Harambee Sacco, one of the leading savings and credit co-operatives by member deposit, has launched instant issuance of Visa Debit cards to members in its latest systems automation move.
This means sacco members can apply and instantly receive a Visa Debit card which is ready for use at any Visa-branded outlet including ATMs, Co-op Bank Agents and online stores.
The instant card-issue system is enabled by the Co-operative Bank.
It gives the Sacco the capability to print Visa Debit Cards right at the branch, at that very moment a customer applies for a card.
This is a first for Saccos, and a huge change from the current practice where members have to wait for up to two weeks to receive their Visa debit cards.
With over 73,000 members, six branches spread across the country and an asset base of Sh30 billion, Harambee Sacco is one of the largest Saccos in Africa.
Speaking yesteday during the launch at the Harambee Sacco House (headquarters) Sacco chairman Macloud Malonza said the partnership with Co-operative Bank has enabled a new solution, which will significantly boost convenience for members.
“Members will no longer have to wait for weeks before they receive their cards. Furthermore, this instant issuing of cards is consistent with government guidelines intended to minimize the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading Covid-19,” Malonza said.
Director of co-operatives banking at Co-op Bank, Vincent Marangu said: “This is the latest among various digital banking solutions provided by the bank to enhance the efficiency of Co-operative Societies for the benefit of their members and prosperity of the Co-operative movement at large.”
This instant card issuing solution will be rolled out to all Saccos that are providing Visa Debit cards to members through the Bank.
With the roll-out of instant card issuance, Co-op Bank will extend the service to millions of Kenyans through the regulated saccos in Kenya.
Harambee Sacco’s net profits grew by 85.7 per cent to Sh 100 million in 2019 from Sh 53.8 million recorded in the previous year.
Loans disbursed grew to Sh18.3 billion from 15.4 billion, recording an 18.8 per cent growth.
Operating revenue grew by 12.6 per cent to Sh3billion. Members deposits and savings grew to Sh20.1 billion in 2019.