ABC Bank has partnered with Kilifi-based Imarika Sacco in an effort to boost the county’s economic growth through offering residents a wider range of financial services.
The partnership will allow Imarika Sacco to overcome a regulatory obstacle to begin offering current account services and issuing cheque books to its members through ABC Bank which will, as a result, provide the Sacco members access to the national payments system. This will increase ease of transactions and improve efficiency of doing business.
Saccos and other micro-finance institutions are not allowed by law to provide current account services and cheque books. They are also yet to be accommodated in the national payment system.
“The launch of the Current Account service at Imarika Sacco is part of the realization of a long time dream for product and service diversification as well as a part fulfillment of our brand promise’’ said Imarika Sacco Chairman, Richard Dzombo.
This partnership is part of the bank’s plan to support Saccos in to offer a wider range of innovative products and services to their customers and make them more competitive. ABC Bank has in the recent past entered in to similar partnerships with Unaitas Sacco, Kirinyaga-based Fortune Sacco and Postbank.
“Imarika Sacco customers will now enjoy a wider range of products offered by ABC Bank, therefore enabling them to grow and expand their businesses. This will help increase ease of doing business and thus enhance competitiveness and wealth creation’’, said ABC Bank General Manager, Group Business Development, Peter Kinyanjui.
Kinyanjui added: ‘‘ABC Bank views Saccos and microfinance institutions not as competition, but as partners, hence the reason for this partnership through which ABC Bank seeks to provide Fortune Sacco with a platform that allows it to optimize its input in the economy. We are grateful to note that Saccos and MFIs have embraced our solution and no longer see us as competition. We are partners working together to ensure that Saccos meet the demands of their customers, a one-stop shop and optimize their input in the economy ’’
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 customers.