Co-op Bank marks 38% Profit Growth with Ksh22.7 Billion Profits Before Tax in 3rd Quarter

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 22.7 Billion for the third quarter of 2022.

That’s a commendable 38% growth compared to Kshs. 16.5 Billion recorded in the third quarter of 2021.

This means, Co-op Bank has a strong Profit after Tax of Kshs. 17.1 Billion compared to Kshs. 11.6 Billion reported in 2021. The performance delivers a competitive Return on Equity of 23% to our shareholders.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.

Support to the Fundraising Appeal to Fight Hunger

Co-op Bank Group wishes to join other Kenyans and indeed the global community of goodwill in fully supporting the Fundraising Appeal initiated by His Excellency the President, with a key contribution of Kshs.150 Million.

This is in support of relief efforts aimed at assisting families affected by the severe drought ravaging various parts of the Country.

Key Performance highlights;
1. Financial Position:

The Group has registered sustained growth as follows;

  • Total Assets grew to Kshs. 622.1 Billion, a 5% growth from Kshs 592.9 Billion in the same period last year.
  • Net loans and advances grew to Kshs. 335.2 Billion, a 9.4% growth from Kshs.306.3 Billion in 2021.
  • Customer deposits grew to Kshs 432.0 Billion, a 3% increase from Kshs.420.4 Billion.
  • External funds from development partners stands at Kshs 41.9 Billion from Kshs.43.8 Billion in 2021.
  • Shareholders’ funds have grown to Kshs. 100.9 Billion, a 6.2% increase from Kshs. 95.0 Billion in 2021.

2. Comprehensive Income

This is a 3-pronged approach:

  • Total operating income grew by 17.6% from Kshs 44.4 Billion to Kshs 52.2 Billion.
    Total non-interest income grew by 28.3% from Kshs 15.7 Billion to Kshs 20.2 Billion.
  • Net interest income grew by 11.7% from Kshs 28.7 Billion to Kshs 32.00 Billion.
  • Total operating expenses increased by 6% from Kshs 28.0 Billion to Kshs. 29.6 Billion.

3. Cost Management

Excellent gains from our various initiatives with a Cost to Income ratio of 45.8% in Q32022 from 59% in FY2014 when we began our Growth & Efficiency journey.

4. Credit Management

This remains a key focus area that has achieved key milestones. The Group prudentially provided Kshs. 5.7 Billion compared to Kshs 6.0 billion provided in 2021, pointing to an improvement in the quality of the asset book.

5. A Strong Digital Footprint

Through our digital channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, a 24-hour contact centre, mobile banking, 550 ATMs, internet banking and a wide network of Co-op kwa Jirani agents.

We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience.

Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.

6. Subsidiaries

A great part of the success story arises from subsidiaries across the region:

  • Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 772 Million in Q32022, riding on strong penetration of Bancassurance business.
  • 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%) returned a profit of Kshs 190 Million in Q32022 compared to a loss of Kshs.104 million in Q32021.
  • Co-op Trust Investment Services contributed Kshs. 141 Million in Profit Before Tax in Q32022, with Funds Under Management of Kshs. 202.6 Billion compared to Kshs.187.1 Billion in September 2021.
  • Kingdom Bank Limited (A Niche MSME Bank) has contributed a Profit before Tax of Kshs.609.2 Million in Q32022 compared to Kshs. 413.1 Million reported last year representing a 47% Growth year-on-year.
    Environmental Social and Governance (ESG).

The Group was named Overall Winner at the Kenya Bankers Association Catalyst Awards held in September 2022.

The awards recognize organizations that exemplify their sustainability prowess though promoting catalytic finance that impacts industry, economy and society.

This latest win is the third in five years, having won in 2017 and 2019, ranking Co-op Bank as Industry Leader in Sustainable Finance in Kenya.

Co-op Bank Foundation, the Group’s social investment vehicle, continues to provide Scholarships to 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 supported 9553 students since the inception of the program.

7. Accolades

The Group Managing Director & CEO Dr. Gideon Muriuki was honoured with the award of a third Doctorate degree by the Africa International University in November 2022.

The Citation for the degree award noted his illustrious career in banking, his historic turnaround of Co-op Bank, his destiny-defining contribution to the co-operative movement and an enduring commitment to sustainable finance in Africa.

Trade Finance: The Secret to Grow, Revive a Struggling Business!

Trade Finance refers to an external source of working capital finance. It is a form of short-term credit typically used by companies that export or import goods.

It’s usually secured against goods, or backed by an insurance policy.

In Kenya, Co-operative Bank has demystified trade finance for their business customers, by availing various instruments.

These instruments are:

  • Bid Bonds
  • Letters of Credit
  • Performance Bonds
  • Custom Bonds
  • Advance Payment Guarantees
  • Credit Guarantees

What business solutions does Co-op Bank offer?

  • LPO Financing
  • Bills Discounting
  • Invoice Discounting
  • Post Import Finance/Import Duty Finance
  • Supply Chain Finance/Distributor Finance

What benefits does Co-op Bank clients enjoy

  • Quick processing time
  • Manage risk and negotiate credit terms
  • Flexible repayment period
  • Secure work permits for foreigners working for your business
  • Unsecured Trade Facilities

What Requirements are needed to secure Trade Finance with Co-op Bank?

  • Duly filled application form
  • Tender advert (where applicable)
  • Copies of the Company Directors’ IDs and KRA PIN Certificates
  • Company’s KRA PIN Certificate, Tax Compliance Certificate, Articles of Association and MOU, and Certificate by Registrar of Companies (CR12).
  • Latest bank statements (minimum 12 months) for other Bank Accounts held by the company and related companies.

There are alot of opportunities up for grabs. This facility is available to customers, at all Co-op Bank branches countrywide. Visit to talk to an agent, or check online to learn more.

My Hustle: To Quit High-Salary Job to Almost Starve in a New Business

What’s your opinion on the perfect job?

While people desire and actively chase different jobs it’s all grounded on the premise of stability and financial goals.

How do you explain a scenario where a well paid employee in a stable career suddenly quits to found a start up? It’s crazy.

Take the case of Nduta, now in her mid-30’s.

She’s married, with two kids in primary school. She’s spent a decade, climbing up the ladder in the human resources department of a middle-tier firm.

The job pays well – the family lives in the suburbs, good schools, drives a decent sedan and an annual vacation.

It’s an easy job. What makes it easy is that she walks out of the office exactly at 4pm. She works Monday to Friday, accumulates leave days.

She doesn’t get work emails and texts over weekends, or asked to attend any Zoom meetings. She can call in sick, if need raises – which is often for a young parent.

Nduta is content and happy at her workplace. But, suddenly, an uncontrollable itch bites.

She wants to brand herself differently. There’s more to life than just a 8 to 5, right? She starts to believe, inspired by her earlier challenges to refurbish and decorate her house. She had imported all her materials.

Could I not bridge the gap, with the importation of cutlery and interior decor fittings?
Nduta does some basic internet search on requirements, then quietly registers a firm.

Then, she quits her job.

Her husband thought she was bat crazy. How could you? It didn’t help much that she had little to support her business idea, well – other than a ‘gut feeling’.

To her, it felt much getting a new baby. In every aspect, it was exactly like having a baby. She gave alot of hours, weekends, late night calls and texting….

It took alot to get the new business going. Sometimes, she’d even forget her children’s birthdays!

There were lots of dry spells, zero business.

Nduta would use these spells to invest in herself. She started attending business forums and building networks. She learnt the skills and tricks of trade.

It’s in a trade forum, Nduta gained the solution for her major headache – CAPITAL. She learned about trade finance.

Now, she’s in a position to handle large orders, and has gainfully started seeking big tenders with county governments.

Trade Finance refers to an external source of working capital finance. It is a form of short-term credit typically used by companies that export or import goods. It’s usually secured against goods, or backed by an insurance policy.

In Kenya, Co-operative Bank has demystified trade finance for their business customers, by availing various instruments.

These instruments are:

  • Bid Bonds
  • Letters of Credit
  • Performance Bonds
  • Custom Bonds
  • Advance Payment Guarantees
  • Credit Guarantees

In this regard, Co-op Bank has made local and international business flow easier, by offering crucial business solutions.

These include:

  • LPO Financing
  • Bills Discounting
  • Invoice Discounting
  • Post Import Finance/Import Duty Finance
  • Supply Chain Finance/Distributor Finance

Well, trade finance business solutions is available to Co-op Bank customers at all branches countrywide.

Visit a Co-op Bank branch, or click here to learn the benefits and requirements needed to secure this funding for your business.

Co-op Bank Named Best Overall at Kenya Bankers’ Association Award Gala

Co-operative Bank celebrates winning a prestigious award, recently being named Overall Winner at the Kenya Bankers Association (KBA) 2022 Sustainable Finance Catalyst Awards.

The Awards were created to recognize institutions that practice sustainable finance which has a direct positive impact on the financial sector, the economy, the environment and the society at large.

Sustainable Finance Principles require financial institutions to balance their quest for financial returns with the economy’s future priorities and social-environmental concerns.

In addition to scooping the overall title, Co-op Bank also won in specific award categories that include being named as the Most Innovative Bank in Sustainable Finance and the Best Bank in Financing Commercial Clients.

Equity Bank emerged second overall and KWFT third. The selection exercise took three and half-months, with 43 entries submitted by 16 financial institutions.

This is the third time in five years that Co-op Bank has emerged victorious in the sustainable finance awards, having won the overall title again in 2017 and in 2019.

The latest award adds to other recent recognition Coop Bank has received for the strong credentials in Sustainable Finance and related sustainability practices.

The bank was named as Best Bank in Sustainable Finance in Kenya at the 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers and also named Overall Winner in Environmental Sustainability Report at the 2019 East African Financial Reporting (FiRe) Awards.

Businesses were appraised on whether they have covered the essential indicators which included the impact to the Gross Domestic Product (GDP), the growth of the business, job creation and support of minority groups including women and the youth.

In respect of the award, Co-op Bank has released a citation:

Co-op Bank emerged winner as a result of building a sustainability strategy that enables people, businesses and society to grow in a way that is sustainable in the long-term.

The awards showcase firms that demonstrate a progressive stance in integrating sustainability practices in their respective institutions.

Commenting on the recognition, the Group Managing Director & CEO Co-operative Bank, Dr. Gideon Muriuki;

“Sustainability is fully integrated in our business model that stands on the three pillars of Economic sustainability, Social sustainability and Environmental stewardship.”

“As a bank that is predominantly-owned by the 15 million-member Co-operative Movement, we are inclusive by design that has not only enabled us to deliver shared prosperity today, but also helped us build an awareness and prudence to avoid putting future generations in jeopardy.”

Co-op Bank awards in other categories include;

1. Most Innovative Bank
2. Best in Financing Commercial Clients
3. 1st Runners up – Best Sustainable Finance
4. 1st runners up – Best in Covid-19 Response
5. 2nd runners up – Best in MSME Financing.

Meanwhile, Co-op Bank has unveiled an ambitious 100% financing loan package for used cars.

Car Shopping: Do you Pick Manual or Automatic Transmission?

When making the choice to purchase a particular car, the gear set up plays a huge role. The choice plays between a manual and automatic transmission.

Each choice has advantages driving it, but it largely depends on the buyer.

Automatic transmission do the engagement and dis-engagement of the clutch on its own. It selects the appropriate gear according to the driving conditions. The driver just has to select whether he has to go forward, reverse or park his car.

In a manual transmission car the driver has to engage and dis-engage the clutch on his own and has to select the gear according to the way he drives.

There are different forward gears rated for different speed. Most modern car have 5 forward gears and 1 reverse gear.

Most car brands in Kenya have either modes in each of their models. What, then, influences the choice between the manual and automatic versions for the buyers?

Presently, the automatic car has gained popularity. It presents lots of advantages – but, not necessarily better.

Automatics cars are comparably easier to drive, demands less driving experience. Moreso, in city scapes with frequent traffic jams, and in the hills – it’s not a walk in the park driving bumper to bumper on a slight incline.

Besides, automatics are extremely reliable with minimal maintenance – no clutch to fry or wear out with inconsistent shifting.

Manual cars build up a strong counter attack in analysis. Manual car driving is definitely more fun. There’s more of a “driver feel”.

You can control shifting better, presenting an ‘all-round feeling of control’ – which, incidentally – appeals to car fanatics and first time car owners.

Besides, the convenience factor comes into play. Manual cars can be started even with a dead battery, by a method referred to as jumpstarting.

Manual car drivers brag of a slightly better fuel economy, and with enthusiasts with access to engine tuning and mods – a better acceleration.

The latter argument (acceleration) depends with the model, though – and, nature of the build – a sports car presents better acceleration than a family van, for example.

Manual cars pale in popularity by the virtue of human skill and experience needed to perform well.

Like, city driving is an hassle. Unlike an automatic, the mental work that your mind does for understanding and deciding what gear to keep the car in to prevent stalling weighs on the driver.

Also, getting the best mileage on fuel economy is dependent on the driver’s experience.

Automatic cars absolves the driver of that headache, especially on long, tiring drives.

For what it’s worth, either transmission in a car doesn’t overly affects performance. This bears on the driver’s experience, and aptitude. It’s prudent to practice on both types of transmission before making a purchase.

The dream of owning a car is now so much easier, thanks to a financing deal on pre-owned cars unveiled by Co-operative Bank.

It’s quite simple – anyone with an income can walk into a second-hand car dealership and make a choice – then, source financing from Co-op Bank.

It’s a loan with a flexible repayment period between 60 and 96 months and targets pre-owned cars less than 8 years old.

It attracts only 13% interest, and the vehicle being purchased acts as the security.

Requirements include:

  • Applicant’s ID and KRA PIN Certificate
  • Letter of Introduction from the employer
  • Latest 3 months’ certified Pay slips
  • Latest 6 months’ bank statements (if you’re not banking with us)
  • Copies of employment contract, or letter of appointment
  • Motor Vehicle Sales Agreement/Proforma Invoice
  • Copy of Logbook/Import Documents/NTSA search records
  • Original valuation report from approved valuer in the Bank’s panel

Once you visit a Co-op Bank branch, you’ll get an application form – fill it and attach necessary documents.

Click here, to learn more about Co-op Bank pre-owned car financing loan. It’s time to fulfill that dream to own your car!

Buying a Secondhand Car? The 10 Key Points to Check Before Purchase

Let it be that time comes – as it always will – that you get to own a car. It’s a milestone of sorts, often achieved with great sacrifice and meticulous planning.

A bit of research gets you settled on a relatively used model, instead of a brand new one. It makes better financial sense.

In a sea of used-car options, it get mind boggling picking the right one. It doesn’t help that dealers and salesmen hover around a buyer like sharks angling for a kill.

It’s easy to be led into buying a rust bucket.

Once you identify a prospect, it’s prudent to seek the expertise of a certified mechanic for the particular brand, with enough experience for the test drive.

Here’s a tentative list of 10 vital boxes to tick in your car quest:

  • Registration Documents

First check if all the papers are cleared, and owner have all the papers. Insist on hard copies – not just virtual copies. A lot of times, the car may have financing terms attached, be sure to verify any loans are cleared.

  • Engine

Every car’s heart is the engine, so first start with the engine. Try to check it early morning while the engine is cold. At this time, any problems with starting are easy to spot.

How much time or trials does it take to start the engine, Then, turn off engine and restart again. Do it at least 4–5 times. If there’s a hard start, take note of a dying starter or battery.

  • Engine Noise

Is there a noticeable noise in the engine? Here’s a good reason to seek opinions of a experienced mechanic.

Take the engine to the extreme – like, press acceleration to the 3000–4000 RPM mark. Listen for engine noises, rattling or shaking. An engine with worn mountings easily shows.

  • Smoke

Check if engine emits a black or white smoke. White smoke – possibly due to turbo failure or other reasons as well, black smoke – engine repairing need.

In some cases, fuel sensor failures manifest in irregular smoke emissions. So check with the owner if engine is tuned well and all sensors are working perfectly.

  • Oil Leaking

An oil leak speaks lots about an engine. Perhaps, it’s been opened up, or replaced. Also, gaskets and oil seals may need replacement if oil leaks from any part of engine or inside the hood.

Does the engine show signs of a recent scrub? That could be a sign of hiding an oil leak.

  • Electrical Parts

It’s prudent to check every electrical component of the vehicle. Whether they are working, or needs replacement.

This includes: Headlights and indicators, seat belt warning sensors, windshield wipers, power windows, side and rear view mirror adjusters, sunroof mechanism, and so on.

  • Instrument Cluster

Turn on the key, check the instrument cluster for any warning lights. Probable warnings to look out for include: Battery sign (low or defective battery), Defective alternator, Engine oil sign, ABS (Anti lock breaking system), Airbag Sign, EPS (Electronic Power Steering), and so on.

It may require a computerized diagnosis done to resolve some of these pop ups.

  • Interiors

How is the interior? This is the easiest sign to show an abused car. An astute owner keeps a clean, well kept interior devoid of torn seats and linings.

Is the dashboard, seat fabrics, door liners, seat covers in good condition? Stained? Torn? That gives an overall care acumen of the previous owner.

  • Exteriors

Does the car show dents and scratches? Are their parts of the car that need paintwork? Is there a color difference on some body parts?

If there is, take note of undeclared accidents, and abuse. If the car has been overly exposed to weather elements, be mindful of costly paintwork a few weeks down the road.

While at it, examine headlights and tail lamps. In what condition are they, do they need replacement, cleaning or complete restoration to optimum condition? That means extra costs.

  • Tyres

Depending on type of car, and intended usage tyre condition is a vital area. Tyres should be in relatively good condition. Do they have noticeable treads? What’s the brand? Generally, generic brands means replacement a few weeks later on.

How are the rims, and their sizes? It depends – urban usage may do fine with smaller rim sizes, while offroad requires bigger sizes. If the car has alloy rims, be keen to spot possible cracks or bends.

You don’t want a situation that gets you purchasing costly alloy rims after you take ownership.

Purchasing a car is quite financially exhausting, and has been beyond reach for many people.

Previously, bank financing has been confined to brand new cars. Co-op Bank has unveiled an incredible financing package on Pre-Owned Cars.

The bank offers to fund you up to 100% for a pre-owned motor vehicle. It’s a low-interest loan, at 13% interest with a flexible repayment period of between 60 and 96 months.

What’s more? One doesn’t need to be a Co-op Bank client to access the pre-owned car financing facility.

As soon as you make your choice of model in a second-hand car dealership, walk into a Co-op Bank branch and speak to a representative.

Follow this link to learn more about Co-op Bank Pre-owned car financing terms.

Thrown From the Nest: Moving out Ignited Business Spark for Car-wash Entrepreneur

While human beings are generally wired differently, Tony believes the Creator went a yard further on him. From childhood, his mother would often remark of him ‘being too grown up’ for his age. He was different.

Tony didn’t like playing estate soccer or hang out with his peers. He couldn’t find anyone in his circle who liked crossword and jigsaw puzzles enough to make a friend.

Despite growing in a relatively comfortable middle-class household, the urge to move out hit as soon as Tony did his high school papers. His mother flat out refused. He couldn’t explain why, but – to be honest – he didn’t know why.

To her chagrin, he moved out – to a tiny bedsitter on the outskirts of town.

The house was quite bare – his old mattress, a kerosene stove, two pots and a few bowls. He’d picked a few oranges off his mother’s fruit rack. As Tony sprawled on the mattress, chewing an orange – he realized it’s the freedom! He was an adult, finally!

Well, just a week in – it dawned on what adulting is all about.

See how people learn to swim, starting slow? Some exercise on dry land – breathing exercises – starting on the shallow end to polish skills till you can strike out on your own? Moving out is nothing like that.

It’s more like jumping in a pool without being able to swim, but you don’t know you can’t swim until you hit the water. You thought you had it all figured out (I mean, how hard can it be, right?), and before you know it, you’re waving your arms around not knowing what to do.

Tony needed stuff. Food to eat. Soap for laundry. Some oranges not from his mother’s fruit rack. While he’d never liked TV in his family home, he started missing the background noise. To walk back home was not an option. No, he couldn’t face the silent I-told-you-so’s in his mother’s eyes.

Tony walked to a car wash lot in the neighborhood, asked for the manager – and asked for work.

“Ah, alright. You start tomorrow…” Says the guy, sitting on a tall wicker chair.

The car wash was ran on an interesting business structure. Tony wouldn’t earn a salary, or wages – instead, he’d solely source for his clients. He’d work on their cars – and, he’d pay a modest Ksh100 to the manager for every car.

No one cared how much he charged per car. There were a few other guys hanging around.

Tony was new. He didn’t have any ready clients. That’s where his mother came in. He called her, broke the news and asked to clean her car. Trust maternal love, she drove across town – his son’s first client.

As she paid and tipped – perhaps, too heavily – Tony coaxed her to bring him her friends.

Tony was shoddy at first, but as he gained experience so did his client base grow. He built a reputation for his consistency, and honesty. Suddenly, he had too many clients to handle.

At this point, Tony had to learn something new: Polish his people skills – as the need to outsource labor arose.

As soon as the car wash opened, he’d approach a few friends – and coax them to accept some of his clients. He’d be getting a cut, acting as the car-wash agent. It worked. The idea flourished, money started flowing in.

He’d throw in client bait like wax polish and car interior scents at no extra cost to the client, on their 3rd visits.

It certainly felt good earning money. There’s such excitement buying new stuff! A few weeks back, Tony wouldn’t think of himself running a bank account. Now, he had an active personal and business account at Co-op Bank account.

For a budding entrepreneur, a Co-op Bank account works perfectly – thanks to MCo-op Cash, their innovative banking app. It’s much easier to deposit money direct to bank account, and to track daily spending.

Oh, checking account balances via the app is free!

MCo-op Cash brings convenience to transfer money from account to account or from bank account to a mobile money accounts. Besides, one enjoys access to other global money transfer solutions like Pesalink, Remitly and others.

To register dial *667# or download MCo-op Cash app on Playstore for Android, or Applestore for IOS.

My Campus Hustle: How Greed For Smokies Made My Business Fail

My first business venture came around in campus, second year. It was nothing meticulous, or well thought-out. I just chanced upon a couple of seniors disposing stuff weeks to their final exams. It’s a regular comrade thing, to pass off campus ‘survival tools’.

Assorted comrade stuff was on sale, from weathered printers, dart boards, blenders to some quite ageless Pentium 4 computers.

I’d purchase a Smokie trolley – for a side hustle. The trolley was functional, and guaranteed to make campus stay easier with good weekly returns. Plus, I’d inherit business goodwill: a coveted spot at the hostels entrance.

I’d be at my spot every evening after classes, selling Smokies and Kachumbari. The Smokie business was, and is still great. The capital was quite low; just buy a fairly used trolley – at, say Ksh4,000.00. Besides, it didn’t attract other expenses like county permits, rent or utility bills.

Easy enough, right? Wrong! I didn’t last a week – selling Smokies!

I largely blame it on my background – I didn’t grow up around Smokies! I simply found them irresistible! As an investor, I’d often blur the line to become the client.

It’d depend on the day; campus traffic was heavier on Mondays and Tuesdays. On these days, I’d handle three or four dozens of Smokies, daily. The hostels are deserted over weekends.

Once I got the first batch roasted, I’d have one Smokie, to ‘kufungua biashara…

After a few minutes, I’d have another Smokie, to ‘kuskia kama ziko sawa…’

I’d prepare the hallowed kachumbari, the must-have accompaniment. No one, absolutely no one enjoys Smokies without kachumbari.

I’d have another Smokie, to ‘make sure kachumbari iko sawa…’.

In the first quarter of an hour of the business opening, the investor has consumed three Smokies – before the first client has made a purchase. Hey, they were irresistible. I first came face to face with a Smokie in my 20’s!

In the village, we ate leftover Ugali for breakfast – not Smokies, bacon or assorted meats!

Then, friends will either make or break your business. I learnt that business tip, the hard way.

A friend comes, he’d ask to have a Smokie to ‘kufungua biashara, nitakuwa customer wa daily’. In my naivety, I’d fall for the lie. I suddenly had lots of friends! I was popular!

In my first week, I made little from my Smokies gig. The profit was negative, at an almost 100% loss rate. I had to call long-suffering mother to boost my capital. I couldn’t admit it, but I had literally eaten my stock! I loved Smokies! Before you judge, who doesn’t?!

Luckily, the novelty with Smokies had started to wear off into my second week of campus business. It’s like working in a bakery, the smell of bread is revolting. Or, working as a butcher – meat no longer calls the shots.

I started getting weary of Smokies. The smell turned repugnant and the sight revolting.

Unbelievably, that’s when the Smokie business turned around.

As an investor, I was my own worst enemy. I started recording good daily sales and building a solid reputation with clients. Gradually, I’d start a network – adding a series of trolleys and recruiting staff.

Towards my third year in campus I had become a business don, running a miniature Smokie empire! I’d hire a fleet of trolleys to freshers, make supplies and make rounds in the evening making collections.

I opened a Co-op Bank account at a local branch. I wanted more flexibility, so I downloaded MCo-op Cash app from Playstore. I had banking services at my fingertips. Campus environment is quite volatile, I didn’t want the risks that came with handling cash.

As I made collections, I’d immediately send them to my account, via MCo-op Cash. It helps alot that checking Co-op Bank account balances is free. I learnt an easy way to transfer money between bank accounts.

As my safety net, I’d make weekly deposits to my mother’s Co-op Bank account as savings.

Besides making deposits and money transfers easier locally, MCo-op Cash offers a rich boutique of money transfer solutions offered by Co-op Bank on a global level. For Android users, click here to download MCo-op Cash app from Playstore. For IOS users, MCo-op Cash app is available here on Applestore.

Or, just dial *667# to register.

The Kenya Airlift Program: How We’ve Sent over 50 Kenyan Students Abroad on Scholarship

A relatively rural ward with an easy-to-forget name is rapidly becoming an household name, thanks to the stellar exploits of her representative at the Meru County Assembly. This is Abogeta West Ward, made global by her MCA – Hon. Dmk Kiogora – one of the brains behind the highly successful Kenya Airlift Program.

The Kenya Airlift Program is an award-winning program structured to alleviate financial challenges Kenyans face when pursuing dreams of furthering their studies in the US.

Hon. Dmk Kiogora in an undated image with two of his students (file image)

Not only does the program enable access to affordable American schools to study, but also facilitates funding for Masters’ Degree programs. This includes tuition, living and relocation expenses in the US.

The other person of interest in The Kenya Airlift Program is Bob Mwiti, the mercurial Managing Director of a US-based consulting company known as Appstec America. This firm is committed to helping immigrants secure education & IT job opportunities in the USA.

Both are Meru natives, but this partnership was borne of their experiences abroad.

Bob Mwiti moved to the USA in 2009, for college – and faced lots of challenges securing employment as an immigrant. He’d later land a job as a Systems Analyst/Consultant in a Fortune 500 company in the US – and later found the organisation to help ease transition for other immigrants.

Dmk Kiogora would become an MCA in Abogeta West, and join a bench marking trip to the US – ends up meeting Bob Mwiti. They’d agree on a partnership, make an effort to Airlift brilliant Kenyans who wish to study IT-related master’s programs at select Universities in USA.

Kenya Airlift Program Co-founder Bob Mwiti (file image)

The prolific politician has since become the face of the Kenya Airlift Program.

To help finance the program, he facilitated registration of The Airlift Sacco (TAS). The program has since weathered teething problems, and as at August 2022, managed to secure sponsorship – tuition, accommodation, travel and Visa – for over 50 scholars recruited across the republic to the USA.

There’s an autonomous application process via the program’s portal, with a detailed qualification and vetting process.

Minimum academic requirement to join this program is an aggregate of a B (plain) in KCSE and a Bachelor’s degree in any field. You must be willing to study an IT-related master’s degree in USA regardless of your Bachelor’s major.

It’s never been easier to study on scholarship, secure work and live in the USA.

An upsurge of global affiliations in education and business circles has prompted local stakeholders in banking and finance industry to adjust with relevant money transfer solutions.

To plug this demand, Co-op Bank has led the pack by unveiling a rich bouquet of money transfer solutions. Co-op Bank has built a solid reputation with fast, secure, affordable money transfer solutions.

For instance, Remitly is fast and secure to send money to Kenya from US, Canada and other European countries. With a Co-op Bank account, you also have access to MoneyGram and Western Union to receive or send money from anywhere in the globe.

In-country, money transfer is easy with Pesalink that links Co-op Bank accounts, or externally transact with other banks. Business deals are easier to deal!

Click here to sample lots of other options on the Co-op Bank money transfer solutions bouquet.

KWS Surgeons Save Iconic Lion Injured in a Warthog Attack From Jaws of Death

Like a fruit that doesn’t fall far from the family tree that delighted in a generational line of teachers – I studied education in college.

However, on the hustling trail that precedes formal employment, I stumbled into the tours and travel industry – purely by chance. I was hooked.

A tour guide, a profession that largely mirrors my passions: travelling, wild living and culture.

The Masai Mara Reserve would be my on-job-training hub and career launch pad.

Tour guiding came easily to me. It’s a bit of a craft, and mostly an innate personality-driven vocation. Are you a good storyteller, passionate about a place you are showing? That’s a thing.

A cropped image of the Mara lion Sikio Kali, showing his nipped left ear (file images)

For example, the Mara Reserve enjoys huge coverage online –  visitors would probably have read the text. As their guide, my job is to give stories and anecdotes they won’t learn from the web.

Don’t be boring. Do not roll off facts like a robot – throw in a joke to break the ice.

As a rule, try to learn everyone’s name. Make new networks, new friendships. I have made lifelong friends from abroad, through our excursions in the Mara.

These friendship bonds have been made bolder through human-wildlife interactions.

In June 2021 as a newbie, I was assigned a group of tourists from the United States. They’d been following a pride of lions in the Mara known as The Four Musketeers, for years.

Tragically, one member of the lion pride – Scarface – had then just died, from natural causes on 11th June, 2021.

Scarface, the lion – had earned the moniker by a slash across his right eye – from a territorial fight.

That episode cemented in me the seriousness of my job. Locally, few people knew about a lion pride that ruled Mara like a kingdom, named “The Four Musketeers”.

Fewer still, cared that a lion had died. Yet, I’d meet a bunch of Americans visiting to commemorate the passing of the “World’s Most Famous Lion”.

That pride had three other lions: Sikio Kali, Hunter and Morani.

I’d make life-long friends in that expedition. They’d keep in contact from the USA, checking up on me – and, of course, keeping tabs with the surviving members of The Four Musketeers.

Fast forward, to June 2022 – I was at the coast on my annual leave.

Sikio Kali, the surviving leader of The Four Musketeers lion pride – is in trouble. Oh, wait. Sikio Kali was born in 2005, and earned the name due to his most distinguishing feature – a severed left ear. He lost most of it in a territorial fight.

I got a call from one of the American friends, from the initial 2021 expedition. He’d learnt from a park ranger’s social media page that Sikio Kali was in trouble.

It’s a dangerous life for a predator in the Mara, even for a lion. It’s a life or death affair catching dinner.

Now, Sikio Kali had got on the wrong business end of a warthog’s tusks in a dinner operation gone awry. He’d suffered nasty gushes from the warthog’s tusks.

Warthogs, alongside buffalo and wildebeest – are very dangerous prey – tusks and horns.

Luckily, hawk-eyed Masai Mara rangers spotted the ailing lion, in the nick of time. Sikio Kali’s wounds had already gone septic, filled with maggots.

The Kenya Wildlife Service (KWS) Mara Mobile Unit found the lion. The team manually cleaned, disinfected, sewn him up and administered antibiotics.

Sikio Kali is well on the way to recovery.

The lion’s friend in the US couldn’t travel to witness the operation. He’d asked me to chronicle the whole process for his collection on The Three Musketeers pride.

As I was on leave, he’d offered to facilitate my movement back to Nairobi, and purchase basic video equipment. A flight ticket, and a few day’s stay in an hotel in the city.

I felt like a global photographer!

I realized it’s as easy as ABC to send money globally, instantly and safely through a Co-op Bank account, via Wave.

Wave is a fast, safe and affordable way to send money from the United States into your Co-op Bank account. The Wave App is available for download on Google Play Store or the App Store.

Besides Wave, Co-op Bank has other equally safe and instant money transfer solutions either locally or globally, suited for different regions.

Check here for the full Co-op Bank Money Transfer solutions bouquet.

Co-op Bank celebrated as East Africa’s Regional Bank of the Year

The 16th edition of the African Banker Awards Gala Ceremony took place on 25th May 2022 at the Kempinski Hotel, in Accra, Ghana.

The event was held under the High Patronage of the African Development Bank, being part of the programme of the Bank’s Annual Meetings.

Two women won two of the most prestigious awards: the African Banker Icon and Finance Minister of the Year.

Ms Vera Songwe, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, was awarded the African Banker Icon Award for her tireless work in providing governments with the fiscal ammunition to deal with the impact of COVID-19.

Angola’s Finance Minister, Hon Vera Esperança dos Santos Daves de Sousa, was recognised as the Finance Minister of the Year for her stand-out work in restoring stability and market confidence to her country.

Another notable recognition was for Michael Atingi-Ego, the Deputy Central Bank Governor, Uganda, who won Central Bank Governor of the Year.

In his speech, Omar Ben Yedder, Chair of the African Banker Awards Organising Committee and Publisher of African Banker magazine, said that it is time we focused our efforts on strengthening our domestic capabilities to finance growth.

“We need strong institutions and we need to start with our commercial and development banks. If we have learnt anything from the past two years, and even more so these last two months, it is that we need to achieve financial sovereignty if we are to own our growth agenda.”

Other winners include legendary Nigerian banker Atedo Peterside, founder of IBTC Bank, which he merged with Stanbic 15 years ago, who won Lifetime Achievement Award for his contribution to banking.

The Regional Bank of the Year Award for East Africa was given to the Co-Operative Bank of Kenya for overall excellence in banking in the region.

This is the breakdown on main winners of the African Banker Awards 2022:

Energy Deal of the Year Temane Thermal Power Station – Absa Mozambique and International Finance Corporation

Agriculture Deal of the Year – US $200 Million corporate facility (the “Facility”) to BUA Industries Limited (“BIL”)
Africa Finance Corporation

Infrastructure Deal of the Year – The Luanda Bita Water Supply Project African Trade Insurance Agency

Deal of the Year : Debt – Bank of Industry €750 Million Debut Senior Note Participation Notes due 2027 Bank of Industry

Deal of the Year – Equity Prosus’ c. US$15 Billion Accelerated Equity Offering in Tencent Citi

Sustainable Bank of the Year – Trade and Development Bank

FinTech of the Year – Interswitch

Award for Financial Inclusion – Tugende Uganda

SME Bank of the Year – Ecobank

DFI of the Year – Trade and Development Bank

African Bank of the Year – The Standard Bank Group

African Banker of the Year – Benedict Oramah

Yaw Kuffour Award for Trade Finance – Coris Bank

Central Bank Governor of the Year – Michael Atingi-Ego (Deputy Central Bank Governor, Uganda)

Minister of Finance of the Year – Hon. Vera Esperança dos Santos Daves de Sousa, Angola

African Banker Icon – Dr. Vera Songwe (Executive Secretary of the United Nations Economic Commission for Africa)

Lifetime Achievement – Atedo Peterside CON, Founder of IBTC Bank

Best Regional Bank – North Africa National Bank of Egypt

Best Regional Bank – Southern Africa Mauritius Commercial Bank

Best Regional Bank – West Africa Fidelity Bank, Ghana

Best Regional Bank – East Africa Co-op Bank of Kenya

Best regional Bank – Central Africa Raw Bank, DRC

Breakdown of Co-op Bank’s virtual 14th Annual General Meeting

Co-operative Bank of Kenya today virtual held its 14th Annual General Meeting.

This is the third time the meeting has been held virtually following amendments to the law governing annual general meetings, following the Covid-19 epidemic.

Co-op Bank Group Managing Director Gideon Muriuki during the virtual meeting

The overwhelmingly successful meeting was attended by over 16,000 shareholders from across the globe.

Share holders welcomed the dividend payment scheduled to hit their accounts on 17Th June 2022.

The shareholders were appreciative of the Board of Directors’ divided policy that balances between the need for additional capital and shareholders immediate interest for earnings.

They particularly commended the Group Board for the kes 100billion retained earnings the bank has accumulated for future growth through this policy.

Kingdom Bank – one of the best performing Co-op Bank’s subsidiaries.

Speaking at the meeting the Group Managing Director, Dr. Gideon Muriuki pointed out to the shareholders that the bank was confident of a good performance in 2022 full year.

The MD estimated that the bank will surpass the over 22Billion profit registered in 2021, “ already in the first quarter of 2022 the bank has registered a profit before tax of kes 7.8Billion which is an indication of better days ahead.”

The meeting was chaired by the Bank Chairman Mr. John Murugu and was also attended by the Vice Chairman Mr. Macloud Malonza among other board members who attend virtually.

Co-op Banks records a 56% Growth with Ksh7.7B Profit in First Quarter

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 7.78 Billion for the first quarter of 2022, a commendable 56% growth compared to Kshs. 4.98 Billion recorded in the first quarter of 2021.

This represents a strong Profit after Tax of Kshs. 5.8 Billion compared to Kshs. 3.5 Billion reported in 2021. The performance delivers a competitive Return on Equity of 23.8% to our shareholders.

The strong performance by the Bank is in line with the Group’s strategic focus on sustainable growth, resilience, and agility.

Key highlights;

Financial Position: The Group has registered sustained growth as follows;

Total Assets grew to Kshs. 597.0 Billion, a +8% growth from Kshs 552.9 Billion in the same period last year.

Net loans and advances grew to Kshs. 324.5 Billion, a +9% growth from Kshs.298.2 Billion.

Investment in Government securities grew to Kshs. 183.4 Billion, a +10% rise from Kshs. 166.2 Billion in 2021.

Customer deposits grew to Kshs 410.8 Billion, a +4% increase from Kshs. 393.8 Billion.

External funds from development partners stood at Kshs 43.3 Billion from Kshs.46.9 Billion in 2021.

Shareholders’ funds grew to Kshs. 102.7 Billion, a +10% increase from Kshs. 93.7 Billion in 2021 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 17% from Kshs 14.4 Billion to Kshs 16.8 Billion.

Total non-interest income grew by 41.7% from Kshs 4.5 Billion to Kshs 6.4 Billion.

Net interest income grew by 6% from Kshs 9.8 Billion to Kshs 10.4 Billion.

Total operating expenses declined by 3% from Kshs 9.3 Billion to Kshs. 9.0 Billion.

Cost Management

Excellent gains from our various initiatives with a Cost Income ratio of 44.6% in Q12022 from 59% in FY2014 when we began our Growth & Efficiency journey.

Credit Management remains a key focus area by way of the following interventions;

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management to the Branches, Lending Units and Relationship Management teams. The successful project, aimed at enhancing collection activities, has advanced to Project Connect & Build (CB). The project is aimed at:
Identifying more business opportunities for loan book growth.

Engaging existing & potential customers with a view to establishing/enhancing their needs and co-create solutions.

Increasing customers’ product holding.

Sustaining the best practices learnt under the Decentralization of Loan Portfolio Management and Project Kilele above.

The Group prudentially provided Kshs. 1.5 Billion compared to Kshs 2.3 billion provided in 2021 indicating improving quality of our asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.

Our Gross Non-Performing Loan (NPL) Book has reduced by 5% from last year, with our NPL ratio improving to 13.3% against 15.2% in a similar period last year. This affirms our Credit Quality and Growth strategies and will continue to improve to single digit pre-pandemic NPL levels.

A Strong Digital Footprint

Through our digital channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 541 ATMs, internet banking and over 27,000 Co-op Kwa Jirani agency banking terminals.

We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience. Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 9 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 5 Million customers registered and loans worth Kshs 19.9 Billion disbursed year-to-date, averaging over Kshs. 6.6 Billion per month.
Over 151,500 customers have taken up the MSME packages that we rolled out in 2018, and 23,363 have been trained on business management skills.

Year to date, we have disbursed Kshs. 4.3 Billion to MSMEs through our Mobile E-Credit solution. MSMEs are a critical part of economic recovery post-covid and contribute up to 16% of our total Loan Book.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 464 FOSA outlets.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs 316.9 Million as at 31st March 2022, riding on strong penetration of Bancassurance business.

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%) returned a profit of Kshs 43.9 Million in Q12022 compared to a loss of Kshs 89.1 million in Q12021.

Co-op Trust Investment Services contributed Kshs. 53.7 Million in Profit Before Tax in Q12022, with Funds Under Management of Kshs. 190.2 Billion compared to Kshs. 128.4 Billion in March 2021.

Kingdom Bank Limited (A Niche MSME Bank) has contributed a Profit Before Tax of Kshs. 199.3 Million in Q12022 compared Kshs. 126.7 Million reported last year representing a 57% Growth year on year.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices, and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.business Fund to finance Sustainable Agriculture.

Environmental Social and Governance (ESG)
The Bank has a dedicated ESG Unit that will see the enhancement of our ESG strategies as we take up emerging opportunities and manage ESG risks.

ESG remains a critical pillar of our strategic focus and the Group is determined to make positive contributions to the Economy, Society and Environment.

Co-operative Bank Foundation, a key social investment vehicle, has provided Scholarships to 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 supported 8,368 students since the inception of the program.

Conclusion

The Co-operative Bank Group continues to execute a proactive mitigation strategy anchored on a strong enterprise risk management framework, to enable uninterrupted access to banking services.

We shall, riding on the unique synergies in the over 15 million-member co-operative movement that is the largest in Africa, continue to pursue strategic initiatives that focus on resilience and growth in the various sectors as the economy continues to recover.

National Schools in Kenya with the Most Creative Motto Phrases

Is it possible that a school’s motto has an impact in the overall turnout of its alumni? Oftentimes, this slogan is drilled into young entrants every morning at parade.

It’s like an indoctrination phrase into the school’s culture. It’s plastered in bold on every available space from school’s entrance, stationery, to blazers and shirts.

A school’s motto is an organ of pride, in every alumni association meet. It creates an addictive euphoria that stirs fond memories! Here’s a random list of 10 most creative motto phrases!

Meru School entrance in a past photo (file image)

Meru School: In Understanding, Be Men

A cursory perusal of history books sheds some light to the origin and relevance of this motto. Meru School is presently commands mention as on the country’s glorious institutions.

But, it’s grown from a humble existence, since inception in 1956. It’d grow, from learning under trees – drawing male students from the larger Meru and North Eastern Provinces – regions known for volatile temperaments.

They’d often be protests, due to harsh learning and living conditions. To counter this, the missionaries coined the phrase: In Understanding, Be Men!

Machakos School: ‘Ui wi Mbee’

The phrase ‘Ui wi mbee’ is an ode from the local language Kamba, which loosely translates as ‘Wisdom ahead’. The school is central to the regions cultural and social dynamics, and has historically produced some of the country’s most iconic figures straddling politics, academia, industrial and other fields.

The phrase is unique, as it’s a derivative from a local language, as opposed to schools with phrases from foreign languages.

Mang’u High School: Jishinde Ushinde

The name Mangu rolls off the tongue as a strong bragging high school favorite. Their motto, in Swahili – “Jishinde Ushinde” is simple, catchy. It loosely translates to “Conquer Yourself to Conquer” in English.

This is an ideal demonstrated in the school’s stellar performances, over several decades. It also helps that the school only admits the country’s best performers in KCPE.

Nairobi School: To the Uttermost

Well, in everything you wish to do, do to your uttermost. Give all it takes. There’s no holding back. I’d imagine the phrase ‘To the Uttermost’ would be an apt rallying call for an advancing army, and would be very encouraging to high school students.

Beyond high school, Nairobi School’s alumni would still find power and resolve, as they face cut-throat corporate and entrepreneurial sectors. It defines excellence.

Nairobi School – To the Uttermost (file images)

Kenya High School: Servire est Regnare

The Latin Phrase ‘Servire est Regnare’ is shared by Groton School, a private boarding school in USA. The English translation, as often occurs with complex Latin, several outcomes. But, in essence – “To serve is to rule”, or “For whom service is perfect freedom”

Kenya High is one of the best performing national schools in Kenya, and has very tight admission requirements. Only the country’s top KCPE performers attain admission.

Whichever high school your child attends, they all face the same challenges. Top of this agenda, is handling cash.

Luckily, digital banking has taken over and it’s much easier, and safer.

Co-op Bank has availed an innovative, safe and easy way to safeguard your child’s pocket money from risk of loss to marauding bullies – or wayward street-level thieves

The Co-op Bank Pre-paid card allows a parent to load cash into a card which a student carries to school.

Whichever your choice of bank is, all one has to do is walk into the nearest Co-op Bank branch and sign up for the card, and your child’s needs are handled.

What are the benefits of a Co-op Bank Prepaid card?

  • No need for your child to carry loads of pocket money as they head to school, you can simply load it in the Co-op Prepaid card which is safer than carrying cash.
  • The student will be able to pay for items at their school canteens at No Extra cost.
  • Parents will be able to track their students sending by getting a Mini statement of the card at a Co-op Kwa Jirani agent or via SMS alerts
  • You no longer need to travel all the way to the school to hand over money to your child, you can simply load the card at any Co-op Kwa Jirani agent.
  • The students are also able to withdraw money using the card from any Co-op ATMs or Co-op Kwa Jirani agents outside school.
  • You don’t need an account with Co-op bank to enjoy the benefits of the card
  • No extra charges will be incurred in transactions using the card.

It’s a good idea to visit the nearest Co-op Bank branch to learn about Co-op Pre-paid card, or click here.

No Stress for Parents! Six easy and safe ways to pay school fees for your kids!

As learners report back to their respective institutions, parents are under pressure to set all systems right. The kids have to report back to school on time. There are several hurdles.

How do they raise the required school fees? Yet again, how do they remit the needed school fees effectively, safely and conveniently to various learning institutions?

Co-op Bank has laid down various well-oiled mechanisms to see that parents have easy access to funds to cater for their children’s shopping and school fees. In addition, parents can conveniently remit school fees for their children to various institutions across the country and cater for their upkeep while they are in school.

Co-op Bank has revamped a range of online banking solutions to ensure that parents shop and remit fees for their children as schools reopen.

Below are effective online solutions from Co-op bank that are effective and convenient for parents to ensure that they access and remit school fees for their children.

  1. M-Pesa PayBill

To pay your child’s school fees conveniently via M-Pesa PayBill:

  • Go to Lipa na M-Pesa (PayBill)
  • Enter Business Code 400222
  • Enter Account Number as the School Code, next press # followed by the student number, for example, 1469#10023478989 (NB: Click hereto confirm your school’s coordinates)
  • Enter amount
  • Enter your M-Pesa PIN
  • Confirm transaction

Receive SMS confirming a successful transaction.

  1. MCo-opCash

While paying for school fees via MCo-opCash:

  • Log into your MCo-opCash App
  • Select Other Payments
  • Select School Fees
  • Enter your school business number or school code/; click here to confirm your school’s coordinates
  • Enter the account to transact from
  • Enter the student number
  • Confirm your transaction

Receive SMS notification confirming the transaction is complete.

  1. Co-op Internet Banking

If you have registered for Co-op internet banking, you

  • Log in to Co-op Internet Banking
  • Select ‘Bank Transfer’
  • Enter the school’s account and student details
  • Confirm the transfer
  • Confirm transaction and print out the receipt
  1. PesaLink

If you’re paying school fees from your Co-op Bank account to a different bank account, you can link your bank account to access the following PesaLink services:

  • Co-op Kwa Jirani Agents
  • Co-op Bank ATMs
  • Co-op Bank Mobile Banking (MCo-opCash)
  • Different Co-op Bank branches

To gain access to PesaLink services, here is a quick guide:

– Launch the MCo-opCash App or dial *667# to access MCo-opCash from your phone

– Select PesaLink

– Link your mobile number to your Co-op Bank account

PesaLink is a free service with zero charges when linking your bank accounts.

  1. Co-op Kwa Jirani

If you don’t have a Co-op Bank account, you can deposit your child’s school fees directly to the school account at the nearby Co-op Kwa Jirani agent. You no longer have to send your children to school with liquid cash. So be on the safe side.

Co-op Kwa Jirani services are available at your nearest local market or town.

  1. Co-op Student’s Card

Long gone are the days of broken boxes and stolen pocket money. Your child does not need liquid cash while in school. We all know how it goes in schools; things can get nasty.

With Co-op Student’s Card, your child is issued a pre-paid Visa card that can mean a lifeline while in session. Your child can purchase goods from the school canteen via a Process Data Quickly (PDQ) machine.

In addition, you can cap a monthly or weekly limit to a specific figure as per your budget. If your child needs access to liquid cash during school breaks, they can withdraw funds from any co-operative Bank ATM or a nearby Co-op Agent.

To access a Co-op Student’s Card, visit any Co-op Bank branch with the following documents for processing:

  • Student’s school ID
  • Student’s Birth Certificate
  • Parents ID
  • Parents KRA Pin

Parents can top up their children’s Co-op Visa Cards via Co-op Kwa Jirani, Mpesa PayBill or direct transfer from their accounts.

Why risk sending your child to school with loads of cash for shopping? Students can use the Co-op Student Card to pay for their shopping as they head to school. Either way, you can pay for their shopping using your Co-op Visa Credit or Debit Card at zero cost.

School fees payment has never been much more straightforward. Are you still stuck up in the analogue era?

Sign up with Co-op Bank today to enjoy these fantastic and convenient services.

Is homework really necessary for kids in kindergarten?

Do you have a kindergartner in your house? Parental protocols demand that at some point, homework sessions shall take up a section of your evening. Hey, those booklets have a blank space for the parent’s signature!

Have you tried teaching the new phonetic alphabet?

Let me tell you, Maina. It’s easier for the proverbial rich man to squeeze through the eye of a needle.

The new phonetic alphabet is messing up that innate, regal awe kids have for their parents. Suddenly, daddy is no longer fit for the Superman cape – he doesn’t have a clue of basic ABC’s!

 

So, heads up to new dads whose kids are joining school, in May. Brace for a few evenings, which will have you looking like a total fool in the eyes of your kid. As it is, day one in school stamps the teacher as an all-knowing deity, so anything you teach your kid has to measure up.

You schooled in the archaic A – for apple, B – for boy days. Your kid will smirk with glee for catching you wrong for the first time. “No! Teacher didn’t say that!”

They’ll scream at you. In their eyes, you can read ‘What a blithering idiot’ in a billboard size font.

Ah, Buh, Cuh, Du, Fff……

At this point, you’ll call for your house manager. In that household, she’s the closest to solving this riddle. You’d better pray she can scribble a ‘parental’ signature on that homework booklet.

At the end of the first week, your kindergartner shall bring home their weekend CBC project. They are supposed to make a scarecrow.

Teacher Ann, really? What happened to simple dolls or basic game boards for projects?

You have seen scarecrows in millet farms swaying in the breeze on occasional drives out of town. But, you’ve never taken a moment to think of what it takes to make one. Do you nail rods together, and then dress that frame in old clothes?

Ah, well, let’s search online. The requirements and tools needed guarantee a rather hectic weekend ahead.

What never subsides even for a moment, is your kid’s energy. At 0400hrs, Saturday morning – kid is tagging at the foot of your bed.

“Daddy, let’s go make scarecrow. Teacher Ann said you help me!” You’ll groan and turn, but it is what it is.

Well, as new parents prepare for their kid’s first day in school there’s a lot of businesses that make it easy. They provide basic requirements. There’s need for several pairs of uniforms in the school’s specifications. A need several pairs of shoes – it’s not uncommon for a new scholar to return home without a shoe – or different shoes. New parent, prepare mentally for such an occurrence.

For business owners, it’s easy to cash in on this flurry of purchases by accepting online card payments via Chapa Pay, Co-op Bank’s eCommerce solution.

Chapa Pay eCommerce solution allows you to receive online card payments from your customers directly into your Co-op Bank account. The best part is that a business does not need to have a website to receive online card payments. In this case, the business owner receives a unique link (Pay-By-Link) which is used to invoice their customers.

It attracts no extra costs and it’s very secure. To learn more ways to build your business with Chapa Pay, click here. Alternatively, walk into the nearest Co-op Bank branch and speak to a bank representative.

This is the first step to joining the best financial partner for hassle-free business growth, and going global.

Co-op Bank reports an hefty Ksh22.6B Profits before Tax for the year 2021

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 22.6 Billion for the full year 2021, a strong 59% growth compared to Kshs. 14.3 Billion recorded in Full Year 2020.

This represents a commendable Profit After Tax of Kshs. 16.5 billion compared to Kshs. 10.8 Billion reported in 2020.

Co-op Bank CEO Gideon Muriuki in a past press conference

Key Highlights:
Financial Position:

The Group has registered sustained growth as follows;

  • Total Assets grew to Kshs. 579.8 Billion, a +8% growth from Kshs 536.9 Billion in year 2020
  • Net loans and advances book grew to Kshs. 310.2 Billion, a +8% growth from Kshs.286.6 Billion in year 2020
  • Investment in Government securities grew to Kshs. 184.1 Billion from Kshs. 161.9 Billion in 2020, a +14% growth.
  • Customer deposits grew to Kshs 407.7 Billion, a +8% growth from Kshs. 378.6 Billion.
  • Borrowed funds from development partners stood at Kshs 42.9 Billion from Kshs.46.0 Billion in 2020.
  • Shareholders’ funds grew to Kshs. 100.2 Billion (+10%) from Kshs. 90.7 Billion in 2020 enabling us to continue pitching for big ticket deals.

Comprehensive Income

  • Total operating income grew by 12% from Kshs 53.8 Billion to Kshs 60.4 Billion.
  • Total non-interest income grew by 11% from Kshs 17.5 Billion to Kshs 19.4 Billion.
  • Net interest income grew by 13% from Kshs 36.3 Billion to Kshs 41.0 Billion.
  • Total operating expenses improved by 3% from Kshs 39.4 Billion to Kshs. 38.1 Billion.

Increased Market Dominance

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.

Through our multi-channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 561 ATMs, internet banking and over 26,000 Co-op Kwa Jirani agency banking terminals.

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 5.3 Million customers registered and loans worth Kshs 71.2 Billion disbursed year-to-date, averaging Kshs. 6 Billion per month.

Over 144,000 customers have taken up the MSME packages that we rolled out in 2018, and 19,963 have been trained on business management skills.

To date, we have disbursed Kshs. 42.5 Billion to MSMEs through our E-Credit solution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 464 FOSA outlets.

Proactive Credit Management remains a key focus area supporting Loan Assets growth;

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management to the Branches, Lending Units and Relationship Management teams.

The successful project, aimed at enhancing collection activities, has advanced to Project Connect & Build (CB). The project is aimed at:
Identifying more business opportunities for loan book growth.

Engaging existing & potential customers with a view to establishing/enhancing their needs and co-create solutions.

Increasing customers’ product-holding.
Sustaining the best practices learnt under the Decentralization of Loan Portfolio Management and Project Kilele above.

The Group prudentially provided Kshs. 7.9 Billion in loan loss provisions compared to Kshs 8.1 billion provided in 2020 indicating improving quality of our asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary posted a Profit Before Tax of Kshs 803.9 Million as at 31st December 2021, riding on strong penetration of Bancassurance business.

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%) returned a monetary loss of Kshs 421.7 Million in FY2021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 140.4 Million in Profit Before Tax in FY2021, with Funds Under Management of Kshs. 189.2 Billion compared to Kshs. 127.5 Billion in December 2020.

Kingdom Bank Limited (former Jamii Boar Bank) has contributed a Profit Before Tax of Kshs. 512.4 Million in FY2021.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.business Fund to finance Sustainable Agriculture.

Corporate Social investment

Co-operative Bank Foundation has continued to provide annually over 650 Scholarships to 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 8,842 students since the inception of the program.

Accolades
The Group appreciates the recognition and Awards received in 2021, notably the following EMEA Awards (African Banking Awards);

The Best Bank CEO in Africa Award, awarded to Dr Gideon Muriuki, Group Managing Director & CEO, Co-op Bank with the following citation;

The Board of Directors’ bold decision to sustain the same level of dividend payments to shareholders despite the Covid-19 crisis offered a most timely relief, especially to the over 15 Million-Member Co-operative Movement, whose livelihoods would have been severely impaired had the dividend been withheld.

The Bank notably also sustained a relentless focus on Staff Wellness with the unprecedented challenges occasioned by the Covid-19 pandemic; notably it undertook a bank-wide analysis to identify and address manpower inefficiencies spurred by the disruption, with a critical focus on staff redeployment/retention other than redundancies.

The Best Bank in Kenya Award, and as Best Bank in Financial Inclusion -Africa, with the citation;

Bank subsidiary Co-optrust Investments Services was named Best Asset Manager in Kenya; now has an Asset Base of over Kshs. 189.2 Billion under management.

Co-op Bank changing the business landscape with innovative MSME Business Loans

Are you a business owner running a Micro, Small and Medium Enterprises (MSMEs)? Do you want to boost your business, but you’re falling short of funds?

Worry no more. Co-op Bank MSME business plus loans has you covered.

In partnership with International Finance Corporations, Co-op Bank has conducted numerous research to understand the Micro, Small and Medium Enterprises (MSMEs).

The bank has developed a solution to help these entrepreneurs meet their needs and align with existing and new opportunities.

MSME Term Loan: What It Is?

An MSME term loan is the funds your business can secure to raise supply operations or expand your business.

The loans come with a repayment period between 12 to 60 months, depending on your business scale.

The bank offers both unsecured term loans and partially secured term loans.

According to Arthur Muchangi, the Director Retail & Business Banking at Cooperative Bank,

“Our message to MSMEs is simple; we have heard you. We have made available a substantial kitty of Sh15.2 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 can borrow up to Sh2 million via their mobile phone packaged insurance cover, which is 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.”

What Are the Key Features of Co-op Bank MSME Current Account?

Co-op Bank MSME’s current account offers custom-tailored features that range from mobile loans, secured and unsecured overdrafts, insurance solutions, payment solutions, supply chain financing, credit cards, cheque book, internet banking, debit cards,

Mobile banking, dedicated relationship manager and non-financial services like training and networking.

Co-op Bank MSME solutions address the needs of entrepreneurs by providing three MSME account packages that address different requirements for their customers:

  • Gold: Offers a maximum of Ksh 10 million unsecured and Ksh 15 million for partially secured loans
  • Silver: A maximum loan of Ksh 6 million unsecured and Ksh 8 million for secured loans
  • Bronze: A maximum of Ksh 600,000 unsecured and Ksh 3 million secured loans

Unsecured loans have a repayment period of 24 months, while secured loans have a repayment period of up to 60 months.

In addition, all account holders get the following services from Co-op Bank:

  • Free monthly e-statements
  • Access to MSME asset solutions and daylight overdrafts
  • Free In-house standing orders
  • Bargainable FX conversion rates
  • SMS and Email alerts
  • Access to trade finance services.

What Are the Interest Rates Charged on Co-op Bank MSME Loans?

Co-op Bank charges MSME loans in two different ways; a customer can opt for any two.

Flat Rate MSME Loans

The loan attracts an interest rate of 13% per year with 2.5% appraisal fees. The loan comes with a maximum of 36 months and attracts no negotiation or application fees.

Reducing Balance MSME Loans

Loans attract an interest rate of 13% per annual with application fees of between Ksh 3 million to 15 million depending on the amount. The loan also attracts an appraisal fee of 3% and comes with a maximum tenor of 36 months.

Who Can Qualify for Co-op Bank MSME Loans?

Customers operating business accounts with Co-op Bank as individuals are eligible to apply for the MSME loans if they meet the following criteria:

  • A customer should have an account linked to MCo-op Cash
  • A customer should have zero non-performing loans with the bank
  • A customer should not be blacklisted by the CRB or on the bank’s blacklist
  • Should hold an account with Co-op Bank for at least six months.
  • Should be between the age of 18-65 years
  • Must hold accounts not overdrawn over the approved limit
  • Must not hold any arrears with the bank at the time of application
  • Should not have any blocked funds in their accounts
  • Should not have any of their loans with the bank written off

How to Apply for MSME Loan From Co-op Bank

If you’re not a Co-op Bank member, visit the local bank to open an account and start transacting to enjoy the benefits of MSME loans after six months.

For existing Co-op Bank members, use your MCo-opCash App or dial *667# and register to start the application if you qualify.

You can Download the MCo-opCash App from the google play store.

Co-op Bank Online Ecommerce Solution for Online Payments

Are you a small business owner who promotes his services and goods in the digital space? Do you have a check-out platform on your website to receive payments from your online platform?

eCommerce is rapidly expanding across the globe and is here to stay. Established businesses are under cut-throat competition, trying to outdo each other to stay afloat while trying to venture into new markets.

Small businesses are under the heat, but this is no more.

To stay afloat in business and maximize profits while cutting down on costs and operational expenses must be minimal. With the rising cost of living, more companies have adopted eCommerce platforms to run their business.

Business owners are adopting eCommerce to do business globally without a physical store, employees, and overhead expenses.

In Kenya today, most eCommerce platforms rely on payments based on cash after delivery or mobile money wallets.

These payments are highly prone to fraud, security risks, and boundary restrictions. It’s a big challenge on payment processing when a small business wants to venture into the regional or international market.

How Ecommerce Solutions Work for Businesses Without Websites

Co-op Bank now runs an online card payment solution to make your business thrive at no extra cost. If you conduct business on digital platforms, you can receive online card payments from your customers.

You can accept payments from any location on the globe without a check-out platform integration or website.

Co-op Bank offers online payment solutions to businesses, giving them room to expand and venture across the borders. They are providing a secure and conducive platform to conduct business.

Here is a step by guide on how the online payments solutions work:

  • A business owner registers with Co-op Bank to get a unique link known as Pay-By-Link, which they use to invoice their clients.
  • A potential customer contacts the business owner and agrees on the desired good or service pricing.
  • Next, the business owner will send the unique payment link to the client’s emails address.
  • The customer receives the unique link via email. Upon opening the email, they are directed to a portal to input their card details and process the payments.
  • The trader receives a notification via email and SMS with the details of the payments.
  • If the customer has subscribed to SMS alerts with the service provider, they receive a notification informing them of the purchase.

How Ecommerce Solutions Work for Businesses With Mobile Apps and Websites

For businesses that have adopted mobile application (APPs) and web check-out platforms, the Pay-By-Link solution optimizes their operations and efficiency by offering a payment solution that provides the following to its customers:

  • Reliability: Once adopted by a business, the solutions operate 24/7.
  • Simplicity: Pay-By-Link solutions are easy, quick, and easy to implement.
  • Convenience: Customers can overcome geographical limitations and purchase goods and services from any location on the globe.
  • Safety: Co-op Bank eCommerce solution comes with a data security standard compliant payment card that ensures customer data security and safety.
  • Customer experience: Customers get 24/7 support with a dedicated relationship manager on standby.

What Are the Advantages of Co-op Bank Pay-By-Link Ecommerce Solution?

Small scale traders benefit a lot from the eCommerce solution, for they level their game with established businesses that have long dominated the eCommerce sector in regional and international markets.

Here are ways how small business owners benefit from the online payment platform:

  • Small and established businesses do not incur costs when onboarding the Pay-By-Link online solution.
  • All card payments come secured with two-factor authentication via 3D security protocols. Customer data and privacy are top priorities.
  • Dispute resolution is simplified. If a customer pays over the actual price, the seller can initiate a reversal of the payments from his end.
  • The hustle and bustle of involving the bank to mediate between the buyer and seller avoided making transactions more efficient.
  • Businesses have a secure platform to process their payments. After making a payment, a customer cannot initiate a reversal for the purchase made. The platform protects small businesses from theft.
  • The platform offers an avenue for accountability. A business owner can track transactions to view and reconcile payments in real-time via a single dashboard.

As an investor, you can now enjoy the benefits of cross-border trade as you transact on a safe, reliable, and efficient platform to grow your business.

Sign up for Pay-By-Link by Co-op Bank and go global today.

Co-op Bank announce opening of 7 new branches for deeper reach

Co-operative Bank of Kenya has bucked the industry trend where several lenders have rolled back their brick and mortar footprint, and is expanding physical outlets to add onto the current 173 branches in Kenya.

Seven new Co-op Bank branches are underway in carefully-selected locations namely Kamakis on Nairobi’s Eastern Bypass, Kabarnet, Iten, Moyale, Mwiki/Kasarani, Bunge at the new Parliament Tower in Nairobi and Kamulu in Nairobi Eastlands that opened doors in December last year.

Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank's Head of Branch Banking Peter Kirugu.
Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank’s Head of Branch Banking Peter Kirugu.

The expansion of brick and mortar presence will complement the bank’s robust Digital Banking channels that continue to grow in popularity to now handle over 90% of customer transactions, with Mco-opCash mobile wallet having registered 5.3 Million users and disbursed Kshs 51.3 billion in loans as at the close of the third quarter of last year, averaging Kshs. 5.7 Billion per month.

 

The decision to determine need and location of new branches is determined through rigorous market research.

The new branches do not typically increase staff headcount as they are usually staffed from existing teams, following the branch transformation and digitization program implemented under the Soaring Eagle project that has enabled agile resourcing of the business.

Banks have been making cost savings by rolling back their branch network as some customers prefer to use online banking services, what informs the decision to buck this trend and open new branches?

First, selection of branch sites is always supported by rigorous market research to ensure viability, for which reason we’ve never closed a branch in our 50-year history.

Co-op Bank’s new branches give us an insight into emerging centres of economic activity that are currently underserved by banks.

Second, we believe there is no one single channel that will displace all others, rather, it’s the investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer.

The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by desires to cut brick and mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served.

Whilst some customers will do some transactions online or on cellphone, a significant section of customers will always prefer to engage a bank through a physical branch, especially for certain services, for a long time to come.

Third, Co-op Bank branches are Service Hubs, as they serve not just own customers, but also service the bank’s subsidiary network including Saccos especially those running FOSAs now numbering 479 countrywide, and 23,000 bank agents who depend on our cash management services, training and supervision to run.

How can we have a viable bank agency network or Fosas when the nearest bank branch is say over 50 kms away?

Four, for Co-op Bank a branch is not just a transactional point, it’s a statement of intent to build sincere lifelong relationships.

Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank's Head of Branch Banking Peter Kirugu.
Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank’s Head of Branch Banking Peter Kirugu.

Fourth, the advent of Devolution and establishment of County Governments has fostered a totally new economic dynamic with counties emerging as new centres of economic dynamism.

Co-op Bank has a County Banking Strategy aimed at building competencies to serve the unique needs of the various counties and communities.

This includes having some form of physical presence in all counties, as it would be highly unlikely that any county would partner with a bank that has no presence in a county.

The ongoing migration of routine bank transactions such as cash withdrawals, deposits and payments to alternative channels offers banks the space for deeper engagements with customers and the wider community.

This includes more focus on customer advisory, consultancy and training, to build lifelong relationships, brand immersion and sustainable value-add to the communities in which we do business.

Similar to other lifelong relationships, banking needs to be nurtured for the long term rather than regarded as transactional interactions.

8 Kenyan celebs you wouldn’t believe are geniuses

Let’s face it, when most of us think of Kenyan celebrities, if you’ve been through the previous 8-4-4 system or you’re one of the unfortunate “alumni” of the CBC curriculum, then you automatically assume them dense.

The reason for this is the fact that for the most part, our education system puts an emphasis on academic excellence to the absolute dereliction of any other forms of intelligences or even talents. So you’re a footballer? Big whoop. Your teachers will drum it into the rest of the class or worse still, into you’re head that you’re nothing. The same can be said for actors and entertainers. Wait, I think there is a special bottom rung made entirely of comedians.

But what if I told you that while there are different cadres of intelligence, there are some -a precious few- who excelled in both the conventional way aswell as at the pursuit of their talent and craft? Some entertainers and celebs who were actually not just talented but also academically intelligent enough to juggle high level performance in all that was required of them?

And we all know what that mean. In both 8-4-4 and CBC, it takes a whole lot of cramming. Beyond simply being familiar with the material, you have to actually cram for the exams and often it involves some outdated and useless procedures (for most career paths) such as the Bosch Process (Chemistry anyone?) because let’s face it, I have never used that knowledge anywhere outside of my KCSE exam hall.

Even before we start, I need to actually clarify some metrics for you to fully appreciate the genius of these celebs. KCSE is graded on a scale with a maximum grade of A plain equivalent to an 80% score and above (to 100%) through to the minimum grade of E, equivalent to or lower than a 25% score.

Let’s take a quick look at the celebs who scored highly on their national O-Level exams (what we here in Kenya call KCSE). And I assure you that some of the characters who are certified geniuses will blow your mind.

Fena Gitu

Fena Gitu
Fena Gitu

This would surprise many but the Femcee cum LGBTQ advocate (though she does this on the sly) is a Precious Blood Riruta alumni who managed to score an A- (A minus) in her KCSE exam.

Fancy Fingers

Fancy Fingers
Fancy Fingers

Sauti Sol’s Polycarp who is an alumnus of Strathmore actually managed to score an A before he went on to pursue a degree in actuarial science.

JB Masanduku

Tina Kaggia’s ex-husband and comedian was actually a student at two “Ivy League” Kenyan schools; Starehe Boy’s Centre as well as Alliance High. And as if that isn’t impressive enough, he managed to score an A in the national exams.

Maureen Kunga

Maureen Kunga

One-half of the two ladies that make up the trio that is Elani (do they still make music anymore?) is an alumnus of Kianda School where she managed to score an A in the national exams. And as if that weren’t impressive enough, drum roll, please…

Wambui Ngugi

Elani’s Wambui Ngugi

The second half of the two ladies that make up the trio that is Elani (which at this point I have to state also includes Brian Chweya) also scored an A in KCSE.

King Kaka

Kenyan rapper, King Kaka

The rapper formerly known as Rabbit (isn’t that one of if not the worst name you’ve ever heard a rapper gave himself?!) made it against all odds. He was at Eastleigh High which if you know anything about Nairobi, isn’t exactly a bastion of education. And yet he managed to score an A- (A minus).

DJ Creme

The disc jockey too wasn’t in what we would consider a Kenyan “ivy league school” given he studied in some backwater secondary school before going on to score an A- (A Minus) in his KCSE exam.

Wahu

Come on, you already know this girl is smart. I mean, she went on to study mathematics in university. What more can I say? She too is an alumnus of Precious Blood and got an A.

I’ve purposely left out Babu Owino from the list. Google his grade yourself.

Clearly, a lot went into their academic prowess and this definitely includes (on the most part) not having to worry about their allowances. That is where Co-op Bank comes into partnership with you to avail to your child every possible advantage that you can afford them. One simple example of this is ensuring they always have their allowance/ pocket money at hand and not have to worry about it being jacked.

Allow your child to focus entirely on their national exams given they are in their third term. Whether they are sitting for KCSE or the primary school national exams, KCPE. How can you do that? I’m glad you asked.

Co-op Bank is here to partner with you to ensure your child focuses on what’s important -their education. You can also load up your child’s pocket money to their Co-op Bank Pre-paid.

What are the benefits of a Co-op Bank Prepaid card?

  • No need for your child to carry loads of pocket money as they head to school, you can simply load it in the Co-op Prepaid card which is safer than carrying cash.
  • The student will be able to pay for items at their school canteens at No Extra cost.
  • Parents will be able to track their students sending by getting a Mini statement of the card at a Co-op Kwa Jirani agent or via SMS alerts.
  • You no longer need to travel all the way to the school to hand over money to your child, you can simply load the card at any Co-op Kwa Jirani agent.
  • The students are also able to withdraw money using the card from any Co-op ATMs or Co-op Kwa Jirani agents outside school.
  • You dont need an account with Co-op bank to enjoy the benefits of the card.
  • No extra charges will be incurred in transactions using the card.

Click here to find out more.

 

Ain’t it true that high school survival stories prepare you for a harsh world?

In lots of ways, our experiences in high school define the rest of our lives. Everything from social skills to street-smart adaptability. High school was an all-inclusive holistic life shaping engagement. Well, corporal punishment was common fanfare, them days. The perfect trailer to a harsh, cruel world after school.

First off, high school gave us a chance to venture outside the suffocating confines of our village and exposed us to other cultures.

He who doesn’t travel thinks his mother is the best cook.

We got used to weevil-ridden fare in smoky kitchens with sweaty, scowling cooks. In some occasions, we’d catch a whiff of kerosene in the Githeri!

The village had embraced us in a loving embrace – then high school ripped us from that comforting embrace to the cruelty of sadistic bullies.

You learn that people can be unkind for no reason.

You learn the world doesn’t owe you a soft landing.

The basics of the social system – elite class, the middle class and the peasants – are first made apparent in high school. One learns there will always be people richer and wealthier, but not necessarily smarter. The grades in class is what mattered.

On money, lessons were served fast and harshly. What may seem exorbitant to one may turn out to be mere chicken feed to another. In those days, I’d feel rich if my folks and relatives in the village sent me back to school with 500 bob as pocket money – shopping inclusive. Then I’d meet urban kids living like kings with unlimited funding!

High school taught us restraint – one doesn’t need to eat bread with margarine on every break.

The ingenious village kids would often come up with tricks to earn extra income.

I know a lad who cleaned the 4K club rabbit hutches for a fee. Most of the club’s members were averse to the tedious chores. He made a tidy sum after classes.

Another lad made a name as a data entry expert – copy writing notes and long assignments over the weekends. He’d also write fancy, wordy, perfumed letters to pen pals in neighboring schools for a fee.

The harshest lesson was dished out in form one, second term. I lost a tidy sum of money to con artists at the bus terminus in town on the way to school.

It was the school fees – stashed in my socks. To date, it amazes me how they had realized I had money on me.

Nowadays, luckily, school kids do not have to expose themselves to con artists and pick pockets. In regard to school fees, with Co-op Bank there’s four safe and convenient ways – from anywhere on the globe.

There are 4 different ways that you can use to pay your fees and that is; the MCo-op Cash app, M-Pesa Pay Bill, Co-op PesaLink or at a Co-op Kwa Jirani agent.

To pay your fees through the MCo-op Cash app follow these steps:

  • 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

(You can also dial #667 on your phone and follow the same steps)

To pay your fees through M-Pesa PayBill follow these steps:

  • 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 here to confirm your school’s coordinates)
  • Enter amount
  • Enter M-Pesa PIN
  • Confirm transaction
  • Receive SMS confirming that the transaction was successful

To pay your fees through a Co-op Kwa Jirani Agent, simply walk to the nearest one and give them the details of the student and name of the school and the money and you will get a receipt.

To pay your fees through Co-op Internet Banking (Co-opNet) follow these steps:

  • Log in to Co-op Internet Banking
  • Select ‘Bank Transfer’
  • Enter the required details for the school’s account
  • Confirm the transfer
  • Print out your receipt once the payment goes through

For more information, you can visit C0-op Bank’s website and ask them any questions that you may have through their Twitter. #WeAreYou

How does the Co-op Bank Pre-Paid Card make life easier for a student in school?

High school, ain’t just about academics. It’s full of surprises. There’s a whole lot to learn.

There’s the inevitable social angle: How do you relate with people from other communities? It prepares a student for a larger world with strange languages, other tribes and cultures.

There’s the societal standing. A lot of students hail from poor to average backgrounds, high school is one long lesson on how to not compare self with others.

A youngling learns how to integrate with people hailing from completely different backgrounds.

It is what it is.

A factor that remains constant is the clamour by senior students to take advantage of new, naive students. While over the years the bullying dragon has largely been slayed, it still exists in other forms.

The typical bully’s magnet is the allure of pocket money.

The ingenious seniors employ all sorts of uncanny tricks to relieve newcomers of their pocket money.

Some were straight incredulous – say, a senior would come into the form one class dressed in smart casual clothes, pretending to be some club’s patron – and, he’s on a quest to recruit new members.

The wide-eyed freshers would be awed by the smartly-dressed club patron, and the registration fee would be fixed at a modest 100 bob. Freshers would scramble to register.

That’s how freshers would be dubed to join fictitious clubs – The Forest Club, The Young Rotary Club, et al.

It’s common, and unethical, but senior students would break into the fresher’s lockers and boxes. The trick to safeguard this money was to think like a thief – how best to hide your money.

A lot of freshers would spend weeks walking around with money in their socks. Or, rolled up in polythene and buried somewhere in the school grounds.

It was hectic. A lot of prep time is spent wondering if the stash is safe.

Cue in the modern times, where digital banking has taken over, and this predicament is easily solved.

Co-op Bank has availed an innovative, safe and easy way to safeguard your child’s pocket money from risk of loss to marauding bullies.

As it is, a student can now worry less about their money’s safety and keep to their studies.

The Co-op Bank Pre-paid card allows a parent to load cash into a card which a student carries to school.

Whichever your choice of bank is, all one has to do is walk into the nearest Co-op Bank branch and sign up for the card, and your childs needs are handled.

What are the benefits of a Co-op Bank Prepaid card?

  • No need for your child to carry loads of pocket money as they head to school, you can simply load it in the Co-op Prepaid card which is safer than carrying cash.
  • The student will be able to pay for items at their school canteens at No Extra cost.
  • Parents will be able to track their students sending by getting a Mini statement of the card at a Co-op Kwa Jirani agent or via SMS alerts.
  • You no longer need to travel all the way to the school to hand over money to your child, you can simply load the card at any Co-op Kwa Jirani agent.
  • The students are also able to withdraw money using the card from any Co-op ATMs or Co-op Kwa Jirani agents outside school.
  • You dont need an account with Co-op bank to enjoy the benefits of the card.
  • No extra charges will be incurred in transactions using the card.

It’s prudent to visit the nearest Co-op Bank branch to learn about Co-op Pre-paid card, or click here.

How can a business owner exploit online banking options to better grow his franchise?

A secure system that allows online payments for business is a major concern for discerning business owners. There’s pressing need to go cashless in the digital age, and on this front, Co-op Bank leads the pack.

Co-op Bank has an innovative online banking platform that has won accolades across the banking spectrum for its reliability, security and versatility. A business does not need a website to enjoy benefits of online banking.

Online card payments

Boost your sales by integrating into our online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATMs, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, its easier to track stock levels, and enjoy an easy check out flow.

PDQ/POS

This is a device that refers to a payment terminal accessed by Visa cards to make electronic fund transfers. They are common in malls, supermarkets and fuel stations.

POS stands for Point Of Sale in a business outlet. PDQ stands for Process Data Quickly.

Co-op Bank avails PDQ/POS machines to their clients. These machines greatly boost sales by enabling them receive card payments from customers from different banks.

A trader enjoys timely reports, easier tracking of income and expenses.

Lipa Na M-Pesa Till Number

Co-op Bank provides this service in partnership with Safaricom M-Pesa service. The bank offers to process a till number for their clients businesses, at no charge.

This helps a business to receive cashless payments via Lipa na M-Pesa Till Number – usualy displayed at payment point at the business premises.

The money clients pay through the Till number is deposited directly into the clients Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Banks mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

Co-op Bank’s official M-Pesa Paybill number – 400200 – enables a trader to receive payments directly into their Co-op Bank account. The money reflects into the account immediately.

One can also check for the payment confirmation via our mobile banking or internet banking platforms. Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via the banks’s mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op bank account. Its applicable to all needs that require exchange of money.

Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

How does a business boost sales?

Easier tracking of expenses.

Timely business reports.

Easy check out flow.

Instant payment confirmation via SMS notifications or via internet banking platform.

Payments are deposited into Co-op Bank account – easy access anytime via mobile banking platform, ATMs, Co-op Kwa Jirani agents, internet banking and at the branch.

How does a client register for Co-op Bank online banking?

You can log in and transact using any internet-enabled device including mobile phone, tablet, laptop or desktop computer.

Registration is INSTANT and FREE of charge. All you need is your National ID and any of your Co-op Bank ATM cards. Click here to register.

Youll create your own username and password, which you can re-set anytime in case you forget or feel the need to change.

Every time you log in or do a transaction, youll have to enter an OTP (One Time Password) which is sent to your mobile number or email address.

This is a security feature Co-op Bank has in place to keep accounts secure.

Top investor in transport reveals secrets to running a trucking business

Are you in the trucking business? The journey is not that easy. You cannot predict what lies ahead of you.

Despite your business doing quite well, there will always be ups and downs. Successful business people use these moments to improve and elevate their business to greater heights.

Technology is one big platform that allows entrepreneurs to provide services to their customers and workers seamlessly.

Njiru Mugane, of Njiru & Sons Ltd, is a Mwea businessman. He’s made progressive effort to stay top of the digital financial trends – as a longtime Co-op Bank client.

He uses MCo-op Cash App on the move, through his phone. It has helped him seamlessly integrate his business with his family life.

How has Co-op Internet Banking bridged the business-family life gap?

Njiru has invested heavily multiple gas stations across the country, and in the haulage industry – with a fleet of trucks.

According to Njiru, effectively managing all the trucks at is a logistic nightmare. Drivers would call him at all hours – in the wee hours, strokes past midnight – complaining of truck breakdowns, law brushes at toll bridges, amongst other challenges.

He always had trouble wiring money to drivers and mechanics to cater to repair costs, but with MCo-op Cash, it’s been easier.

Now, he can make instant cash transfers, instant withdrawals or send money for far off garages for minor repairs or spare purchases.

For transparency, he usually makes direct cash transfers from his Co-op Bank account directly to the accounts of the servie providers. Sometimes, even to other banks.

It gives meaning to ‘Send money KI-Pro’! He says the process is fast and effective – he doesn’t even have to wake up from his bed!

Still, Njiru to keep growing, he recognizes the efforts put in by all his workers – and aims to retain his staff for long relationships.

Most of his competitor companies delay salaries. At times, the employer is at fault, sometimes banks are slow to disburse the money due to slow systems.

Njiru’s employees hardly ever suffer that fault.
Njiru’s operational secret is his reliance on Co-op internet banking system. He easily wires money directly to his employee’s accounts – wherever they are.

Money reflects instantly, unlike the outdated systems that took days. Plus, it’s a huge help on the book keeping.

How do you register for Co-op Internet Banking (MCo-op Cash)?

– Visit the nearest Co-op Bank branch and talk to an agent.

– You need your national ID number and account number to link your account to your mobile number.

– A one-time activation pin (OTP) code will be sent via SMS.

– Go to Playstore (Android phones) and download the MCo-op Cash App. It’s free.

– To activate the app, use the OTP sent by the bank. The bank agents will assist.

– Once you access your account, change the passwords to your secret numbers.

– For a phone not internet enabled, activate your MCo-op cash by dialling Co-op Bank USSD*667#.

If you decide to use the USSD code, you should at least have some airtime balance.

To learn more about Co-op internet banking, follow this link here, or talk to an agent at your nearest branch.

Co-op Bank declares Ksh11.6 billion as profits for the third quarter

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 16.5 Billion for the third quarter of 2021, a commendable 20% growth compared to Kshs. 13.8 Billion recorded in the third quarter of 2020.

This represents a strong Profit After Tax of Kshs.11.6 billion compared to Kshs. 9.8 Billion reported in third quarter of 2020.

The strong performance by the Bank exceeds pre-pandemic performance and is in line with the Group’s strategic focus that supports growth, resilience and agility.

Co-op Bank Group Managing Director Gideon Muriuki during a past press conference (file image)

Key highlights; –

Financial Position; The Group has registered sustained growth as hereunder;

Total Assets grew by Kshs 82 Billion (+16%) to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.

Net loans and advances book grew by Kshs 22.1 Billion (+7.8%) from Kshs.284.2 Billion to Kshs. 306.3 Billion.

Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4 Billion.

Borrowed funds grew by Kshs. 17.7 Billion (+67.6%) to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020.

Shareholders’ funds grew to Kshs. 95 Billion (+16%) from Kshs. 82.0 Billion in 2020 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 19.2% from Kshs 37.2 Billion to Kshs 44.4 Billion.

Total non-interest income grew by 15.6% from Kshs 13.6 Billion to Kshs 15.7 Billion.

Net interest income grew by 21.3% from Kshs 23.6 Billion to Kshs 28.7 Billion.

Total operating expenses grew by 19.2% from Kshs 23.5 Billion to Kshs. 28 Billion on account of a 50% prudential growth in loan-loss provisions.

Credit Management remains a key focus area aimed at supporting a return to pre-pandemic NPL levels by way of the following interventions;-

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management, to the Branches, Lending Units and Relationship Management teams to enhance collection activities.

The Group prudentially increased loan loss provisions to Kshs. 6.0 Billion in the third quarter of year 2021, in appreciation of the challenges that businesses and households continue to face due to the effects of the ongoing pandemic.

A total of Kshs. 49 Billion in loans was restructured during the CBK restructure window that ended on 31st March 2021, with the restructured facilities largely performing as per the realigned agreements.

A Strong Digital Footprint

Through our multi-channel strategy, the Bank has successfully moved 93% of all customer transactions to alternative delivery channels; an expanded 24-hour contact centre, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 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 5.3 Million customers registered and loans worth Kshs 51.3 Billion disbursed year-to-date, averaging Kshs. 5.7 Billion per month.

Over 139,299 customers have taken up the MSME packages that we rolled out in 2018, and 14,665 have been trained on business management skills.

To date we have disbursed over Kshs. 25 Billion to MSMEs through our E-Credit solution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 479 FOSA outlets.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Limited posted a Profit Before Tax of Kshs 648.0 Million as at 30th September 2021, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan, a joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a monetary loss of Kshs 104 Million in Q32021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 92.3 Million in Profit Before Tax in Q32021, with Funds Under Management standing at Kshs. 187.1 Billion compared to Kshs. 123.7 Billion as at Q32020.

Kingdom Bank Limited (formerly Jamii Bora Bank) has contributed a Profit Before Tax of Kshs. 413 Million in Q32021. This is compared to 2020 full year loss of Kshs. 124 Million.

Co-op Bank holds a controlling 90% equity interest in Kingdom Bank, a fully-fledged commercial bank regulated by the Central Bank of Kenya with over 444,000 customers and 17 branches.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.Business Fund to finance Sustainable Agriculture.

Corporate Social investment

Co-op Bank Foundation has provided Scholarships to 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 8,368 students since the inception of the program.