Nairobi to Mombasa. It wasn’t the high-end, air-conditioned class. Just a regular commuter mini bus. The firm is cheap, but has a reputation for reliability. For this reason, it’s the favorite for the market traders, fondly referred to as Mama Mboga’s.

On this day, I chanced upon a trader – supplied bananas, oranges and whatever other fruits are in season – from inland to the coastal city. She was talkative, and opened up quite fast. In less than an hour, she’d talked of her supportive chama, her family, her clan and, thankfully, her business.

It’s the business part that inspired me.

After half a year saving with her chama – which had a central account at Co-op Bank – she’d taken a chama loan. She’d partnered with a colleague and started buying seasonal fruits in bulk, to sell at the coastal areas.

They’d been in a promising business streak for a few weeks. Never underestimate the reach of ambitious women. In just two months, they’d repaid their chama loans.

The challenges they faced?

Top of the list was the uncertainty with the cargo lorries. They’d load at Ngara Market, then follow up on the night buses to rendezvous with the lorry at the main coastal market at dawn – Kongowea.

Sometimes, delays on the road happened. The lorry crew would hike fees. The fruit cargo would naturally go bad. Transport was their main headache.

I dozed off at some point, after the Mtito Andei stop-over.

I wish I’d picked her contacts. I’d be glad call her about an exciting opportunity that could solve her transport challenges, as a long time Co-op Bank client, dubbed ‘Biashara Iendelee’.

Co-op Bank has a vehicle financing deal with Isuzu and Simba Colt that gives clients up to 95% funding on selected vehicle brands to boost Micro, Small and Medium Enterprises (MSMEs).

These are versatile lorry and pick-up trucks ideal for business, from Isuzu Kenya and Simba Colt.

If they wish, clients can also apply for a Ksh.500,000 working capital facility to ride out the crippling Covid-19 season. Other exciting perks is the 60 day grace period, a negotiated motor vehicle insurance cover and the longest, flexible re-payment periods in the market – 5 years.

I hope Mama Mboga gets wind of this deal.

Visit the nearest Co-op Bank branch, or click here, to learn more of this business deal.

Must Read: https://www.ghafla.com/sponsored/did-you-know-that-a-piggy-bank-for-your-kids-has-an-immense-impact-in-their-adult-years/

How the modern kid’s indifference to the one-shilling coin shows the gradual shift to a cashless money future

Posted on by Kibaki Muthamia

Over the years, a lot has changed for the human being. It’s gradual, and subtle but makes for a credible thesis study in the growth and development of the species. Hello, evolution is real – and it’s happening right under our noses.

In the times gone by, man has achieved the upright posture. The process of evolution in that regard has achieved its purpose. The front that’s still developing is the intellectual part, and huge leaps have been achieved.

Take the average kid, perhaps 3 or 4 years old.

The average modern 4-yr-old has mental faculties developed much more than his contemporary from two decades back. He speaks more – better learning abilities. He achieves physical milestones faster and grasps contexts better.

The concept of money, for instance.

The coin would be a huge treat for a kid a decade back, but it’s no longer acceptable. Nowadays, the one-shilling coin is best used as a plaything. They’ve learnt that as an entity it’s almost valueless. While the one-shilling-coin may be useful as a teaching aid in the concepts of finance and money saving culture, kids have grown quite indifferent to it.

As a teaching aid, yes.

An average modern teen in upper elementary school has an advanced vocabulary quota. On the coin issue, for instance, if such a poser came up in an essay – easily name out the sides of a coin.

What are the names of the three sides of a coin?

According to Wikipedia:

“Traditionally, the side of a coin carrying a bust of a monarch or other authority, or a national emblem, is called the obverse, or colloquially, heads. The other side is called the reverse, or colloquially, tails.”

Also Read: https://www.ghafla.com/sponsored/this-is-why-a-poultry-based-startup-idea-has-irresistible-merits-and-worth-your-time/

To be fair, though, obverse and its opposite, reverse, refers to much more than the two flat faces of a coin. It also refers to some other two-sided objects like paper money, flags, seals, medals, drawings, old master prints and other works of art, and printed fabrics.

This generational change has largely been influenced by a digital switch which has seen most societal basics slowly shunning the traditional ways. The commerce and industry facets have changed and improved for the better.

Cashless money is now acceptable and subtly encouraged in the onset of the financially-crippling global pandemic, Covid-19. The tangible aspect of trading in cash has been found to be a medium of transmission.

In the dynamic banking industry, players have revolutionized their systems for a more inclusive digital mode of doing business.

Closer home, Co-op Bank has led the banking sector with a revamped, state-of-the-art digital banking platform that not only guarantees data security in business transactions, but also convenient and user friendly.

The New Co-op Internet Banking allows clients to access their Coop Bank accounts from the comfort of their houses for most everyday banking needs. Cash transfers between account in the same bank, or to other banks has never been easier.

Besides, the New Co-op Internet Banking also allows fast payments for utilities like power, water and cable TV bills.

All Co-op Bank clients easily self-register on their mobile devices. Click here for easy steps to self-register.

Alternatively, get to visit the nearest Coop Bank branch for ready assistance to join the digital banking platform.

Stay safe. Go digital.

Related Read: All you need to know about Co-op Bank’s APIs and its positive impact in customer service delivery

 

 

 

This is why a poultry-based startup idea has irresistible merits and worth your time!

Posted on by Kibaki Muthamia

There has been an intense global campaign to influence food sustenance, especially in developing countries. Leading scholars and economists across the globe have extensively released publications in that regard, and the view is unanimous: The next crop of millionaires in Africa will come from the agribusiness sector.

After the Covid-19 pandemic hit, corporate and private businesses have taken financial hits resulting in massive pay cuts for employees – or, the less pleasant and life-changing job layoffs and contract terminations.

Agribusiness beckons.

Sheriff Poultry Farm in Bamburi, Mombasa is a classic study on how a well-thought out investment in this sector can turn around plummeting fortunes. What’s more? Improving the livelihood of several lads by generating wage-paying jobs.

The founder of the robust poultry farm is an energetic, jovial lad – perhaps, early 30s’ – and has clocked a decade in a regional cement manufacturing company. He’s Abubakar Mwinyi, but known in the sprawling Bamburi Mwisho hood simply as Sheriff.

Also Check: https://www.ghafla.com/sponsored/all-you-need-to-know-about-co-op-banks-apis-and-its-positive-impact-in-customer-service-delivery/

In January, just a month after the first case of the pandemic had broken, a third of the employees had received a letter from HR that declined to renew their contracts.

Thankfully, the company had awarded a severance package.

Sheriff didn’t grow up in a farming household, and didn’t have much experience. He had to learn from scratch. Sheriff sourced for online manuals and joined digital farming platforms. After lots of research, he settled on poultry, for several reasons.

The capital required doesn’t break the bank. It’s not labor intensive, and is flexible – start small – lower the risks. He didn’t need much land, his courtyard would be apt.

After a tiered chicken structure by a local fundi, Sheriff visited a hatchery in Kilifi County, and bought 50 chicks – one month’s old. His research sparked his interest in the Ken-Bro variety. This breed is versatile, either for eggs or as table meat.

It has notable resistance to disease compared to purebred layers, and attains weight for meat in just 3 months. If one opts for eggs, they require 6 months.

Sheriff was eyeing the meat business – cafés, restaurants and eateries. He also enjoyed home grown advantage – well known. He had ready market.

Related: https://www.ghafla.com/sponsored/finally-there-is-an-exciting-offer-getting-kenyan-men-thrilled-over-household-shopping/

One month in, the entrepreneur realized how costly the venture is. The birds were fully house-bred, meaning the feeds cost twice as much as a similar project would cost in free range option. They were eating into his savings – poultry feeds are costly.

At 3 months, Sheriff sold the entire flock to a local café owner, at a good market price. He realized profit – but, at this stage – he valued the experience more. The first flock was his first dive into the deep end of the pool.

Using the earnings, he leased some space from his next door neighbor and fenced it. Now, he could rear his next flock partly in a deep litter system, and free range. After the usual fumigation and sanitation of the premises, he had doubled his purchase – he brought in 100 birds.

Since, Sheriff Poultry Farm has grown in leaps and bounds. It has diversified to host turkeys, water ducks and guinea fowls. The farm formulates own feeds.

Abubakar credits his success to a good relationship with Co-op Bank. After his first sale, Co-op Bank had assisted him register an M-Pesa Till number at no cost for his business – and linked it to his bank account.

Now, through New Co-op Bank Internet Banking, Abubakar easily monitors his account through his mobile phone. It’s now easier to pay for feeds or raw materials directly from his account, pay salaries. He gets to pay his utility bills – water and electricity bills conveniently using his phone.

It’s easy to self-register on New Co-op Bank Internet Banking, just click here, and enjoy the world of banking at your fingertips.

Finally, there is an exciting offer getting Kenyan men thrilled over household shopping!

Posted on by Kibaki Muthamia

Therapy doesn’t have an handbook.

To handle stress and depressing situations, many people find their peace in different things. A lot of people want to travel to new places, meet new places. A road trip is very therapeutic – there’s magic in the open road. If lucky, an open-top roadster is a blessing.

A famous global poet admitted to spending lone times at a remote waterfall. The  sheet of water falling endlessly down the cliff to end in white foam and mist on the rocks below soothes the soul.

For other souls, hiking over difficult, remote trails works magic. A fair amount of bird watching along the route adds to the allure. Perhaps, it’s the smell of the woods, or the addictive testosterone as body limits are pushed to the extreme.

In some of these cases, being in an area without cellular network coverage is the secret. In the normal daily hustle and bustle, the gadgets never stop ringing. So many people to talk to, so many deals to close, so many deadlines to meet – its sheer heaven to get away from the madness once in a while.

It’s a chance to recharge the soul’s batteries.

On the domestic front, shopping comes as an easy option – it’s very therapeutic. The ladies love to shop. Most Kenyan ladies will go nuts with a good shopping spree. Needless to say, lots of emotional baggage is left behind in malls and arcade aisles. Its nature, perhaps.

Universally, however, men have never been taken in by shopping. It’s a necessary evil, an insufferable feat. A lot of men will gladly pass the monthly shopping chore to their spouses for a quiet drink and easy banter at the neighborhood barbershop.

This month, though, there’s a deal that has got Kenyan men visibly excited about household shopping. Granted, there are numerous comical scenes of a willing dad, trying to pick a brand of detergent from a couple of brands, but, still…..

This deal that’s changing the perception is The Angukia Discount Promotion in collaboration with Naivas Supermarket.

Shopping online from Naivas Supermarket has its perks.

When a Co-op Bank client shops online on Naivas and pays with the Co-op Visa Card, the client enjoys a refund on the delivery fee for all purchases worth above Ksh.1, 000.00. This Delivery Fee Refund is automatically deposited in the client’s Naivas E-wallet within 24 hours to be used in the next purchase.

The Angukia Discount Promo runs from 24th July – 18th September, 2020.

This online shopping deal has changed the hassle that has menfolk avoiding household shopping like the plague.

What’s more?

Co-op Bank clients can easily track their money from the comfort of their homes, through the New Co-op Internet Banking platform. A client can pay shopping and utility bills like KPLC, Water Bills, etc. It’s also easy, fast and secure to transfer cash between accounts within the banks, or other banks.

It’s easy to self-register on New Co-op Internet Banking, click here. Or, visit the nearest Co-op Bank branch for assistance from the banking staff.

All you need to know about Co-op Bank’s APIs and its positive impact in customer service delivery

Posted on by Kibaki Muthamia

Co-op Bank has invigorated its API platform. This is a vital cue in promoting partnerships and innovation and building disruptive business models and platforms to deliver seamless customer experience.

Co-op APIs are here to boost small business owners, fin-tech’s or techie’s to grow their businesses and improve overall customer experience.

But, then, are we really conversant with API’s?

What is an API?

A simple definition says it’s an application program interface (API).

It is a code that allows two software programs to communicate with each other.

An API defines the correct way for a developer to request services from an operating system (OS) or other application and expose data within different contexts and across multiple channels.

An Open API is also known as a public API are published on the internet and allows the owner of a network-accessible service to give universal access to customers.

Exposing data with an API can improve the customer experience because it provides greater functionality and scope of services within a single application or other digital property.

Co-op Bank offers simple APIs – aptly tagged ‘restful’ – that allows clients to quickly integrate and manage payments on web or mobile application. This is inspired by a belief in the creation of technologies that support innovation and in the creation of systems that have a positive impact on the lives of the people in the society.

The bank has in place a continuous innovation plan to open up the banking space using the latest and thoroughly tested technologies.

Co-op Bank APIs fall into two categories – transactional and account information services.

The Transactional APIs which involve:

Send money from a Co-op Bank account to an M-Pesa wallet.

Pesalink send to account – Enables clients to use Pesalink to send money from a Co-op Bank account to another bank account in a different bank.

Internal Funds Transfer – Enables clients to transfer funds from a Co-op Bank account to another Co-op Bank account.

Instant Notification Service – Sends real-time notifications to a customer’s accounting system of any activities in the respective customer’s account, like debits or credits.

The Account Information Services APIs have these functions:

Account Status Inquiry – This allows a client access the account balance around the clock.

The balances may be in various forms:

Cleared Balance

Booked Balance

Blocked Balance

Available Balance

Arrears Amount

Un-Cleared Balance

Overdraft limit

Co-op Bank open APIs eases up tedious programming tasks to enable clients focus on their core tasks and responsibilities.

To learn more about Coop Bank API’s, click here or visit the nearest branch.

The easy steps to self-register and enjoy banking services on the New Co-op Internet Banking Service

Posted on by Kibaki Muthamia

The New Co-op Internet Banking Service enables individual customers, business owners, corporate companies and institutions to carry out various transactions and monitor their bank accounts through the internet.

These are some of the services one can easily access from the comfort of your home, via a mobile phone or computer:

Transfer cash to another Co-op account in real time.

Start, stop or amend standing orders in real time.

Transfer cash to a foreign bank account in foreign currency.

Transfer cash to another local bank account in 1 working day.

View, download or print account statements for all your Co-op Bank Accounts.

Make bulk payments, for example, salaries, dividends, loan disbursements, bonuses and supplier payments.

Order cheque books and stop cheque’s.

Pay utility bills, for example, KPLC, DStv, and Nairobi Water.

It’s not rocket science joining up with the New Co-op Internet Banking Service.

For existing Co-op Bank clients, all they need is a completed application form, and a completed token collection form.

With non-Co-op Bank customers, to include businesses, corporate companies and institutions, they’d need:

Completed application form

Completed token collection form

Certificate of Incorporation

Memorandum & Articles of Association

National ID/Passport copies of the company’s directors

Once the application has been approved, a user ID and password are automatically generated by the Co-op Net system and sent to your email address. In case one opts to keep generating a second password using a token, one collects it once the application has been approved.

This is available at a small fee.

 

The New Coop Internet Banking is very convenient, secure and fast.

To self-register on your mobile or home computer, click here, to start.

Co-operative Bank spurs tech innovators by launching the “Akili Kali Innovation Challenge”

Posted on by Kibaki Muthamia

Co-operative Bank today launched the Co-op Akili Kali Innovation challenge that is focused on engaging and partnering with technology innovators to address the gaps and challenges faced by Cooperative Societies.

The challenge, which is supported by the International Finance Corporation (IFC), is a call for passionate innovators to collaborate with Co-operative Bank in building the next generation of financial solutions beneficial to the Co-operative movement and its membership of over 20 million Kenyans.

Applications may be submitted through the Co-operative Bank website by 7th August 2020. The shortlisted candidates will be taken through a 5-week co-development and co-design program supported by a dedicated team from Co-operative Bank and nominated Cooperatives, after which a virtual demo event will be held to select one or more winners.

The winners stand to be awarded a cash reward of up to Kes 5M and an opportunity to integrate and launch their innovation with Co-operative bank.

Co-operative Bank is looking for technology innovators that can rapidly develop solutions to build value for Co-operatives and enable them to service members’ demands more efficiently while ensuring that the essence of the Co-operative movement, which is engrained in enabling both national and social development for individuals through a shared economy, is sustained.

The new innovations will also give co-operatives a competitive edge and strengthen their resilience in the rapidly changing financial landscape in Kenya, particularly in light of the myriad challenges occasioned by COVID-19.

The Co-operative Movement in Kenya is the largest in Africa and among the top 10 globally, with over 22,000 registered Co-operatives and over Kes 600B in savings. Co-operatives play a major role in all the key sectors of the economy including Education, Agriculture, Housing and Transport.

It employs more than 500,000 people besides providing opportunities for self-employment to many more.

Co-operative Bank has a long history with the Co-operative movement, having been started by coffee farmers back in 1968 and now owned 64.56% by Cooperatives through a special purpose vehicle known as Co-op Holdings Limited.

Speaking during the rollout of the Co-op Akili Kali Innovation Challenge, the Bank’s Director of Co-operatives Banking, Mr. Vincent Marangu, noted that the growth trends of co-operatives in Kenya indicate a great opportunity for co-operatives to offer valuable services to existing and potential new members whose demand for more and better services has grown with the digital revolution.

How an unemployed teacher in Kakamega turns fortunes around with an agribusiness project in poultry and organic veggies

Posted on by Kibaki Muthamia

A few weeks ago, the Education ministry delivered a bombshell in the school reopening tentative dates. January 2021! As expected, this bit was received with a lot of open-ended questions by the people directly involved – teachers, parents and students.

A lot of professionals have lost livelihoods in job losses, or hefty pay cuts. In Kenya, teachers in private institutions are in that quota. One has to be innovative to realize an alternative source of income to sustain life and families.

In a sleepy village in Kakamega, hails an enterprising teacher who’s taken up agri-business with gusto.

A visit to Apex Farm in the outskirts of Kakamega Town is inspiring. Apex Farm is just a few months old, and owned by an energetic teacher previously running a private school in Westlands, Nairobi County.

When the pandemic took center stage last December leading to closure of schools across the nation, Wafula Elvis was devastated. He’d been teaching at the school for half a decade, and had a family of three. The school’s proprietor only managed a month’s salary after closing down.

Wafula had shifted his family upcountry. He’d thought wisely – the lockdown happened shortly after. His ancestral farm was unused and bare, and he had to think of projects to start – to create cash flow, sustain his family and have a positive impact on his community.

He’d zeroed in on two pursuits.

  1. Poultry – layers.
  2. Organic vegetables.

As with all fledgling projects, capital was the first hiccup in the plans.

For years, Wafula has been a Co-op Bank client, and his salary had been paid through his account here. He’d visited the local Co-op Branch and applied for a loan. After the necessary appraisals, his loan had been approved.

Further, the bank had facilitated an M-Pesa till number for his farm business on his behalf at no charge, which allows direct payments to his Co-op Bank account.

Looking back, Wafula pensively confides moving to the village and starting the agribusiness project was a life-changing decision.

*******

The writer’s take:

I reach the Apex Farm metallic gate, and there’s no one in sight. I had called the owner beforehand. The gate swings open, and am on the lookout for dogs. None. The courtyard is filled with various duck varieties – Rouen, Muscovy – some turkeys and geese. It’s a beautiful sight, there’s a paddling pool!

Presently, I see a robust, lean-looking man waving from behind the walled section behind the house. I don’t need an introduction – it’s the owner, Mr. Elvis Wafula.

He’s tending to his chicken. Several hundred layers in metallic cages, pecking furiously. It’s feeding time. I down my tools and dig in to work.

 “I don’t understand layers. I feed a hundred layers with the same feeds and same ration for six months, around 20 birds are still not laying?”

Wafula is puzzled. Me, too.

*******

The Apex Farm makes a tidy profit with a daily egg supply to shops and groceries across town. The chicken droppings are used in the organic garden. All native vegetables are grown. Wafula’s wife sells these at her grocery stand in town, and hotel owners warming up to healthier food from organic produce.

The Apex Farm proprietor, Wafula, is comfortably servicing the Co-op Bank loan . To prove it, he tracks loan progress on his phone through the New Co-op Internet Banking.

Besides, the New Co-op Internet Banking enables him track all payments from his clients in real time. Life is also easier, thanks to other features like instant bill payments and airtime purchase directly from Co-op Bank account.

Click here to gain similar insights for your business.

“Do you miss the classroom, Mwalimu?” I prod.

“Well, mmm…” Wafula shrugs.

Millennials, hands up if you spent a chilly night outdoors to make sure a cow doesn’t snack on her own placenta!

Posted on by Kibaki Muthamia

Oh, the things the boy child in my rural generation had to go through!

It’s a wonder no fatalities or permanent disfigurements were recorded. The rough and tumble on a daily basis was crazy. First, bullying was a thing, and village cred depended on whether you snitched or not. In any case, any snitching to your folks would spawn more problems.

“What were you doing with those boys to get beaten?”

“And, why didn’t you fight back?”

Scraps on the knees would rarely be reported. Tiny bruises would mature into full-blown, septic wounds – and, only then would a lad be taken to the local dispensary for a tetanus jab. That trip would have nothing close to snacking on cookies and fizzy drinks.

The walk would make a huge part of a disciplinary hearing.

One of the lads in the village almost broke his neck in a dare, but luckily escaped with a fractured femur. In those days, the valleys had gigantic, majestic hardwood trees – Camphor, Meru Oak, Meru Teak. These trees would be tall, sometimes close to 100 meters. At the peaks, hawks and eagles would make their nests.

Well, one evening after a river swimming contest, a guy from a rival village comes up with a wild idea.

Who’s brave enough to climb up the towering tree and capture a fledgling from the net?

Wait, an eagle’s chick is called a fledgling. Thought you should know.

This was the kind of stunts that instantly made you a legend in the village. Even damsels would take note. My village crew wouldn’t watch the challenge slip by, and instantly a volunteer stepped forth. I was too little at the time to think about it – not that I would have, anyway.

The guy starts to climb, while we sit and cheer. He’s bare chested, and some sections are a challenge. It takes a while, and halfway into it, the crowd falls silent. We all know this is a bad idea, but no one wants to say that.

Our climber didn’t even get to the last quarter of the tree, before a pair of eagles re-surfaced. Immediately, the birds of prey staged a double-pronged attack. It was subtle at first – blinding claps to the head with their wings.

The climber is hanging off a branch with one hand and trying to ward off the birds with the other. If the birds hadn’t scaled up their attacks with their hooked beaks and talons, perhaps the climber would have got off the tree safely.

A swoop by one of the eagles on his bare back left several gashes. Rivulets of blood started running down the back of his thighs. The tree gets slippery. Another swoop, and our climber is tumbling down.

The damage would have been catastrophic, even fatal, if his fall hadn’t been broken by branches on the way down. It didn’t take long, but the eagles were still fast enough to claw him all the way down!

He plunged headlong into thick shrubbery growing along the river bed. We all took to our heels – straight home! I later heard that the climber’s younger brother had raced to fetch their father. They’d almost taken an hour to retrieve the lad from the shrubbery. He was lucky to escape with just a broken leg.

Recently, with the lockdown due to the pandemic, I spent a chilly night with a vet. The vet says his career path was decided by a near-death episode as a kid. A bull had broken loose and almost trampled him to death – they were having their cow serviced. Since, he’s helped phase out traditional bulls in favor of artificial insemination – at reasonable costs.

On this night, our family cow had just delivered – we were waiting to receive the placenta. Cows have an uncanny trick of eating their placentas!

As is with the Covid-19 regulations, the vet insists on cashless means of payment. He easily self-registered online on the New Co-op Internet Banking.

The New Co-op Internet Banking allows a client to handle and track payments to his account, real time. This also allows direct purchase of airtime from a Co-op Bank account, and even pay utility bills like power, water or cable TV packages. To self-register online, click here.

If you survived such adventures, you are a legend!

Co-op Bank opens APIs in a bid to promote partnerships and innovation among corporates, Sacco’s and SMEs

Posted on by Kibaki Muthamia

Co-op Bank has opened its APIs to help promote partnerships and innovation & build disruptive business models and platforms that deliver a seamless customer experience.

An application program interface (API) is code that allows two software programs to communicate with each other. An API defines the correct way for a developer to request services from an operating system (OS) or other application and expose data within different contexts and across multiple channels. An Open API also known as a public API are published on the internet and allows the owner of a network- accessible service to give a universal access to customers.

APIs are simple and easy to use, and accessible from web or mobile application. They provide an easier and faster way of partnering with Fintechs. Besides being a safe and secure mode of transacting, APIs enable real time update of payment status to deliver a seamless customer experience.

The Bank believes in co-creation and innovation that enables people, businesses and the society to grow. It believes that innovative products and services that benefit their customers and the public in general are key to success.

With the Co-op APIs dubbed Co-opConnect, the Bank aims to publish as many banking services as possible enabling their Corporate and Sacco customers to add value to their mobile apps & web services.

There’s two categories – the account information services APIs and the transactional APIs.

The Transactional API’s feature the regular banking functions:

Internal Funds Transfer – transfer funds from a Co-op Bank account to another Co-op Bank account.

Pesalink send to account – this enables customers to use Pesalink while sending money from a Co-op Bank account to another bank account in a different bank.

Instant Notification Service – real time notifications to a customer’s accounting system of any activities in the respective customer’s account i.e debits and credits.

Send money from a Co-op Bank account to an M-Pesa wallet.

Account Information Service APIs

This category shows the account balance as at a given time. The balances have many variations:

Cleared, Booked, Blocked, Available, Un-cleared Balance and Arrears Amounts. Clients also use this feature to access their overdraft limits information.

Other features on the Account Information Service APIs include:

Account Transaction Inquiry – Shows the status of a specific transaction. For example was a cash deposit successful.

 Account Mini Statement – Shows the latest 10 transactions in your account.

Exchange Rate Enquiry – Show the days foreign exchange for all major world currencies e.g. USD, GBP, EUR, CAD etc. that are offered by Co-op Bank.

Account Validation – Confirms that a provided account (mostly from a third party) is a valid account number within the bank’s system.

Status Enquiry – shows status of a specific request for example if you send a Pesalink transaction on Open Banking the status enquiry API will provide an update whether the transaction has reached Co-op Bank and is been processed.

Before launching an innovation, Co-op Bank ensures that it weighs the business needs and the prevailing market situation versus the opportunity. This ensures that it meets the customer need and keeps up with the changing market trends.

Co-op API’s can be accessed by clicking on this link.

Jamii Bora Bank accepts Co-op Bank’s offer for 90% Stake

Posted on by Kibaki Muthamia

The acquisition of 90% of Jamii Bora Bank Limited by The Co-operative Bank of Kenya was successfully approved. The highlights:

  1. Co-op Bank has been pleased to note that the shareholders of Jamii Bora Bank, have pursuant to an Extra Ordinary General Meeting held on 1st July 2020 unanimously approved Co-op Bank’s offer to acquire 90% of the bank. This will be through the subscription of 224,153,154 new class of Ordinary Shares that would enable Co-op Bank inject Kshs.1 Billion and appoint a Board to run the business.
  2. The Co-operative Bank Group is one of the largest banks in the region with an asset base of over Kshs.470 billion, predominantly owned by the over 15 million member Kenya Co-operative movement. The following are the related companies;

Subsidiaries

  • The Co-operative Bank of Kenya Limited.
  • Co-optrust Investment Services Limited – 100%.
  • Co-op Consultancy & Insurance Agency Limited – 100%
  • Kingdom Securities Limited – 60%.
  • Co-operative Bank of South Sudan Limited – 51%.

Associates

  • CIC Insurance Group – 24.7%.
  • Co-op Bank Fleet Africa Leasing Limited – 25%.
  1. Jamii Bora Bank is a fully-fledged Commercial Bank, licensed and regulated by the Central Bank of Kenya, with over 444,000 customers in 17 branches and employs over 190 staff. The Bank has a strategic niche in MSME banking, offering working capital and trade finance solutions. Jamii Bora Bank has also the following businesses;
  • Jamii Bora Leasing Limited.
  • Jamii Bora Insurance Agency Limited.
  1. The next steps will now be the regulatory approvals notably from Central Bank of Kenya, Capital Markets Authority and the Competition Authority of Kenya.
  2. The strategic entry of Co-op Bank coming in as a 90% strategic owner is an “Inclusive Growth Model” that particularly safeguards the existing shareholders of Jamii Bora; in that they will now share in the expected future Transformation gains/profitability growth.

This acquisition will strengthen both institutions leveraging on the Co-operative Bank’s well-established Universal Banking model as well as our successful business Transformation Agenda/Turnaround riding on the bedrock of the 15 million member co-operative movement and a Kshs.470 Billion balance sheet.

Co-op Bank had a profit of Kshs.20.7 Billion as at 31st December 2019 and on 23rd April 2020 paid out over Kshs.5.9 Billion in dividends to our shareholders.

Laikipia County and Co-op Bank in a joint venture to fund over 7000 entrepreneurs through the Laikipia Enterprise Fund

Posted on by Kibaki Muthamia

The Laikipia County Government and the Co-operative Bank of Kenya (Co-op Bank) have today launched the Laikipia Enterprise Fund with an initial kitty of Ksh 300 million, to offer affordable financing and business support to co-operatives and entrepreneurs in Laikipia County.

To kick-off the Fund, the bank and the county government have entered into an Interest-Sharing and Guarantee Arrangement.  This is aimed at supporting two key segments;

First, to empower co-operatives in Laikipia County through affordable financing and Consultancy Services, to enable them have sufficient liquidity for lending to members, and strengthen their management structures, and

Second, to support over 7,000 entrepreneurs in Laikipia County recover from the challenges of the Covid-19 Pandemic by way of affordable financing and training.

Borrowers will pay single-digit interest rates, which makes this arrangement perhaps the most affordable lending program in Kenya today. The low interest rate has been made possible by the interest-sharing arrangement, whereby the Laikipia County Government will be offering an interest subsidy of 5 per cent, thereby reducing the bank lending rate from 12.1 per cent to 7.1 per cent per annum for all borrowers.

Co-op Bank group Managing Director, Gideon Muriuki.
Co-op Bank group Managing Director, Gideon Muriuki.

In addition, borrowers will enjoy a reduced appraisal fee at 1.5 per cent of the approved loan amount.

Co-op Bank will match three times the amount that the County Government will place in the Enterprise Fund, to ensure as many borrowers benefit from the opportunity. In addition to financing, the bank will make available the full basket of services that include digital banking tools, workshops for business training, and capacity-building consultancy services for co-operatives.

Repayment period for the loans will be upto 12 months for SMEs and upto 18 months for co-operatives.

The county government shall undertake initial vetting of loan applicants as provided for in the Laikipia County Enterprise Fund Regulations 2020. Co-op Bank will further appraise for qualification.

The Laikipia Enterprise Fund commences operations immediately.

The secret to successfully invest in a Matatu and still keep your sanity intact

Posted on by Kibaki Muthamia

There’s never a dull moment on Kenyan roads, for our Matatu crews. It’s a world of pulsating adrenalin, theatrics and daredevil stunts. It’s a constant rush against time, deadlines and the endless hide-and-seek with lawmakers donning the white, peaked caps.

In every teen’s struggle with identity, a large percentage has given serious thought to join a Matatu crew as a lifetime career choice. I mean, it seems so cool. The conductors are usually awash with currency, and decked in the latest fashion trends. This industry, unlike uptight office careers, allows a lot of freedom. Dress code. For who?

Hair styles?

You fancy hair dyed bright red? Dreadlocks? Punk hairstyles with clean-shaven sides? In this industry, this is game!

The city is vibrant with color from awesome graffiti on pimped-up Matatu rides. Its pure art. It’s a culture that celebrates diversity of tastes and doesn’t give credence to tribal origins. Striking graffiti themes ignore color, creed or origins.

Sports. Music. Hollywood. Hip hop. Ghetto. These graffiti themes unify people in the city as one.

An occasional brush with the law adds a bad-boy image to the trade. The perpetual rush to beat deadlines, or make some quick cash may inspire an illegal turn, or a prohibited pick and drop. These episodes are usually well-managed and the two strange bedfellows have learnt to share the limelight.

A graffiti-done Matatu in Nairobi (file image)
A graffiti-done Matatu in Nairobi (file image)

A lot of people depend on this trade, indirectly. There’s youth who earn bread by merely calling out passengers at bus termini. Large hordes of hawkers sell their wares in the Matatu as they wait for their clients.

Regretfully, some of these Matatu make stunts on the road that sometimes result in loss of life, or damage to property. There has been calls and movements to sensitize proper driving practices. Increased awareness has had positive impact as passengers now readily call out recklessness.

The uncelebrated souls in this trade are the invisible owners and investors. Think of the insane levels of stress one has to endure on a daily basis, with a bunch of unapologetic clowns running your investment worth millions of shillings?

Unless a proper business strategy is in place, early trips to the doctor for stress-related complications are inevitable.

At Parklands, there is an open-air auto garage – cluttered on one section with written off engine blocks, bonnets and dusty car seats. This yard belongs to a cheeky, jovial Arab gentleman who invites freelance mechanics to work freely, as long as they source for spares from his shop. It’s always busy, and noisy.

His name is Nawaz Khan, or simply as The Mechanic. Nawaz likes to narrate of his journey in the Matatu trade, of which his family has invested tens of millions. In the early days, before the famous Michuki Laws that trimmed the insanity in the streets, Nawaz always had high blood pressure.

One driver has been arrested.

One Matatu has been rear-rammed on Mombasa Road – designated route is Thika Road.

One Matatu has been nabbed transporting illegal substances.

The calls would come through all day long, always something needing attention with his vehicles. He wouldn’t get off the streets, though. Nawaz had literally grown up in a Matatu – watching his father drive.

Luckily, the Michuki Laws had the Matatu owners form Sacco’s. Each investor gave up the daily running of his vehicles to the Sacco, and settle with weekly bank remittances. This greatly worked in Nawaz’s favor: work fulltime in his auto-spare business.

 

On a weekly basis, Nawaz uses his phone to check his Co-op Bank account. With the New Co-op Internet Banking, Nawaz easily requests for bank statements for free.

It’s inevitable that a lot of riff raff hang out at his yard for the odd jobs, and he recently lost his wallet. The New Co-op Internet Banking had allowed him to easily block the Co-op Bank cards in the lost wallet. Since then, he has embraced cashless transactions.

The New Co-op Internet Banking allows a lot of other activities: Buying airtime and internet bundles directly from the account, make utility payments like cable TV, water and power bills, and lots more.

Harambee Sacco launches instant card-issue to members

Posted on by Kibaki Muthamia

One of the leading Savings & Credit Co-operatives in Kenya, Harambee Sacco has today launched instant card-issuance to members. This means that members of Harambee Sacco can, from today apply for and instantly receive a Visa Debit card and immediately start using the card to transact in the usual way at any Visa-branded outlet including ATMs, Co-op Bank Agents or to shop at Visa-branded outlets and online stores.

This instant card-issue system is enabled by the Co-operative Bank. It gives the Sacco the capability to print Visa Debit Cards right at the branch, at that very moment a customer applies for a card.

This is a first for Sacco’s, and a huge change from the current practice where members have to wait for up to two weeks to receive their Visa debit cards.

Kevin Mungere of Harambee Sacco demonstrates how instant printing of Sacco debit cards is done.
Kevin Mungere of Harambee Sacco demonstrates how instant printing of Sacco debit cards is done.

Harambee Sacco is one of the largest Sacco’s in Africa with over 70 thousand members, an asset base of Ksh 30 B and runs 6 branches spread across the country.

Speaking at the launch held at head office of the Sacco – Harambee Sacco House, the Chairman of Harambee Sacco Mr. Macloud Malonza lauded the partnership between Harambee Sacco and Co-operative Bank that enabled the new solution, which will significantly boost convenience for Sacco members saying;

“The launch of this instant card issuance is timely, indeed overdue, as it will greatly enhance convenience for our members who from today no longer have to wait for weeks before they receive their cards. Furthermore, this instant issuing of cards is consistent with Government guidelines intended to minimise the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading COVID-19. As a Sacco, we invite our members who do not as yet have debit cards to visit our branches and apply.”

(L-R) The Chairman Harambee Sacco Macloud Malonza, the Director Cooperatives Banking at Co-op Bank Vincent Marangu and Principal Secretary, State Department for Cooperatives Ali Noor Ismail having a touch and feel at the very first debit card printed and issued instantly at the Sacco.
(L-R) The Chairman Harambee Sacco Macloud Malonza, the Director Cooperatives Banking at Co-op Bank Vincent Marangu and Principal Secretary, State Department for Cooperatives Ali Noor Ismail having a touch and feel at the very first debit card printed and issued instantly at the Sacco.

Speaking at the same function, the Director of Co-operatives Banking at Co-op Bank, Vincent Marangu said, “This launch is the latest among various digital banking solutions provided by the bank to enhance the efficiency of Co-operative Societies for the benefit of their members and prosperity of the Co-operative Movement at large.  This instant card issuing solution will be rolled out to all Sacco’s that are providing Visa Debit cards to members through the Bank.”

With the roll-out of instant card issuance, Co-op Bank will extend this service to millions of Kenyans through the regulated Sacco’s in Kenya.