Following a partnership between ABC Bank and Bandari Sacco, members of Bandari Sacco can now have cheque books and issue cheques from their sacco accounts. This product will increase financial inclusion to the over 17,000 members of Bandari Sacco and the families they support. It was launched on 28th November 2021 during the annual Chama Symposium that was held at Wild Waters Hotel in Nyali, Mombasa.
“As ABC Bank, we seek to collaborate with our partners on financial solutions to best achieve their business goal. This partnership will enable all Bandari Sacco members to issue co-branded cheques for payment and settlements, at any commercial bank in Kenya. It will also enable members to deposit cheques drawn on any commercial bank in Kenya directly into their Bandari Sacco accounts. This cheque clearing solution opens doors to other financial and business opportunities to Bandari Sacco members,” said ABC Bank General Manager, Mr. Peter Kinyanjui, who was the chief guest during the event.
While opening the 6th Bandari Sacco Chama conference, the Vice Chairman noted that the Sacco’s partnership with ABC Bank is an important milestone that would provide its members access to the national payments system, increase ease of transactions and improve efficiency of doing business. This amplifies the board’s commitment to provide more relevant financial services to small and medium enterprises who are the key drivers of the economy.
ABC Bank was one of the first Banks to partner with Saccos to provide financial services to their members. Through their strategic partnerships, they have enabled Saccos to extend more critical financial services to their members across the country. This is in line with their mission to drive financial inclusion to the masses to ensure that every individual has access to affordable banking and financial services, particularly the underserved in society, which is a key Environmental, Social & Corporate Governance (ESG) goal for the Kenyan Government, the Central Bank of Kenya, Development Financial Institutions (DFIs) and their financial partners.
