ABC Bank is partnering with Savings And Credit Co-Operatives (Saccos) to enable members have their cheques cleared within two working days.
Sacco members can now enjoy a T+1 cycle on their outward cheque just like other bank customers, the first such innovation in Kenya’s banking and Sacco industry.
ABC Bank has already partnered with a number of Saccos to enable members enjoy the functionalities of the National Payment and Settlement Systems, a reserve of banks, without the Sacco becoming a member of the clearing house.
This solution will enable Saccos open up their services to individuals, businesses, religious institutions, schools and other organisations by making it possible for these customers to receive or make all types of payments via cheques.
“The cheque clearing solution is not just a new product for us but opens a door to limitless opportunities and possibilities to Sacco members. With this solution, members can now accept and deposit cheques into their Sacco account as a method of receiving payment. This will help them enjoy more convenience and ease in banking transactions as the cheques will be cleared within a shorter duration than was previously the case,” said ABC Bank’s Head of Operations Elizabeth Kimani.
ABC Bank has carved a special niche in providing focused business solutions to Saccos. These partnerships with Saccos have revolutionised banking by creating an end to end platform for sacco members to access a wider range of banking services.
ABC Bank is expected to aggressively roll out this model to other Saccos who have 14 million members and control an estimated Ksh 1 trillion.