Cooperative bank. Photo | courtesy.
Co-operative Bank of Kenya has expanded its partnership with Savings and Credit Cooperative Organizations (Saccos), linking 619 Saccos to its front office services, providing members with enhanced access to banking services.
The initiative, announced earlier this week, is aimed at increasing the accessibility of financial services for Sacco members across the country.
Under the partnership, Co-operative Bank will offer its banking infrastructure, which includes Automated Teller Machine (ATM) services via the Sacco Link platform, agency banking through Co-operative Bank Kwa Jirani, and cheque processing services.
“The partnership with these 619 Saccos demonstrates our commitment to supporting the cooperative movement and ensuring that our members can access banking services conveniently,” said Co-operative Bank’s Head of Partnerships, John Kamau. “We are providing them with the necessary tools and infrastructure to deliver better services to their members.”
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Saccos in Kenya often face challenges when it comes to offering banking services independently, particularly due to regulatory and infrastructure constraints.
By linking with the Co-operative Bank, these Saccos can now tap into the bank’s extensive infrastructure and meet the growing demand for banking services in rural and urban areas.
The bank has also committed to strengthening the operational capacity of Saccos through its subsidiary, Co-operative Consultancy Services. The subsidiary will provide advisory services to enhance operational efficiency and financial sustainability within the Saccos.
“We’re not just offering financial products,” said Kamau. “We’re invested in the long-term growth and sustainability of these Saccos. Through capacity building and expertise, we aim to equip them with the skills to thrive in today’s competitive financial landscape.”
Co-operative Bank has further facilitated the issuance of over 1.5 million Visa-branded debit cards, enabling Sacco members to access their funds more conveniently.
