Co-op Bank Scales Up Card System With Instant Issuance Of Visa Cards To Sacco Members

From left to right, Kevin Mungere of Harambee Sacco demonstrates how instant printing of Sacco debit cards is done, witnessed by the Chairman Harambee Sacco Macloud Malonza, Director Cooperatives Banking at Co-op Bank Vincent Marangu and Principal Secretary, State Department for Cooperatives Ali Noor Ismail

NAIROBI, Kenya, June 24, 2020 – The Co-operative Bank of Kenya (Co-op Bank) in collaboration with Harambee Sacco has today launched a card solution under which the Sacco will from today print and issue Visa Debit Cards instantly upon application by members of the Sacco.

According to the agreement, upon receipt of the cards, members will be able to immediately start using them to transact in the usual way at any Visa-branded outlet including ATMs, Co-op Bank Agents or to shop at Visa-branded outlets and online stores.

The partnership gives the Sacco the capability to print Visa Debit Cards right at the branch, at that very moment a customer applies for a card. This is a first for Saccos, and a huge change from the current practice where members have to wait for up to two weeks to receive their Visa debit cards.

The instant service under the partnership is a first for Saccos and signals a huge change from the current practice where members have to wait for up to two weeks to receive their Visa debit cards.

Harambee Sacco has over 70,000 members, an asset base of Ksh30 billion and runs six branches spread across the country.

Harambee Sacco has over 70,000 members, an asset base of Ksh30 billion and runs six branches spread across the country.

“The launch of this instant card issuance is timely, indeed overdue, as it will greatly enhance convenience for our members who from today no longer have to wait for weeks before they receive their cards. Furthermore, this instant issuing of cards is consistent with Government guidelines intended to minimise the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading COVID-19,” said the Chairman of Harambee Sacco Mr. Macloud Malonza.

Co-op Bank will look to tap into the customer base of the Sacco to increase its customer base and partners, as it looks to recruit more Saccos.

“This launch is the latest among various digital banking solutions provided by the bank to enhance the efficiency of Co-operative Societies for the benefit of their members and prosperity of the Co-operative Movement at large.  This instant card issuing solution will be rolled out to all Saccos that are providing Visa Debit cards to members through the Bank,” said Director of Co-operatives Banking at Co-op Bank, Vincent Marangu.

With the roll-out of instant card issuance, Co-op Bank will extend this service to millions of Kenyans through the regulated Saccos in Kenya.

 

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