African Banking Corporation Limited (ABC) has partnered with Savings and Credit Co-Operatives (Saccos) to have their customers cheques cleared within two days.
Sacco members can now enjoy a T+1 cycle on their outward cheque like any other bank customers, the first such innovation in Kenya’s banking and Sacco industry.
ABC Bank has also partnered with diferent 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 clearinghouse.
Saccos will now be in a position to open up 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.
ABC Bank has carved a special niche in providing focused business solutions to Saccos.
“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.
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 roll out this model to other Saccos who have 14 million members and control an estimated Sh1 trillion.