ABC Bank has signed an agency banking partnership with Kirinyaga-based Bingwa Sacco as part of its strategy to reach more customers and enhance its service offering.
Through the agreement, ABC Bank customers can now access financial services at any of the 18 Bingwa Sacco branches.
The agency banking model is increasingly answering the call for deepened financial access in Kenya as commercial banks continue to sign up agents to reach more customers through cost-effective non-traditional banking channels.
“Through this banking arrangement, we are able to reach more customers who can now access our services from more locations where we are not physically present’’, said ABC Bank’s Group General Manager, Peter Kinyanjui.
Mr. Kinyanjui added: ‘‘we do not view Saccos as competition, but as partners with whom we work together to ensure they meet the increasingly changing demands of their customers and optimize their input in the economy. This is also an opportunity for ABC Bank to bring our services closer to more Kenyans to connect them with the country’s financial system for greater convenience.’’
ABC Bank has over the last four years aggressively pursued strategic partnerships with Saccos to enable them offer a wider range of services to their members. This is in line with the ABC Bank‘s efforts to boost the cooperative sector’s competitive advantage to best achieve their business goals, and to offer a seamless, convenient and comprehensive financial services experience to their members.
Bingwa Sacc0 Chairman Cyrus Kabira lauded the agreement between the two institutions, saying it will give the Sacco an opportunity to extend its efficient services to Kirinyaga County people.
“Bingwa Sacco will be collecting the county revenues in all its 18 branches and 10 mobile units which are well spread within the county. This will go a long way in the growth of Kirinyaga County,” noted Bingwa Sacco Chief Executive Officer Jane Mugo.