The African Banking Corporation (ABC) bank becomes amongst the first bank to partner with Saccos in the issuing of cheques to various members.
In a statement on Thursday, Peter Kinyanjui who is the bank’s General Manager said that the financial organisation had entered a partnership with Bandari Sacco where the members will be using cheques to make payments and also settle financial issues.
Through the cheques, the money will directly be wired to the account expected to receive the payments.
“It will also assist members to make deposits 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 said in the statement.
On December 3, ABC Bank and Bandari Sacco made a decision to work together with members agreeing that the deal to pay through cheques was better compared to the hustle of having to queue up when making withdrawals.
A total of 17,000 members of Bandari Sacco will benefit from the deal of using cheques.
“This move amplifies the board’s commitment to provide more relevant financial services to small and medium enterprises who are the key drivers of the economy,” he said.
Such a partnership will see members of the Sacco benefit through easy ways of making payments and doing other financial settlements in any financial bank operating in the country.
ABC bank joins other banks in such partnership with the aim of providing financial services to all its members.
