This archive report was first published on 12 July 2019.
On July 12, 2019, Co-op Bank deepened its strategic partnership with Metropolitan National Sacco (formerly Kiambu Teachers Sacco) to improve service delivery to the Sacco's members.
The Bank is offering corporate advisory services through its subsidiary, Co-op Consultancy, to build capacity for long-term sustainability. Additionally, under a Corporate Restructure Program, the Bank has restructured the Sacco's funding requirements to better manage the members' monthly loan demands and overall liquidity flows.
Metropolitan National Sacco, one of the largest Saccos in the over 15-million-member co-operative movement, has a membership of over 100,000, a total assets base of Sh13.6 billion, and runs 8 branches spread across the country.
The Sacco has stabilized its operations with additional efforts geared towards recovering outstanding loans and availing the recovered funds for on-lending to members. The Bank has re-launched the Saccolink debit card, Sacco Personal Cheques, and trade finance partnership to increase the Sacco's revenue base through its front office service activity (FOSA).
Speaking at the event, Chairman of the Sacco Mr. Christopher Karanja commended Co-operative Bank for the timely intervention, noting that the restructuring has injected new impetus for growth at the Sacco.
“We thank the Co-operative Bank for coming to our great support at such a critical moment. The recommendations and measures that have so far been put in place will certainly get the Sacco to new heights. The corporate restructure by the Bank is the best thing that has happened to the Sacco in a long time. We will now boldly and seamlessly offer services to our members,” he said.
