The Co-operative Bank of Kenya and Harambee Sacco on Wednesday, June 24, launched an instant card-issuance to members.
The instant service under the partnership is a first for Saccos and signals a huge change from the current practice where members have to wait for up to two weeks to receive their Visa debit cards.
The instant card issuance means that the Sacco members can apply for and instantly receive a Visa Debit card and immediately start using the card to transact at any Visa-branded outlet including ATMs, Co-op Bank Agents or to shop at Visa-branded outlets and online stores.
The system is enabled by the Co-operative Bank and 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 comes as a huge boost to Harambee Sacco which is one of the largest Saccos in Africa with over 70,000 members, an asset base of Ksh30 billion and runs 6 branches spread across the country.
Speaking during the launch of the service at Harambee Sacco House, the Sacco Chairman Macloud Malonza lauded the Co-op bank partnership for enhancing convenience to members.
"The launch of this instant card issuance is timely, indeed overdue, as it will greatly enhance convenience for our members who from today 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 minimise the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading Covid-19. As a Sacco, we invite our members who do not as yet have debit cards to visit our branches and apply," he explained.
Director of Co-operatives Banking at Co-op Bank, Vincent Marangu revealed that the service would also be offered to other Saccos.
"This launch 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 the 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," he stated.
With the roll-out of instant card issuance, Co-op Bank will extend this service to millions of Kenyans through the regulated Saccos in Kenya.