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Entrepreneurs forum

ABC Bank sponsors entrepreneurs forum- 2nd September, 2016

ABC Bank partnered with Kenyan Entrepreneur to host a capacity-building forum for budding entrepreneurs and startups.

Held at the Thika Road Mall (TRM) along the Thika Superhihgway, the forum brought together over 100 entrepreneurs from various sectors including ICT, retail, sports, consultancy and construction.

Speaking during the forum, ABC Bank’s Head of SME Banking Lee Gachomba urged entrepreneurs to define and understand their value proposition to customers and identify gaps or problems in the market that they can provide solutions for, profitably.

He further challenged them to demonstrate integrity in their business dealings and to have a succession plan to shield their businesses against life’s uncertainties.

George Wachiuri, the CEO of Optiven Ltd- a real estate firm based in Nairobi- and a philanthropist, asked budding entrepreneurs to believe in prayer, embrace servant-leadership in their businesses to endear themselves to customers and attract repeat business.

ABC Bank’s partnership was a demonstration of its commitment to continue supporting SMEs to grow their businesses.

Retrak Retailers Academy 2016

ABC Bank, Retrak partner in inaugural Retail Academy- 22nd July, 2016

ABC Bank partnered with Retail Trade Association of Kenya (Retrak) in organizing the first Retail Academy in Nairobi on Thursday 21 July. The forum was aimed at building the capacity of local retailers to improve the business practice in Kenya.

The inaugural event, which is set to be an annual event, drew experts from the UK, India, and the Arab Emirates who shared business experiences and knowledge from international markets.

Speaking to the academy, ABC Bank’s Head of SME Banking Lee Gachomba noted that the financial services sector and the retail sector in Kenya share a lot of synergies and opportunities for growth.

“We are ready to partner with you in either your supply chain or cash flow needs to power your business to realize the immense possibilities that the current business environment in Kenya provides”, pledged Mr. Gachomba.

ABC Bank has over the years supported Retrak’s events as part of its agenda to empower the SME sector growth through tailor-made financial products and services such as invoice discounting, term loans, over drafts and asset financing.

The academy was taking place the same time the week-long 14th United Nations Conference on Trade and Development (UNACTAD) is underway in Nairobi.

“This Retail Academy provides an opportunity for retail sector players to look for ways to innovate and improve business practices, create more employment opportunities and generate more revenue for the economy”, noted Retrak CEO Wambui Mbarire.

Retrak is the voice and umbrella body that champions the interests of the retail industry in Kenya.

LTS partnership launch

ABC Bank partners with Lamu Teachers Sacco to offer current account and cheque clearing solution- 16th July, 2016

Members of Lamu Teachers Sacco can now access trade finance facilities and make payments using cheques following a partnership between ABC Bank and the Sacco. The deal will see ABC Bank provide cheque clearing services and other commercial bank products to the Sacco.

Due to regulatory policy, Saccos do not offer certain products such as current accounts, trade finance, cheque books, Real Time Gross Settlement (RTGS) and Electronic Funds Transfers (EFTs). This forces Sacco members, especially those operating businesses, to turn to commercial banks for these services. Consequently, Saccos register reduced share of wallet following stiff competition from commercial banks and deposit-taking microfinance institutions.

This partnership will enable Lamu Teachers Sacco – which has five branches across Lamu County – to overcome that regulatory obstacle to begin offering such commercial bank products to its members through ABC Bank. This will provide the Sacco members access to the national payments system, increase ease of transactions and improve efficiency of doing business.

“In particular, the current account and cheque clearing solution that we are launching today will open more possibilities to Lamu Teachers Sacco members. With the current account, members can now manage and plan their finances better by separating personal and business accounts. This will help them enjoy greater ease in banking transactions”, said ABC Bank’s Relationship Manager for Saccos, Mr. Wilson Asena during the launch.

The current account product will enable Sacco members prove their credit worthiness to access credit facilities, while the cheque clearing solution will allow them make payments using cheques which will be cleared by ABC Bank, thus connecting them to the national payments system. In addition, the cheque clearing solution will allow Sacco members accept cheque payments in to their accounts.

Both the current account and the cheque clearing solution are a game changer for the Sacco because the law does not allow Saccos to operate current accounts or issue cheque books. However, ABC Bank will now act as a bridge for the Sacco members to enjoy the benefits of a bank through their Sacco.

Mr. Asena added: “This solution is part of ABC Bank’s plans to empower the cooperative sector in Kenya to become more competitive and unlock the entrepreneurial potential of more Kenyans through enhanced access to financial services”.

“We are now able to satisfy the demands of our members who have historically maintained multiple accounts to enable them access all the services they need under one roof. We will also aggressively pursue new markets and opportunities which have been created for youth and women in our county’’ said Lamu Teachers Sacco CEO Mr. Michael Kirui, adding that the partnership will enable the Sacco to catalyse enterprise growth by providing tailored products that satisfy customer expectations.

ABC Bank has entered into similar partnerships with other Saccos such as Fortune, Bingwa, Capital, Imarika and Unaitas, as well as Postbank, to enable them offer a wider range of services beyond what they are mandated to offer on their own.

EAX Eldoret

ABC Bank and East Africa Exchange in Sh200 million deal in grain trade financing for farmers- 4th May, 2016

ABC Bank and the East Africa Exchange will soon launch a Sh200 million credit line in a collaborative initiative to offer small scale grain farmers affordable grain trade finance.

During a stakeholders’ forum held in Eldoret and graced by EAX Board chair, Former Amb. Dr. Jendayi Frazer in Eldoret, Uasin Gishu County Governor, Hon. Jackson Mandago said the initiative will have a positive impact, especially the warehouse services which contribute to solving the challenges of grain storage and marketing, further expressing the North Rift region’s support through NOREB (North Rift Economic Bloc) and the uasin Gishu county Ministries of trade and agriculture.

The three-way deal heralds the commodity exchange’s plans to expand its operations into Kenya as part of its vision to increase regional market efficiency and give East Africa’s smallholder farmers better access to post-harvest management services and link them to reliable agricultural and financial markets and facilitate competitive pricing for their crops and access to finance.

When launched, the revolving credit facility will empower farmers to hold their produce and negotiate for better prices. Traditionally, farmers usually rush to sell off their produce immediately after harvest, either to avoid storage losses or because they need money for household expenditure or for farm inputs. This creates disequilibrium of market forces of demand and supply, hence low buying prices.

The partnership has also laid down modalities whereby reliable data on grain aggregation will facilitate efficient grain trading as traders, millers, farmers and other stakeholders will be able to know the type and quantity of products available in a particular location. These modalities are majorly supported by EAFF’s virtual granary platform (e-granary). EAAF represents approximately 20 million farmers across East Africa.

ABC Bank’s Head of SME Banking Lee Gachomba asserts that the time is ripe to introduce electronic warehouse receipting in Kenya as it ensures farmers get returns commensurate to their aggregate farm inputs and that they are insulated against losses incurred due to lack of proper storage facilities at the farm level.

A commodity exchange is a highly efficient stage for buyers and sellers to meet, primarily to address price risks better, and also to improve the marketing of their physical products. It makes economies more inclusive, bolstering links between agriculture and finance, and making the commodity sector more efficient and competitive. In addition, it facilitates a quick and easy dissemination of market price and other data, and creates a free and open auction system as well as providing a buffer against volatile prices.

The forum attracted various stakeholders including grain millers, traders, farmers and Government officials.

Banking awards 2016

ABC Bank lifts innovation title- 29th April, 2016

ABC Bank has been awarded the Special Award for Product Innovation in the 2016 Think Business Awards. The bank was recognized for its game-changing Revenue Collection and Management Solution it developed for Kirinyaga County. The bank becomes the first entrant to claim the win in the category which was introduced this year.

Following the establishment of devolved governments in Kenya, county governments were expected to collect their own revenue to plug in the gap between allocation of revenue from the central government and their own budget.

This made it necessary for county governments to streamline their revenue collection systems and channels to make them more efficient and effective, to forestall challenges associated with the predecessor, Local Authorities. To achieve this, they have to replace the traditional systems with new technology-based systems.

The bank successfully tendered for the Kirinyaga County government revenue collection and management system bid in 2014, and teamed up with technology company Techno Brain to develop and implement the award-winning solution. The solution also saw the county government awarded the 1st Runners Up, Best County Initiative Award during the Connected Summit.

Capital Sacco launch

ABC Bank partners with Capital Sacco to offer cheque solution- 1st April, 2016

Members of Capital Sacco can now make payments using cheques following a partnership between  ABC Bank and the Sacco. The deal will see ABC Bank provide cheque clearing services to Capital Sacco, which has 15 branches.

Through the partnership, the Sacco will issue personal cheque books to its close to 150,000 customers. ABC Bank will be the clearing house through which the cheques will be processed. This will increase ease of payments and improve efficiency of doing business for the Sacco members.

Saccos do not offer certain products such as cheque books, Real Time Gross Settlement (RTGS) and Electronic Funds Transfers (EFTs). This forces Sacco members, especially those operating businesses, to turn to commercial banks for these services. Consequently, Saccos register significant customer attrition and stiff competition from commercial banks and deposit-taking microfinance institutions.

By introducing cheque books, Capital Sacco will provide its customers with an additional secure payment solution which also gives them more control of their funds. The Sacco has 14 branches in Mount Kenya region and one in Nairobi, and offers a wide range of financial services such as individual and group savings, agricultural loans, mobile banking among others,  to the mainly agricultural Meru and adjacent counties.

“This solution is part of ABC Bank’s plans to provide more relevant financial services to the small and medium enterprises, who are key drivers of the economy,” said ABC Bank Group Business Development General Manager, Peter Kinyanjui, during the launch ceremony.

ABC Bank has entered into similar partnerships with other Saccos such as Fortune, Bingwa, Imarika and Unaitas, as well as Postbank, to enable them offer a wider range of services beyond what they are mandated to offer on their own.

Speaking during the launch, Senator Kiraitu Murungi, who was the chief guest, said: “This partnership will facilitate the unlocking of the entrepreneurial potential of Meru residents by enhancing ease of payments”.

Mr. Kinyanjui added: ‘‘ABC Bank is keen on empowering Saccos and other microfinance institutions in their quest to offer a wider range of services to their customers in order to become more competitive in meeting the needs of their market.”

The partnership is part of 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.

“We are now able to satisfy the demands of our members who have historically maintained multiple accounts to enable them access all the services they need under one roof. We will also aggressively pursue new markets and opportunities which have been created for youth and women in our county’’ said Capital Sacco CEO Mr. Eliezer Kaburu, adding that the partnership will enable the Sacco to catalyse enterprise growth by providing tailored products that satisfy customer expectations.

TRM Branch

ABC Bank expands footprint with new branches- 29th March, 2016

ABC Bank has opened two branches in Nairobi, in an effort to expand its presence and deepen service access to its growing customer base.

The two branches- Thika Road Mall (TRM) on Thika Road and Green House Mall along Ngong Road- are an addition to the four branches in Nairobi, and six upcountry – Mombasa, Lamu, Meru, Kisumu, Eldoret and Nakuru.

Contacts:

  • TRM: Branch Manager- Joseph Maigwa.

Cellphone 0733 464 698 or 0701 658 504

working hours: Weekdays 9:00am to 7:00pm Saturdays: 9:00am to 4:00pm

  • Greenhouse Mall: Branch Manager – Ben Kamau, Cellphone 0736 286 175.

Working Hours: weekdays: 9:00am to 6:00pm Saturdays: 9:30am to 2:00pm

KCCB-Education

ABC Bank sponsors Catholic Education Commission conference- 8th March, 2016

ABC Bank has sponsored this Catholic Private Schools Education Conference held at the Catholic University from 8th to 11th March. The bank sponsored the event to the tune of Ksh. 250,000 in support of the church’s efforts in improving educational standards in the country.

The conference has brought together about 600 delegates representing Catholic educational institutions across the country. ABC Bank utilized the opportunity to reach out to the church-run schools to provide them with various financial services and instruments such as asset financing, mortgage financing among others.

While presenting the sponsorship cheque, Head of Retail banking Amanda Corline lauded the church for its role in the educational sector in the country for over a century.

“ABC Bank recognizes the need for the private sector to participate in enhancing access to quality education for the Kenyan child, and we support the efforts by the Catholic Church in this direction”, noted Amanda.

ABC Bank continues to invest in key areas of need among Kenyan communities- health, education, humanitarian and development.

Bible Society of Kenya

ABC Bank boosts Bible Society of Kenya’s children program – 4th March, 2016

The Bible Society of Kenya has benefited from a donation by ABC Bank in support of its Children’s Program.

The bank donated Ksh. 100,000 to the society to go towards enhancing its Children’s Outreach Program activities. The program focuses on character formation and equipping pre-teens and teenagers with necessary life skills.

The donation is part of ABC Bank’s corporate social responsibility initiatives, which includes supporting social causes in communities where it operates in.

Speaking during the cheque presentation ceremony at the Bible Society of Kenya offices in Nairobi, Head of Retail Banking Amanda Corline said the bank is committed to supporting social causes that have a significant and direct impact on communities.

Bingwa Sacco partnership launch

ABC Bank partners with Bingwa Sacco to expand footprint- 19th February, 2016

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.