Saccos & MFI’s

Through innovation, ABC Bank endeavours to provide tailor made solutions for Sacco’s and MFI’S that meet their diverse financial needs.

 Cheque clearing services

The Bank has partnered with various Saccos including; Fortune Sacco, Capital Sacco, Bingwa Sacco, Imarika Sacco, Lamu Teachers Sacco, Unaitas Sacco and other large institutions such as PostBank, to offer cheque clearing solutions to their customers. Through the partnerships, the Saccos are able to issue personalized cheque books to customers, and ABC Bank serves as the clearing house through which the cheques are processed. Saccos traditionally do not offer certain products such as cheque books, Real Time Gross Settlement (RTGS) and Electronic Funds Transfers (EFTs). Until ABC Bank introduced this service, Sacco members especially those operating businesses had to turn to commercial banks for these services. This solution is part of ABC Bank’s plans to provide more relevant financial services to small and medium enterprises, who are key drivers of the economy, and is well appreciated by Saccos and their members.

Trade Finance Services

Through this service, ABC Bank gives Sacco customers the advantage of receiving Trade Finance related services without the requirement to open an account with ABC Bank. Products available include; Bid bonds, Payment guarantees, Advance payment guarantees, Invoice discounting, Cheque discounting, Performance bonds, Letters of credit, Asset financing and Overdrafts.

ATM Management Services

To further exploit the synergy created by our partnership with the Saccos, the Saccos offer ATM Management Services on behalf of the Bank. Through this, ABC Bank provides ATMs that are located at designated premises of the Saccos within an ATM lobby. In return, the Saccos undertake the usual day to day operations of managing the ATM on behalf of the Bank.

Card Services

We offer co-branded EMV Debit cards to Sacco account holders or Prepaid EMV debit cards to other categories of Sacco membership. This gives the card holders access to the ABC Bank, Kenswitch, Interswitch and KBA card payment network country wide as well as MasterCard globally including the ability to purchase and pay for goods and services from various participating merchants both locally and internationally. ABC Bank offers an alternative for both International or local card schemes. In either of these schemes, Saccos will be given the upper hand in deciding on the look and feel of the card but within design guidelines especially where the choice is MasterCard.