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The Sacco will be able to access the national cheque payment system which will ease transactions and improve efficiency. Saccos are not part of the clearing house thus have no access to the national payment system/FILE

Kenya

Family Bank, Kingdom Sacco in cheques pact

The Sacco will be able to access the national cheque payment system which will ease transactions and improve efficiency. Saccos are not part of the clearing house thus have no access to the national payment system/FILE

The Sacco will be able to access the national cheque payment system which will ease transactions and improve efficiency. Saccos are not part of the clearing house thus have no access to the national payment system/FILE

NAIROBI, Kenya, March 18 2014 – Family Bank has made its debut into Sacco banking through partnership with Kingdom Sacco that will enable members access an array of financial services hitherto unavailable to them.

Under the agreement, Kingdom Sacco – a church based organisation will be able to issue cheques and facilitate transactions by its members through Family Bank.

The Sacco will be able to access the national cheque payment system which will ease transactions and improve efficiency. Saccos are not part of the clearing house thus have no access to the national payment system.

Family Bank Managing Director and CEO Peter Munyiri said the partnership will also enable the bank offer on-lending services to members of the Sacco. This is the first of such partnerships in the pipeline that Family Bank will be establishing as part of financial inclusion efforts.

“The fruition of this partnership underscores the importance that Family Bank attaches to communities it serves under the mantra of transforming lives. It also signifies our proactive desire and commitment to extend benefits to members through enabling a wide range of financial services,” said Munyiri during the launch of the cheque book partnership at Life Reformation Centre in Githurai.

He added:” This is a mutually beneficial pact. We view you not as competitors but as partners with shared goal of improving access to financial services for all.”

Kingdom Sacco CEO Dalmas Menya observed the partnership was a culmination of protracted push by members to access financial services. The Sacco will also look at other areas of cooperation with the bank in the quest to diversify our service offerings, said Menya.

“We value this partnership for it enables our members to transact with ease and efficiency,” added Menya.

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