This archive report was first published on 24 June 2020.
On June 24, 2020, Harambee Sacco made a significant move in the banking sector by launching instant debit card issuance services, a move aimed at mitigating the effects of COVID-19 on financial transactions.
The society's Chair, Macloud Malonza, explained that the Visa Debit Cards will be printed at the society's countrywide branches, marking a significant restructuring strategy to combat the challenges brought about by the Coronavirus.
As financial institutions grapple with reduced transactions due to customers keeping off banking halls in compliance with social distancing measures, Harambee Sacco has taken a bold step by introducing an instant ATM card-issuance service. This service allows customers to receive their Visa Card within a day of application, down from an average of 14 waiting days.
The collaboration between Harambee Sacco and Cooperative Bank aims to minimize the use of cash in favor of cashless transactions, reducing the risk of spreading COVID-19.
Notably, Harambee Sacco made a net interest income of 418 million shillings in 2019, representing a 3 percent growth from the previous year. The society's members also received 1.3 billion shillings as dividends this year.
