This archive report was first published on 24 July 2019.
On July 24, 2019, Co-operative Bank and Metropolitan National Sacco (formerly Kiambu Teachers Sacco) strengthened their partnership to improve service delivery to the Sacco's over 100,000 members.
As part of the agreement, Co-op Bank's subsidiary, Co-op Consultancy, will offer 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 to better manage the members' monthly loan demands and overall liquidity flows.
Metropolitan National Sacco, one of the largest Saccos in Kenya, has a total asset base of Ksh 13.6 billion and operates eight branches across the country.
The Sacco has made significant progress in stabilizing its operations and recovering outstanding loans, with the recovered funds being used 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 through its front office service activity (FOSA).
Speaking during the signing of the restructuring agreement, Sacco chairman Christopher Karanja commended Co-operative Bank for its timely intervention, saying 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 added.
