NAIROBI,Kenya
ABC Bank has partnered with Unaitas Sacco Society Limited, which will see the bank open current accounts for Unaitas members across the country. Under the arrangement ABC Bank has been appointed an agent for Unaitas, allowing the SACCO members access to the national payment system.
The Sacco members will be issued with cheque books, and will access cheque processing services from ABC Bank, meaning they can transact using cheques, which would otherwise not have been possible due to legal constraints restraining Saccos from running clearing houses. “This solution fits in ABC Bank’s focus of offering complete and undisputed financial solutions to our customers, whether individual, Small and Medium Enterprises (SMEs) or corporate,” said Shamaz Savani the Group Managing Director of ABC Bank. “ABC Bank views SACCOs and MFIs not as competition, but as partners, hence the reason for this partnership in which the bank seeks to provide Unaitas with a platform that allows it to optimize its input in the economy.”
Unaitas CEO Tony Mwangi was confident about the unveiling. “Our rebrand into Unaitas was a promise to champion access to more financial power. This is just yet another step in that direction. By ensuring our members can access cheque books, faster cheque processing and clearing services, we have once more proven that we are indeed bold and pioneering,” he said. Pointing to the impending release of their 3 year strategic plan scheduled for the third quarter of this year, Mr. Mwangi hinted towards more groundbreaking announcements to come.
“As we unveil this partnership today we are clear and convicted that our relationship with ABC Bank is just beginning, and in due course we will reveal more products and services to our members courtesy of this working partnership. At the same time, Unaitas is set to make bigger and bolder steps in the coming months, in line with our brand’s essence, as we forge a clearer path in terms of direction for the organization.”
Speaking while unveiling the partnership in Nairobi, Central Bank of Kenya (CBK) Director, Bank Supervision Department Mr Frederick Pere said that CBK would continue to support the market development by providing an enabling environment for growth in the banking sector. “We shall continue to ensure that the sector operates efficiently, effectively and soundly in collaboration with other players,” said Mr Pere.
“Financial inclusion is entrenched in Government of Kenya’s Development Blueprint, Vision 2030. I believe that banks and other financial institutions in the country will continue to play a key role as partners, agents, promoters and advisers to enhance financial sector development and financial inclusion.”
The partnership allows the SACCO to extend more critical financial services its over 140,000 members across the country, therefore giving Micro and Small and Medium Enterprises (MSMEs) access to the opportunities arising from the devolved government. Other services offered to Unaitas and its customers by ABC Bank under the agreement include trade finance services, treasury management services, apex financing and co-financing, agency banking, capital loans and tech loans, and the offering of local and international remittance services among others. It further extends to other specially designed financial solutions relevant to the Sacc’s customers.
“As ABC Bank we seek to give this sector an advantage to best achieve their business goals, and to their customers to experience financial services that are seamless, convenient and complete,” said Mr Savani.
Leave a comment