ABC Bank rolls out co-branded cheque books, urges saccos to subscribe

MOMBASA, Kenya, Dec 9 – ABC Bank has urged Savings and Credit Cooperatives (SACCOs) in the country to partner with them for financial services which include the issuing of cheque books.

Speaking in Nyali, Mombasa County, Peter Kinyanjui who is the bank’s General Manager told Bandari Sacco members who were issued with cheque books for easy banking that the move will equally make banking easier for them.

A total of 17,000 members of Bandari Sacco agreed to be issued with cheque books and they will not go through the hustle of going to the bank in order to make payments.

“This partnership will enable all Bandari Sacco members to issue co-branded cheques for payment and settlements, at any commercial bank in Kenya,” the bank’s General Manager noted.

“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,” Kinyanjui added.

He said that the bank had made a decision to take more partners on board and assist them in getting financial solutions so as they can achieve their goals.

According to Kinyanjui, cheque books come with a number of advantages which include; access to national payments system and easy banking. Both have a positive impact not only to the bank but also the economy at large.

He said the move to work with banks will amplify the commitment of both the bank and the Sacco get relevant financial services to small and medium enterprises who are the key drivers of the economy.

ABC Bank is amongst the first banks in the country to make an agreement that they will be working with Saccos to provide similar services.

“Through such partnership, saccos have been able to extend more critical financial services to their members across the country,” it said in a statement.

“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 and Corporate Governance (ESG) goal for the Kenyan Government, the Central Bank of Kenya, Development Financial Institutions (DFI) and their financial partners,” the statement further read.