NAIROBI, Kenya, Jun 6-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.
This follows a partnership between ABC Bank with Savings and Credit Co-Operatives to enable members have their cheques cleared within two working days.
ABC Bank has already partnered with several Saccos to enable members enjoy the functionalities of the National Payment & Settlement Systems, a reserve of banks, without the Sacco becoming a member of the clearing house.
This solution will enable Saccos open their services to individuals, businesses, religious institutions, schools and other organizations 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 revolutionized 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 Sh1 trillion.