This archive report was first published on 12 July 2019.
Co-operative Bank has strengthened its ties with Metropolitan National SACCO, one of the largest Saccos in Kenya, to revitalize the Sacco's operations and improve its financial stability.
As part of the partnership, Co-op Bank's subsidiary, Co-op Consultancy, will provide corporate advisory services to build the Sacco's capacity for long-term sustainability.
The Bank has also restructured the Sacco's funding requirements under a Corporate Restructure Program, aimed at better managing the members' loan demands and overall liquidity flows.
Metropolitan National SACCO has a membership of over 100,000, with a total asset base of Ksh 13.6 Billion and 8 branches across the country.
The Sacco has stabilized its operations, with efforts focused on recovering outstanding loans and availing the recovered funds for on-lending to members.
Co-op Bank has also re-launched the Saccolink debit card, Sacco Personal Cheques, and trade finance partnership to increase the Sacco's revenue base.
Speaking at the agreement-signing event, Chairman of Metropolitan National SACCO, Mr. Christopher Karanja, commended Co-op Bank for its timely intervention, saying it has injected new impetus for growth at the Sacco.
Mr. Karanja stated, "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."
Director, Co-operatives Banking Division at Co-operative Bank, Mr. Vincent Marangu, emphasized the Bank's strategic interest in the Sacco's turnaround and long-term growth.
Mr. Marangu added that the corporate restructuring deal will ensure the Sacco has adequate working capital to support its members and improve operational efficiency.
He concluded, "We have done it before for a number of co-operatives, with huge success, and therefore this will be in line with our mandate and commitment to the co-operative movement."
