Co-op Bank Announces a Ksh29.4B Profit before Taxes for Year 2022

Co-op Bank Group is pleased to report a Profit before Tax of Kshs.29.4 Billion for Full Year 2022, a commendable 30% growth compared to Kshs.22.6 Billion recorded in Full Year 2021. This represents a strong Profit after Tax of Kshs.22.0 Billion compared to Kshs.16.5 Billion reported in 2021.

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

Dividends

The strong performance has led to a sustained increase in shareholder value as reflected in the competitive Return on Equity of 21.2%. The Board of Directors has recommended a dividend of Kshs1.50 per share, subject to approval by the regulators and shareholders. The proposed dividend represents a 50 per cent enhancement on the Kshs1.00 per share paid out last year.

A virtual Annual General Meeting will be held on Friday, 19th May 2023.

Key Performance highlights:

 Financial Position:

The Group has registered sustained growth as follows:

  • Total Assets grew to Kshs.607.2 Billion, a 4.7% growth from Kshs579.8 Billion in the same period last year.
  • Net loans and advances grew to Kshs.339.4 Billion, a 9.4% growth from Kshs.310.2 Billion in 2021. Customer deposits grew to Kshs423.8 Billion, a 3.9% increase from Kshs.407.7 Billion.
  • External funds from development partners stands at Kshs48.1 Billion from Kshs.42.9 Billion in 2021.Shareholders’ funds have grown to Kshs.107.7 Billion, a 7.4% increase from Kshs.100.2 Billion in 2021.

Comprehensive Income

Total operating income grew by 17.9% from Kshs60.4B to Kshs71.3B. Total non-interest income grew by 32.7% from Kshs19.4B to Kshs25.7B.

Net interest income grew by 10.9% from Kshs41.0B to Kshs45.5B. Total operating expenses increased by 10.9% from Kshs38.1B to Kshs.42.2B.

Cost Management

The Group reports excellent efficiency gains from the various initiatives to record a Cost-to-Income Ratio of 47.1% in FY2022 from 59% in FY2014 when we began our Growth & Efficiency journey.

Credit Management

This remains a key focus area, with the Group prudentially making provisions of Kshs.8.7B which has enhanced the Bank’s Loan Loss Reserve/Coverage levels to 74% from 69% in 2021.

A Strong Digital Footprint

Through our digital channel strategy, the Bank has successfully moved 92% of all customer transactions to alternative delivery channels, a 24-hour contact center, 542 ATMs, mobile & internet banking and over 17,000 network of Co-op Kwa Jirani agents.

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

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 Kshs84.2 Billion disbursed year-to-date, averaging over Kshs.7B per month.

Over 170,000 customers have taken up the MSME packages that we rolled out in 2018, and 33,673 have been trained on business management skills.

Year to date, we have disbursed Kshs.25.4 Billion to MSMEs through our Mobile E-Credit solution. MSMEs are a critical part of economic recovery post-Covid and contribute up to 16.9% of our total Loan Book.

Our unique model of retail banking services through Sacco FOSAS enabled us provide wholesale financial services to over 484 FOSA outlets.

Subsidiaries

  • Co-op Consultancy & Bancassurance Intermediary Ltd posted a Profit Before Tax of Kshs1.01 Billion in FY2022, 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 Kshs132.7 Million in FY2022 compared to a loss of Kshs421.7 million in FY2021, a 131% growth.
  • Co-op Trust Investment Services contributed Kshs. 208.1 Million in Profit Before Tax in FY2022, with Funds Under Management of Kshs.196.6 Billion compared to Kshs.189.2 Billion in December 2021.
  • Kingdom Bank Limited (A Niche MSME Bank) has contributed a Profit before Tax of Kshs. 803.8 Million in FY2022.

Environmental Social and Governance (ESG)

In 2022, the Bank embarked on an enhanced ESG roadmap to integrate ESG considerations into its operations with several key milestones achieved. These include:

  • Enhanced ESG governance to ensure that the Bank has effective policies, procedures, and practices in place to identify, manage, monitor, and report on environmental, social, and governance (ESG) matters that may impact the Bank’s operations and stakeholders.
  • Appointment of an ESG Champions Committee and establishment of a dedicated ESG Unit.
  • Appointment of ESG champions across the entire Group, representing all Divisions, Subsidiaries and Control Functions.
  • Approved ESG policy framework.

The 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.

Accolades

The Bank was recognized as ‘Best Overall in Satisfactory Customer Experience’ following a customer survey conducted by the Kenya Bankers’ Association (KBA).

This Award was based on a survey where 33,000 customers of all 38 member banks of KBA were asked to rank overall experience with their main bank. In addition, the Bank was similarly recognized with the ‘Excellence in Customer Experience in Digital Banking’ award at the Digibanking Event held in Nairobi.

The two awards re-affirm the bank as the financial institution offering the most fulfilling customer experience in the industry.

Co-op Bank reports an hefty Ksh22.6B Profit 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.

A side hustle that you can easily set up

If you’re looking for a side hustle that you can easily set up, then allow me to introduce you to the concept of “drop shipping”. That is a fancy word to describe bringing in goods from China and reselling them in Kenya.

And you really could do this for any product -granted there is a local market here in Kenya. So we could talk about doing drop shipping for shisha bongs… We all know a slay queen or two who love their shisha. Or you could do this with clothes and shoes.

The headache when it comes to this side hustle is down to marketing for sustained business and making the payments.

Think about it. You have a passion for sneakers right? Most likely, so do your friends. But that is an exhaustible market because they will not always be buying shoes, month-in and month-out. That means that one of your daily tasks will be marketing on IG and Facebook to get more customers so the endeavour actually pays off throughout the 12 months of the year.

So now that you have decided to sell sneakers to sneakerheads, it is time to identify a supplier. You could choose to go through websites like Amazon or perhaps the Chinese sneaker company has their own website. You place your order and have to pay up for it. How do you go about this without falling prey to scammers who simply want to phish your credit card details? Or how do you go about this without too much of a hustle? Well, that is where Co-op Bank comes in because they have a solution tailor-made just for you. These solutions include:

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 ATM’s, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, it’s 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 client’s 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 client’s Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Bank’s 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 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. It’s 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.

You’ll 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, you’ll 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.

 

Five types of customers, and how to handle them at your business premises

The Complainer

This customer has an halo of negativity. An outspoken skeptic. As soon as they enter the premises, they’ll start noticing all the wrong things.

It may be too stuffy, why does the management think of air conditioning? If none of the attendants is free, they’ll blast slow service.

The Talkative

Depending on the context, serving a talker is usually pleasant. A customer may casully inquire if a teller or a cashir is married, divorced or dating. It’s usually harmless, if not intrusive.

A dotting husband and father may lean in to show you clipped photos of their kids in their wallets – as they take out their card.

The Indecisive

Well, to be fair, there’s a lot involved in modern-day shopping – picking a certain brand over the others. It’s not uncommon to see a man at the counter sprint back to the aisle to swap one brand of tissue with another.

Other people may be unsure of how much they want to spend on their credit cards. A bit of calmness, and patience works well in these cases.

The Demanding/Aggressive

This category ranks lowest on the customer service aptitude tests. They are short tempered, and quick to kick up a storm. A slight uncertainity will have them banging palms on the counter, demanding to see the boss, or supervisor.

As an attendant, the ideal way is to talk less, nod and ask or buzz for the supervisor. Being calm – a poker face, and a little smile – diffuses the needless storm.

The Impatient

A customer may be in a rush. They’ll show it. Shout for the waitress in a busy restaurant, or threaten to leave without an ordered meal. It’s important that the queue moves along well.

Thou shall not abandon clients for personal calls, in-staff banter or coffee breaks.

The payment point usually gets the blunt. The secret is to invest in a cashless banking system that curtails risks associated with hard cash.

Besides security, business owners prefer fast access to their accounts.

Co-op Bank’s online banking platform is reliable, and secure. The innovative, easy-to-navigate portal links a business to a bank account.

There’s several options, to suit your business needs:

Online card payments

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

These are Co-op Bank ATM’s, Debit or Credit Cards. All payments for purchases or goods delivered are done by swiping cards.

Card payments enable instant account updates and accountability.

A PDQ/POS machine popular at mall pay points.

PDQ/POS

POS is an abbreviation for ‘Point Of Sale’ in a business outlet. PDQ stands for ‘Process Data Quickly’.

It’s a payment terminal. An interface for card payments, or electronic funds transfer. They are very popular in malls, supermarkets and fuel stations.

Coop Bank avails PDQ/POS machines to their clients. The device boosts sales by processing payments from customers holding accounts in different banks.

A client receives real-time cash flow reports. It’s easier to track income and expenses.

Lipa Na M-Pesa Till Number

First off, Co-op Bank offers to process a business till number for their clients, at no extra charge.

This enables a business to receive cashless payments via Lipa na M-Pesa Till Number. The money received through the Till number is deposited directly into the client’s Co-op Bank account.

Accounts are accessed anytime via Co-op Bank’s mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

The M-Pesa Paybill number 400200 enables a trader to receive payments directly into their Co-op Bank account.

On the M-Pesa menu, enter Co-op Bank Paybill number 400200, and on account, the client’s bank account details. The money reflects immediately.

It’s easy to make payment confirmations, via mobile banking or online banking platform.

Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via our 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.

It’s 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#.

To learn more about Co-op Bank’s online banking, click here – or visit the nearest Co-op Bank branch to speak to an agent.

Co-op Bank Group makes 10 billion in profit in six months

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs.10.5b for the second quarter of 2021, a commendable 10% growth compared to Ksh.9.6b recorded in the second quarter of 2020.

This represents a strong Profit After Tax of Kshs.7.4b compared to Kshs.7.2b reported in second quarter of 2020.

The bank reported growth in different areas in the same period last year. Notably, Total Assets grew by Kshs.59.1b to Ksh.573b up from Kshs.513b.

In the credit department, net loans and advances book grew by Kshs29b above the previous years Kshs.272b.

Other notable growths include investments in Government securities from Kshs.182b to Kshs.301b.

The group attributes this growth to several factors: A robust Credit Management initiative and the De-centralization of Loan Portfolio Management

In credit management, there’s a Credit Risk Adaptation Project dubbed ‘Project Kilele’ that’s supported by a Global consulting firm which involves an end-to-end assessment of credit risk management practices, an effort to strengthen portfolio assessment and risk frameworks.

Besides, this seeks to enhance collection platforms aligned to the new business operating environment.

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

The project dubbed ‘3C’ (Connect, Collect, Cure) entails proactive management of the Credit book re-assigned from Remedial Credit to Branches and Business Segments.

Co-op Bank Group also attributes success to A Strong Digital Footprint.

This has enabled the bank move 93% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 576 ATMs, internet banking and over 25,000 Co-op Kwa Jirani banking terminals.

The key focus lies 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 5.2 Million customers registered and loans worth Kshs 33.5 Billion disbursed year-to-date, averaging Kshs. 5.6 Billion per month.

The bank also pursues a unique model of retail banking services through Sacco FOSAs that enables the bank provide wholesale financial services to over 479 FOSA outlets, and issue over 1.4 million Sacco-Link cards.

The group’s Subsidiaries, too, continue to post impressive statistics.

Co-op Consultancy & Insurance Agency posted a Profit Before Tax of Kshs 433.8 Million, riding on strong penetration of Bancassurance business.

However, Co-op Bank of South Sudan – that’s a unique joint venture (JV) partnership with the South Sudan Govt (Co-op Bank 51% and GOSS 49%) returned a monetary loss of Kshs 290 Million in Q22021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 47.9 Million in Profit Before Tax in Q22021, with Funds Under Management standing at Kshs. 179.4 Billion.

Kingdom Bank Ltd (which Co-op Bank holds a controlling 90% equity interest), has contributed a Profit Before Tax of Kshs. 275 Million in Q22021.

This is compared to 2020 full year loss of Kshs. 124 Million.

In regard to Long Term Financing for MSME’s, Sustainable Agriculture and Health sectors, the Group secured a long-term financing facility from the IFC (International Finance Corporation) in 2020, amounting to Kshs. 8.25 Billion for on-lending to MSMEs at affordable terms.

The proceeds of the facility will support customers operating Micro, small and medium enterprises (MSMEs) and businesses undertaking climate-smart projects, including agricultural inputs and sustainable agricultural practices, renewable energy, energy efficiency and related areas.

Co-op Group has also partnered with IFC and Philips in a first-of-its-kind support in Africa, for health sector operators towards purchase of essential medical equipment and strengthen their response to COVID-19.

It makes available a US$ 300 million kitty to provide risk-sharing facilities to help small businesses acquire the equipment and tools they need by way of loans and leases.

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

Why do men patronize the car wash as the ladies stick to the hair salons?

The car wash with an outdoor sitting set up is the modern masculine version of the ladies’ favorite hang out spot, the salon.

This brings to light the fundamental difference between the genders is that Sons of Adam easily compartmentalise their issues, unlike the ladies.

Ladies want a safe space to talk about their issues – love life, mother-in-law tribulations, kids….

Gentlemen want a safe space to think and worship their objects of desire.

That’s the reason the salon has the chatter reputation and energy of a busy newsroom. On the other hand, the car wash is largely cool.

A man parks in line, joins a gang on a table outdoors, asks for a drink. He’ll sit facing the cars getting the spray on the ramp.

A man makes new acquaintances at the car wash, valuable networking. But, first, usually by expressing adoration for some funky ride. Random questions will tumble out.

“Who does your paint work, man? He’s good”

“That scratch on the rear door? The kid from next door?” They’ll laugh a little.

“I don’t care if it costs me a kidney, but I’ll have to get that new Subaru Forester…..how long have you had it?”

Men won’t talk about their mothers-in-laws. Or, their demanding spouses. Or, the dishonest farm hand. They are not here for therapy.

The talk lingers on engine ratings, shocking petrol prices, conniving mechanics, and the hottest graffiti artist in town.

The biggest deal as an hang out spot is the networking angle. All sort of professionals will be trading banter here – lawyers, journalists, insurance agents, medics, street artists, name it.

It’s a blessing to own a ride, and besides the major opportunities it affords one – there’s lots of other benefits when you join the motoring fraternity.

What’s more there’s now an easy way to acquire a brand new moti…..

There’s a friendly financing partnership from Co-op Bank, after a groundbreaking partnership with World Navi – global leaders in vehicle acquisition and importation.

The campaign is dubbed Shika Dinga na Co-op, and here’s some of the perks attached:

  • 80% asset financing.
  • Access to high-end vehicles.
  • 100% safe & reliable vehicle importation to your doorstep.
  • 3 months warranty on engine & transmission.
  • A privilege of choosing from a wide choice of cars from various source countries.
  • All cars come with accident-free and genuine mileage certificates.
  • No risk of stolen parts or non-performance.

This is a chance to bring good tidings to your life and family. To learn more of the Shika Dinga na Co-op Campaign, click here.

The five major ‘Not-To-Do Things’ when hitching a lift in someone’s car!

There’s an unofficial creed to follow when riding in someone’s private car. It’s a little like crashing in someone’s crib. In Kenya, it goes a notch higher….

Here’s a few pointers to follow.

Agree to the owner’s views on contentious matters in the duration of the drive. Topical matters that demand loyalty or some societal bias, say politics or sports, the car owner enjoys a monopoly of ideas.

Just pray that he commands some decent acumen.

The trick is to steer the conversation from sports if his team is hanging by a thread from possible relegation.

It’s your duty to curse errant drivers you meet on the road. It doesn’t matter how incompetent he is, remember which team you rooting for.

A special bonus is earned if you roll down the window and scream at a clueless boda boda guy.

You hail from an angry republic – it’s time to vent that anger.

Thou shall not touch the stereo. I repeat, for all austerity. Aside, it makes sense: it is HIS stereo. Make a prayer that the tape cassette playing rhumba on loop gets jammed.

Sometimes, providence may smile in your direction and your host has an ear for good music.

Enjoy the ride, but do not sing along if the host is not – hitching a lift doesn’t give you an arena to showcase hour vocal prowess.

Asking for a lift in the village comes with additional tags. Cars get scratched by overgrown hedges. Cars get stuck in mud, or hit undersides on big rocks.

Follow the driver’s cue: if he wants to check out the car, get out too. Make a scene. Get sprawling on the ground to check the car’s innards. Is there a scratch?

This is the perfect time to remember high fuel taxes, county funds and how that doesn’t reflect in decent roads.

Be aware of your standing in society. Are you important? Or is there someone else more important’er?

Enroute, the host may be inclined to offer someone else a lift.

In Kenya, the front seat is sovereign. Be sure to offer your seat if you deem the other passenger as of higher social standing. Chances are they’ll turn it down, but, woe unto you if the host has to ask you to vacate the seat.

If you’ve been this embarrassed, then you’ll jump at the slightest opportunity to own your own ride.

Perhaps, it’s time to make your own playlist and enjoy it on a long drive.

There is a simple way – by taking advantage of an awesome, pocket-friendly financing deal thanks to Co-op Bank in partnership with World Navi – heavyweights in automobile acquisition.

Co-op Bank has partnered with World Navi to enable their clients to import vehicles safely, with upto 80% asset financing!

The importation process takes no more than 60 days. The car is delivered to your doorstep, like pizza!

This is a chance to make your opinions count on the long drive.

Click here to learn more about the financing deal.

Why is Joginder Singh such a timeless legend in the world of motorsport?

Joginder Singh.

If that name doesn’t ring a bell, and evoke pleasant Easter memories, well, you missed out on exciting exploits of a motoring sport legend.

Joginder Singh (file image)
Joginder Singh (file image)

Joginder is non-arguably the greatest driver to cast in the now-defunct Safari Rally, mid-60’s to late mid-70’s.

The Safari Rally was traditionally set over the Easter weekend, and for good reason – it’s the rainy season.

It was an endurance rally, and only the best in terms of driving skills, hands-on engine tinkering experience and physical endurance could hope to complete it.

Joginder, who later earned the moniker ‘The Flying Sikh’, proved his mettle in all aspects.

The legend had started out as a spanner boy in his father’s garage, and this greatly inspired his exploits behind the wheel.

The Flying Sikh grabbed his first victory in 1965, in a Volvo PV544, with his brother as the co-driver. He later switched to a Mitsubishe Colt Lancer 1600 GSR to clinch victory in 1974, and 1976.

It’s in this Colt Lancer that Joginder’s feats made him world famous.

For instance, the 1968 Safari Rally was planned to run the entirety of the Great Rift Valley, and end in Nairobi.

Joginder got the No.1 car tag – which, in rallying circles, is considered jinxed. And it proved so, halfway in the rally.

He was flagged off the ramp first, but, halfway, his Mitsubishi Colt developed clutch problems.

It was rainy and getting stuck was normal.

Somewhere on Mau Escarpment, he watched around 20 of his competitors zoom past in a spray of muddy water, as he tried fixing his transmission.

His Colt couldn’t engage forward gears, just the reverse gear.

Joginder, being Joginder, turned his Colt around and started playing catch up, in reverse.

Subsequently, he managed to overtake almost all of them, stuck in the mud along the route – in reverse gear!

In that rally, he finished 3rd – having driven the last half in reverse gear – in extremely muddy conditions.

Easter hasn’t always been so boring, and slow. It was a season of adrenaline-filled rally fiesta.

The menu was two-way: Either extremely muddy, or extremely dusty.

Motoring was raw. The rally cars were pretty basic – none of the fancy bells and electronic assists in modern cars. To triumph, you had to be in the game.

Easter would find us hogging cattle ruts in the route picked by the rally organisers. If beyond the region, it was a favorite past time following the live reports of the rally via the national broadcaster.

That’s how Joginder Singh gained immortality, and genesis of the saying: He drives like Joginder…

This year, Easter has been ruined by the ravaging pandemic that has resulted in curfews and lockdowns. There’s not much to choose from, in terms of marking Easter with your family.

However, while observing the measures, one can still have an Easter break in select restaurants, outdoor camp grounds and some bit of travel.

One easy way to be safe is to avoid tangible cash – as security against scheming thieves and the pandemic.

The use of Co-op Bank Visa cards is a sure fire way to keep safe from the virus, and take advantage of awesome discounts negotiated by Co-op Bank for their clients using the Co-op Visa cards, Co-op ATM’s and Co-op Credit cards.

You’ll have fun with family shopping for gifts, paying for fuel or food and accommodation – and still get to save a lot of money.

To learn more about discounts availed by use of Co-op Visa cards, click here.

Happy Easter!

Co-op Bank teams up with eco.business Fund to finance sustainable agriculture in Kenya

The eco.business Fund has provided its first investment in Kenya in the amount of $10 M to Co-op Bank.

The subordinated loan will be on-lent to sustainable agribusinesses, contributing to the fund’s mission of conserving biodiversity, promoting the sustainable use of natural resources, and mitigating and adapting to climate change.

The investment will provide much-needed financing for businesses to enhance sustainable measures in their agricultural practices, particularly important in light of the challenging operating environment created by the COVID-19 crisis.

Agriculture is the backbone of the Kenyan economy, employing approximately 75% of the rural population, and making up 34% of the country’s gross domestic product.

However, commercial lending to the agricultural sector remains disproportionally low. This funding gap limits the ability of producers and processors to invest in sustainable production practices, further compounded by the economic fallout caused by the global pandemic.

The investment aims to provide financial resources to those that need it most, while simultaneously promoting conservation finance as mainstream.

Co-op Bank is the third largest commercial bank in Kenya, and the primary bank for agricultural cooperative societies.

Through this new investment, the eco.business Fund and Co-op Bank will provide necessary credit to sustainably certified agribusinesses, such as those in the coffee, tea, and horticulture sectors, Kenya’s main agricultural exports.

By financing green measures such as solar and hydroelectric installations for tea factories that reduce reliance on fuelwood, and cold storage solutions that reduce post-harvest losses, the partners hope to boost sustainable production practices and conserve the unique ecological landscape of the country.

Dr. Gideon Muriuki, Co-op Bank Group Managing Director
Dr. Gideon Muriuki, Co-op Bank Group Managing Director

Dr. Jens Mackensen, Chairperson of the Board of Directors of the eco.business Fund, stated:

“We are excited about our fist investment in Kenya: A country rich in biodiversity and opportunities for sustainable development. This new partnership with Co-op Bank promises to be a fruitful one as the bank is well positioned to act as an enabler of sustainable production practices. Only by providing tailored financing to the agricultural sector, a key driver of economic activity and sustainable development in Kenya, can we collectively promote green finance with the goal of generating positive environmental and social impact.”

Commenting on the sign-off of this partnership, the Group Managing Director and CEO of Co-op Bank Dr. Gideon Muriuki said:

“Right from our founding as a bank for agriculture co-operatives, we have always strived to support farmers in their journey to achieve sustainable livelihoods. This new partnership with eco.business Fund that makes available USD 10 Million for on-lending to farmers is a winner on many fronts; it provides financing that is structured to suit the financing cycles of agriculture, and also comes with the support mechanisms to assist farmers to make a successful pivot towards sustainable, climate-smart agriculture.”

Want to experience terror? Riding in a fisherman’s dug-out canoe beats bungee-jumping!

You haven’t lived if you haven’t sunk your toes in the white sands and gulped for breath in the ocean surf on the Kenyan coast.

People tell awesome stories of their coastal retreats, albeit generously peppered with hyperbole.

This story is neither awesome, nor laced with additives. My first solo trip had lots of fun moments, but Son of Adam is wired to record the outrageous. Normal is boring.

Well, cue in my first semester break. I decided to backpack to the coast. Backpacking is the fall-back option for travel enthusiasts on a budget. None of my mates was crazy enough to join, so I travelled solo.

I had pored over a tourist map detailing exquisite spots to visit. I couldn’t miss Wasini Island.

Wasini Island is an idyllic tourist spot on South Coast. It’s the far most island, and a quick perusal online described a land of positivity, friendly people with a mixed heritage.

Wasini is a few nautical miles to Tanzania, or Zanzibar. That’s why ‘mixed heritage’ tagged at my heart strings – I’ve always liked to meet people from these lands.

A shoestring budget notwithstanding, I landed at Shimoni. This is a small town, that’s serves the island. There’s a dock, with all sorts of boats – fishing and passenger boats to the island and beyond, tanker boats, and other sorts.

The locals are drawn like magnets to visitors. A lone, backpacking student got noticed in an heartbeat. Even less to recognise a budget-traveller!

The boat fees to cross to the island vary. I chose the lowest. Turns out that I chose a dug-out canoe. This was a fisherman from the island who had delivered his day’s catch to the mainland.

My prior sailing experience was limited to a few rounds in a boat at Uhuru Park. I was then five or six, on a family day out over Christmas. It wasn’t exactly sailing, those boats have pedals!

The canoe is long and narrow. A lot like the biblical path to heaven. We squeezed in, the fisherman and I facing each other on opposite ends.

He hands me a container, a jerry can cut in half. Says nothing. He grabs a pair of oars and pushes off the pier.

When you make a bad decision, the universe is ruthless. I realised, immediately. The canoe started filling up. Am trying to lift up my back pack. The fisherman points at the half-container with his lips. He’s rowing.

I have to keep throwing out water! My backpack is getting wet! The sea is tossing us in the air like balloons! Am literally inches away from the water!

It was dusk – at some point all I could see were tiny dots of light across an endless expanse of black water!

If you’ve watched ocean documentaries, then you’d know the horrors that abound in the deep sea.

I was shaking. Half from the chilling cold, and the other from the fear of the unknown! I found myself praying – even calling on my ancestral gods!

Some how, we made it across. I could have voted that nonchalant fisherman the greatest sea captain that ever sailed.

In retrospect, I discovered that in times of uncertainty, my default setting is deeply religious. Thankfully, the people and the general ambience on Wasini Island gifted me an incredible holiday.

There’s a choice of pocket friendly options available for travel enthusiasts – courtesy of a partnership between travel magnates Bonfire Adventures and Co-op Bank.

Co-op Bank has negotiated a deal for clients wishing to book a Easter holiday retreat through Bonfire Adventures.

There’s a major discount up for grabs if payments are done with Co-op ATM cards, Co-op Credit cards or Co-op pre-paid cards.

Bonfire Adventures have an amazing array of travel packages covering the Kenyan coasts in its entirety. All exclusive resorts and spots from the North to the South Coast, it’s a once-in-a-lifetime Easter offer.

To learn more about the Co-op Easter travel discounts, click here.

Happy Easter!

Co-op Bank leads the industry as it releases a 14 billion report for Year 2020

Co-op Bank Group is reporting a Profit before Tax of Kshs. 14. 3 Billion for the financial year 2020 compared to Kshs. 20. 7 Billion recorded in 2019, and a Profit after tax of Kshs 10.8 Billion compared to Kshs 14.3 Billion in 2019.

This is a 23% reduction on account of increased Covid 19-related loan loss provisions and the absorption of currency translation losses in our South Sudan operation.

The Group has taken loan loss provisions of Kshs. 8.1 Billion,being a 220% increase from Kshs. 2. 54 Billion in 2019 in appreciation of the challenges that businesses and households are grappling with from the disruptions occasioned by the ongoing pandemic.

We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds. A total of Kshs.49 Billion in loans have been restructured to support customers impacted by the pandemic.

The Group has sustained the Balance Sheet growth with an Asset Base of Kshs. 537 Billion as at 31st December 2020.

The Group continues to implement proactive enterprise risk management initiatives to ensure uninterrupted business operations in the following ways;

Fortification of our digital channels to support uninterrupted access to banking services by customers; over 92% of our services are now on alternative bankingchannels.

Enhancement of digitization of internal bank processes and engagement platforms, to build contactless capabilities for both customers andstaff.

Adoption of a work-from-home model for the safety and wellness of bank teams,and ensuring safe spaces for staff who continue to serve in physical touch points.

Robust engagement with regulators to ensure full compliance andsupport.

Key financial highlights include; –

Balance sheet; The Group has seen sustained Balance Sheet growth as hereunder;

Total Assets grew by Kshs 80 Billion (+18%) to Kshs. 537 Billion compared to Kshs 457 Billion in the same period last year.

Net loans and advances book grew by Kshs 20 Billion(+8%) from Kshs.266.7 Billion to Kshs. 286. 6Billion.

Investment in Government securities grew by Kshs.44. 1 Billion (+37%) to Kshs. 161.9 Billion compared to Kshs.117.8 Billion in 2019.

Customer deposits grew by 13.8% from Kshs. 332.8 Billion to Kshs 378.6 Billion.

Borrowed funds from development partners grew by Kshs. 19.6 Billion (74.2%) to Kshs 46 Billion from Kshs.26.4 Billion in2019.

Shareholders’ funds grew to Kshs. 90.7 Billion (+14.4%) from Kshs. 79.3 Billion in 2019 enabling us to continue pitching for big ticket deals.

Profit &Loss

Totaloperatingincomegrewby11.1%fromKshs48.5BilliontoKshs53.8 Billion.

Total non-interest income grew by 1.9% from Kshs 17.2 Billion to Kshs 17.5 Billion.

Net interest income grew by 16.1% from Kshs 31.3 Billion to Kshs 36.3 Billion.

Total operating expenses grew by 41.7% from Kshs 27.8 Billion to Kshs.39.4 Billion on account of higher loan loss provisions.

Innovative Customer DeliveryPlatforms

Through our multi-channel strategy, the Bank has successfully moved over 92% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 576 ATMs, internet banking and over 23,000 Co-op Kwa Jirani banking terminals.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 8.8 million Account holders across allsectors.

Key focus on digital banking,with the all-telco Meo-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 58.5 Billion disbursed in 2020.

Over 116,000 customers have taken up the MSME packages that we rolled out in 2018, and 10,750 have been trained on business management and planning. We have earmarked Kshs 23.5 Billion for MSME lending, with Kshs.16.8 Billiondisbursed to date through our E-Creditsolution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 479 FOSA outlets, and issue over 1.4 million Sacco-Linkcards.

Co-op Bank has engaged a global consulting firm to conduct a Credit Risk Adaptation Project named ‘Project Kilele’.

Key objectives of the project are:

End-to-end assessment of credit risk management practices by undertaking a comprehensive diagnostic review touching on each area of credit risk, including credit risk management framework with a key focus on riskgovernance, credit risk appetite, origination and underwriting process, credit approval process, credit scoring/rating models, and pricing.

Strengthen portfolio assessment and risk frameworks.

Enhance Collection platforms aligned to the new business operating environment.

Subsidiaries

Co-op Consultancy & Insurance Agency posted a Profit before tax of Kshs 788.6 Million as at 31st Dec 2020, 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%) made a Profit before tax of Kshs 107.8 Million in 2020.

This performance however translated to a monetary loss of Kshs 1.65 Billion attributable to hyper inflation accounting occasioned by currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 70 Millionin Profit before tax in 2020, with Funds Under Management standing at Kshs. 127.5 Billion compared to Kshs. 102.1 Billion as at 31st December 2019.

Kingdom Bank (former Jamii Bora Bank) has a profit before tax loss of Kshs.76.3 Million for the year.

Kshs. 49 Billion Loans Restructured to Support Customers on Covid-19 With the Covid-19 crisis, the Bank has proactively engaged all customers and reviewed the following;

Customers requiring an interest moratorium period,

Customers requiring a better structure/longer repayment period, and,

Customers requiring additional funding to manage the crisis.

In total, a portfolio of over Kshs. 49 Billion has been re-aligned to offer our customers this much-needed support.

Kingdom Bank Limited

Kingdom Bank Limited is a fully-fledged Commercial Bank, licensed and regulated by the Central Bank of Kenya, with over 444,000 customers in 17 branches.

The acquisition offers Co-op Bank the opportunity to cross-sell and deepen product offering to the enhanced customer base and create a niche bank to offer specialized credit offerings that include MSME Banking, Microfi nance, Youth & Women Banking, Asset Finance and Leasing.

The subsidiary reported a loss of Kshs.76.3 Million for the year 2020 and is expected to turn around its performance in 2021.

MSMEFinancing

The Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending to MSMEs at affordable terms.

The proceeds of the facility will support customers to better cope with the disruptions brought about by the pandemic, especially those operating in the following key business areas;

Micro small and medium enterprises(MSMEs)

Businesses undertaking Climate-Smart Projects, including agricultural inputs and sustainable agricultural practices, renewable energy, energy efficiency and relatedareas.

Corporate Social investment

Co-operative 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 7,713 studentssince the inception of the program.

The bank gave a cash donation of Kshs. 100 Million to the Covid 19 Emergency Respond Fund.

Being cognizant of the huge role that we play in supporting communities especially during this period, we continue to operate in an economically, socially and environmentally-responsible manner.

Dividend Payment

While maintaining adequate capital buffers in light of the current operating environment, the Board of Directors has approved a dividend payment of Kshs. 1.00 per ordinary share held (2019 – Kshs 1.00) to be paid on or about 14th April 2021 to the shareholders registered on the Bank’s Register at the close of business on 31st March 2021.

This will be a much-needed relief in a pandemic year to the over 15 million­ member Co-operative movement that predominantly owns the bank.

Accolades

It was another notable year as the Bank received recognition both locally and internationally, including the following;
Co-op Bank was named Bank of The Year in Kenya, in The FT Banker 2020 Awards run by the Financial Times of London.

Co-op Bank was named Best Bank in Kenya at the African Banking Awards 2020 organised by EMEA Finance.

This is the third time around, having also won in 2018 and 2019.

Co-op Bank signed up to the United for Wildlife 2018 Mansion House Declaration, thereby joining the United for Wildlife’s (UfW) Financial Taskforce committing to fight the illegal trafficking in wildlife, by way of building illegal wildlife trade into existing financial crime compliance programs.

MetroTrans Sacco acquires 45 brand new buses in a financing deal with Co-op Bank

MetroTrans Sacco, one of the leading PSV transport Sacco’s operating in Nairobi, has today received 45 new buses at Isuzu East Africa with financing from Co-op Bank in form of a lease worth Kes 225 Million.

The lease will enable the Sacco to respond to increased demand in their existing routes, and to also serve their customers better by offering cashless payments enabled by technology company SWVL that allows users to make and track bookings through the SWVL app.

The buses were financed through Co-op Bank’s leasing arm – Co-op Bank Fleet Africa.

Under the leasing agreement, MetroTrans will lease the buses for a period of four (4) years after which they will be sold to individual Sacco members including drivers.  This empowers the Sacco members to own matatus which they would otherwise not have been able to acquire.

Co-op Bank is the first bank in Kenya to offer leasing services to the matatu sector.

The Managing Director of Isuzu E.A.,Rita Kavashe hands over the keys to Mr. Oscar Rosana, CEO MetroTrans Sacco while edward Mutwaruhiu, Head of Sacco Banking at Coop (right), and Mr. John Mathu Njoroge, Chairman MetroTrans Sacco looks on.

MetroTrans is one of Kenya’s leading transport Sacco’s, with investments in PSV transportation, logistics and supplies.

The Sacco has been in operation since 2011 and currently operates 51-seater, 33-seater and 14-seater matatus on various routes within Nairobi including Nairobi – Utawala, Nairobi – Kabiria , Nairobi – Kawangware and Nairobi – Kasarani – Mwiki. They have also expanded their operations to Bomet.

Speaking at the launch held at Isuzu Head Office in Nairobi the Chairman of MetroTrans Sacco, Mr. Oscar Rosana, lauded the partnership between MetroTrans Sacco and Co-op Bank that enabled acquisition of the new fleet of buses, which will significantly boost the income of Sacco members.

“The acquisition of these buses is timely, as it will improve the incomes of our members by addressing the increase in demand we have experienced in recent times. Furthermore, our partnership with SWVL to provide cashless payment solutions is consistent with Government guidelines intended to minimize the use of cash in favor of cashless transactions in an effort to reduce the risk of spreading COVID-19”.

Speaking at the same function, the Director of Co-operatives Banking at Co-op Bank, Mr. Vincent Marangu said,

“Co-op Bank is the preferred choice for PSV companies and Sacco’s since we understand their business model very well and have the right solutions to cater for their needs. We have a dedicated Transport and Housing Co-operatives department that supports over 900 transport companies and Sacco’s with working capital, payment and collection solutions to assist them effectively manage their fleets”.

He further adds: “This year alone we have approved financing for over 200 PSV vehicles worth Kes 870 Million, through asset finance and leasing. We are proud to be the first bank in Kenya to offer this service to matatus and look forward to more Sacco’s taking it up.”

Did you know that the discarded Banana Blossom is a super food, and an expensive delicacy?

It’s astonishing, how little you know about the basic banana tree. Or, the fruit, even.

For instance, what’s the little strings inside a banana?

The little strings are called phloem bundles.

Do you know the actual name for the banana flower? The cylindrical part that grows forth through the stem, forms part of the stalk that holds the fruit and then peels off in layers as the fruit ages?

It’s called the Banana Blossom.

Banana Blossom Chicken Salad (file image)

In most cases, this part of the banana tree is discarded as waste, or set aside as animal feed. It escapes a lot of folks -but the banana blossom is a delicacy, and a delicious meal.

These are the simple steps:

Ingredients:

Banana Blossom

Vinegar, or, lemon juice (2 lemons)

The steps:

Wash the entire blossom.

Start opening the outer leaves one by one. Under each leaf you will find a group of long pale yellow flowers.

Keep repeating the first 2 steps: open the leaf, collect flowers, and discard leaf. While peeling, the leaves will get softer and paler in color and the flowers will get smaller – as the blossom peels.

Put in a bowl, add cold water, lemon juice or vinegar to avoid discoloring.

Pick a flower, open, by pulling the feathery plastic like petal back, you’ll find the matchstick like stem inside the flower. You have to remove it, otherwise your blossoms will be hard and bitter.

Open the flower by gently rubbing the end of it in between your fingers and gently push the petals back. Do this for all that you can. The flowers closer to the heart will get smaller and smaller and will get harder and harder to clean. When you can’t clean anymore, just separate the flowers.

Discard the match-stick like part, keep the flower. These are ready to cook, as you’d cook any other salads – or, vegetable like the spinach.

While the banana fruit remains a fast-moving commodity, and the crop remains a huge income earner for most communities in Kenya – there’s a huge challenge in transport logistics – between the producer and the consumer in towns.

There’s considerable wastage and business losses incurred in unprecedented delays along the route, either from dishonest transport agents or mechanical breakdowns.

There’s been an effort by a leading regional bank to even out the playground for traders – especially those dealing with perishable fruits and vegetables.

Co-op Bank has renewed a vehicle financing deal financing deal that is set to empower such traders – either as individuals or registered groups.

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

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

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

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

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

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