Co-op Bank Kenya News Archives - Page 3 of 5

Is homework really necessary for kids in kindergarten?

Posted on April 21, 2022April 22, 2022 by Kibaki Muthamia

Do you have a kindergartner in your house? Parental protocols demand that at some point, homework sessions shall take up a section of your evening. Hey, those booklets have a blank space for the parent’s signature!

Have you tried teaching the new phonetic alphabet?

Let me tell you, Maina. It’s easier for the proverbial rich man to squeeze through the eye of a needle.

The new phonetic alphabet is messing up that innate, regal awe kids have for their parents. Suddenly, daddy is no longer fit for the Superman cape – he doesn’t have a clue of basic ABC’s!

So, heads up to new dads whose kids are joining school, in May. Brace for a few evenings, which will have you looking like a total fool in the eyes of your kid. As it is, day one in school stamps the teacher as an all-knowing deity, so anything you teach your kid has to measure up.

You schooled in the archaic A – for apple, B – for boy days. Your kid will smirk with glee for catching you wrong for the first time. “No! Teacher didn’t say that!”

They’ll scream at you. In their eyes, you can read ‘What a blithering idiot’ in a billboard size font.

Ah, Buh, Cuh, Du, Fff……

At this point, you’ll call for your house manager. In that household, she’s the closest to solving this riddle. You’d better pray she can scribble a ‘parental’ signature on that homework booklet.

At the end of the first week, your kindergartner shall bring home their weekend CBC project. They are supposed to make a scarecrow.

Teacher Ann, really? What happened to simple dolls or basic game boards for projects?

You have seen scarecrows in millet farms swaying in the breeze on occasional drives out of town. But, you’ve never taken a moment to think of what it takes to make one. Do you nail rods together, and then dress that frame in old clothes?

Ah, well, let’s search online. The requirements and tools needed guarantee a rather hectic weekend ahead.

What never subsides even for a moment, is your kid’s energy. At 0400hrs, Saturday morning – kid is tagging at the foot of your bed.

“Daddy, let’s go make scarecrow. Teacher Ann said you help me!” You’ll groan and turn, but it is what it is.

Well, as new parents prepare for their kid’s first day in school there’s a lot of businesses that make it easy. They provide basic requirements. There’s need for several pairs of uniforms in the school’s specifications. A need several pairs of shoes – it’s not uncommon for a new scholar to return home without a shoe – or different shoes. New parent, prepare mentally for such an occurrence.

For business owners, it’s easy to cash in on this flurry of purchases by accepting online card payments via Chapa Pay, Co-op Bank’s eCommerce solution.

Chapa Pay eCommerce solution allows you to receive online card payments from your customers directly into your Co-op Bank account. The best part is that a business does not need to have a website to receive online card payments. In this case, the business owner receives a unique link (Pay-By-Link) which is used to invoice their customers.

It attracts no extra costs and it’s very secure. To learn more ways to build your business with Chapa Pay, click here. Alternatively, walk into the nearest Co-op Bank branch and speak to a bank representative.

This is the first step to joining the best financial partner for hassle-free business growth, and going global.

Co-op Bank reports an hefty Ksh22.6B Profits before Tax for the year 2021

Posted on March 17, 2022March 17, 2022 by Kibaki Muthamia

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 22.6 Billion for the full year 2021, a strong 59% growth compared to Kshs. 14.3 Billion recorded in Full Year 2020.

This represents a commendable Profit After Tax of Kshs. 16.5 billion compared to Kshs. 10.8 Billion reported in 2020.

Co-op Bank CEO Gideon Muriuki in a past press conference

Key Highlights:
Financial Position:

The Group has registered sustained growth as follows;

Total Assets grew to Kshs. 579.8 Billion, a +8% growth from Kshs 536.9 Billion in year 2020
Net loans and advances book grew to Kshs. 310.2 Billion, a +8% growth from Kshs.286.6 Billion in year 2020
Investment in Government securities grew to Kshs. 184.1 Billion from Kshs. 161.9 Billion in 2020, a +14% growth.
Customer deposits grew to Kshs 407.7 Billion, a +8% growth from Kshs. 378.6 Billion.
Borrowed funds from development partners stood at Kshs 42.9 Billion from Kshs.46.0 Billion in 2020.
Shareholders’ funds grew to Kshs. 100.2 Billion (+10%) from Kshs. 90.7 Billion in 2020 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 12% from Kshs 53.8 Billion to Kshs 60.4 Billion.
Total non-interest income grew by 11% from Kshs 17.5 Billion to Kshs 19.4 Billion.
Net interest income grew by 13% from Kshs 36.3 Billion to Kshs 41.0 Billion.
Total operating expenses improved by 3% from Kshs 39.4 Billion to Kshs. 38.1 Billion.

Increased Market Dominance

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.

Through our multi-channel strategy, the Bank has successfully moved 94% of all customer transactions to alternative delivery channels, an expanded 24-hour contact centre, mobile banking, 561 ATMs, internet banking and over 26,000 Co-op Kwa Jirani agency banking terminals.

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.3 Million customers registered and loans worth Kshs 71.2 Billion disbursed year-to-date, averaging Kshs. 6 Billion per month.

Over 144,000 customers have taken up the MSME packages that we rolled out in 2018, and 19,963 have been trained on business management skills.

To date, we have disbursed Kshs. 42.5 Billion to MSMEs through our E-Credit solution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 464 FOSA outlets.

Proactive Credit Management remains a key focus area supporting Loan Assets growth;

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management to the Branches, Lending Units and Relationship Management teams.

The successful project, aimed at enhancing collection activities, has advanced to Project Connect & Build (CB). The project is aimed at:
Identifying more business opportunities for loan book growth.

Engaging existing & potential customers with a view to establishing/enhancing their needs and co-create solutions.

Increasing customers’ product-holding.
Sustaining the best practices learnt under the Decentralization of Loan Portfolio Management and Project Kilele above.

The Group prudentially provided Kshs. 7.9 Billion in loan loss provisions compared to Kshs 8.1 billion provided in 2020 indicating improving quality of our asset book as businesses and households continue to recover from the impact of Covid-19 pandemic.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary posted a Profit Before Tax of Kshs 803.9 Million as at 31st December 2021, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan that is a unique joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a monetary loss of Kshs 421.7 Million in FY2021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 140.4 Million in Profit Before Tax in FY2021, with Funds Under Management of Kshs. 189.2 Billion compared to Kshs. 127.5 Billion in December 2020.

Kingdom Bank Limited (former Jamii Boar Bank) has contributed a Profit Before Tax of Kshs. 512.4 Million in FY2021.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.business Fund to finance Sustainable Agriculture.

Corporate Social investment

Co-operative Bank Foundation has continued to provide annually over 650 Scholarships to gifted but needy students from all regions of Kenya.

The sponsorship includes fully paid secondary education, full fees for University education, Internships and career openings for beneficiaries.

The foundation is fully-funded by the bank and has so far supported 8,842 students since the inception of the program.

Accolades
The Group appreciates the recognition and Awards received in 2021, notably the following EMEA Awards (African Banking Awards);

The Best Bank CEO in Africa Award, awarded to Dr Gideon Muriuki, Group Managing Director & CEO, Co-op Bank with the following citation;

The Board of Directors’ bold decision to sustain the same level of dividend payments to shareholders despite the Covid-19 crisis offered a most timely relief, especially to the over 15 Million-Member Co-operative Movement, whose livelihoods would have been severely impaired had the dividend been withheld.

The Bank notably also sustained a relentless focus on Staff Wellness with the unprecedented challenges occasioned by the Covid-19 pandemic; notably it undertook a bank-wide analysis to identify and address manpower inefficiencies spurred by the disruption, with a critical focus on staff redeployment/retention other than redundancies.

The Best Bank in Kenya Award, and as Best Bank in Financial Inclusion -Africa, with the citation;

Bank subsidiary Co-optrust Investments Services was named Best Asset Manager in Kenya; now has an Asset Base of over Kshs. 189.2 Billion under management.

Co-op Bank changing the business landscape with innovative MSME Business Loans

Posted on February 28, 2022February 28, 2022 by Kibaki Muthamia

Are you a business owner running a Micro, Small and Medium Enterprises (MSMEs)? Do you want to boost your business, but you’re falling short of funds?

Worry no more. Co-op Bank MSME business plus loans has you covered.

In partnership with International Finance Corporations, Co-op Bank has conducted numerous research to understand the Micro, Small and Medium Enterprises (MSMEs).

The bank has developed a solution to help these entrepreneurs meet their needs and align with existing and new opportunities.

MSME Term Loan: What It Is?

An MSME term loan is the funds your business can secure to raise supply operations or expand your business.

The loans come with a repayment period between 12 to 60 months, depending on your business scale.

The bank offers both unsecured term loans and partially secured term loans.

According to Arthur Muchangi, the Director Retail & Business Banking at Cooperative Bank,

“Our message to MSMEs is simple; we have heard you. We have made available a substantial kitty of Sh15.2 Billion for a package of loans that include an unsecured business loan, a first of its kind in Kenya.

E-Credit through our MCo-op Cash App, where businesses can borrow up to Sh2 million via their mobile phone packaged insurance cover, which is handpicked and specifically negotiated to suit various segments under MSME, revised and pre-approved limits on overdrafts and loans.

The loans will be supported by trade services that include Letters of Credit, guarantees, supply chain financing, among others.”

What Are the Key Features of Co-op Bank MSME Current Account?

Co-op Bank MSME’s current account offers custom-tailored features that range from mobile loans, secured and unsecured overdrafts, insurance solutions, payment solutions, supply chain financing, credit cards, cheque book, internet banking, debit cards,

Mobile banking, dedicated relationship manager and non-financial services like training and networking.

Co-op Bank MSME solutions address the needs of entrepreneurs by providing three MSME account packages that address different requirements for their customers:

Gold: Offers a maximum of Ksh 10 million unsecured and Ksh 15 million for partially secured loans
Silver: A maximum loan of Ksh 6 million unsecured and Ksh 8 million for secured loans
Bronze: A maximum of Ksh 600,000 unsecured and Ksh 3 million secured loans

Unsecured loans have a repayment period of 24 months, while secured loans have a repayment period of up to 60 months.

In addition, all account holders get the following services from Co-op Bank:

Free monthly e-statements
Access to MSME asset solutions and daylight overdrafts
Free In-house standing orders
Bargainable FX conversion rates
SMS and Email alerts
Access to trade finance services.

What Are the Interest Rates Charged on Co-op Bank MSME Loans?

Co-op Bank charges MSME loans in two different ways; a customer can opt for any two.

Flat Rate MSME Loans

The loan attracts an interest rate of 13% per year with 2.5% appraisal fees. The loan comes with a maximum of 36 months and attracts no negotiation or application fees.

Reducing Balance MSME Loans

Loans attract an interest rate of 13% per annual with application fees of between Ksh 3 million to 15 million depending on the amount. The loan also attracts an appraisal fee of 3% and comes with a maximum tenor of 36 months.

Who Can Qualify for Co-op Bank MSME Loans?

Customers operating business accounts with Co-op Bank as individuals are eligible to apply for the MSME loans if they meet the following criteria:

A customer should have an account linked to MCo-op Cash
A customer should have zero non-performing loans with the bank
A customer should not be blacklisted by the CRB or on the bank’s blacklist
Should hold an account with Co-op Bank for at least six months.
Should be between the age of 18-65 years
Must hold accounts not overdrawn over the approved limit
Must not hold any arrears with the bank at the time of application
Should not have any blocked funds in their accounts
Should not have any of their loans with the bank written off

How to Apply for MSME Loan From Co-op Bank

If you’re not a Co-op Bank member, visit the local bank to open an account and start transacting to enjoy the benefits of MSME loans after six months.

For existing Co-op Bank members, use your MCo-opCash App or dial *667# and register to start the application if you qualify.

You can Download the MCo-opCash App from the google play store.

Co-op Bank Online Ecommerce Solution for Online Payments

Posted on February 21, 2022February 22, 2022 by Kibaki Muthamia

Are you a small business owner who promotes his services and goods in the digital space? Do you have a check-out platform on your website to receive payments from your online platform?

eCommerce is rapidly expanding across the globe and is here to stay. Established businesses are under cut-throat competition, trying to outdo each other to stay afloat while trying to venture into new markets.

Small businesses are under the heat, but this is no more.

To stay afloat in business and maximize profits while cutting down on costs and operational expenses must be minimal. With the rising cost of living, more companies have adopted eCommerce platforms to run their business.

Business owners are adopting eCommerce to do business globally without a physical store, employees, and overhead expenses.

In Kenya today, most eCommerce platforms rely on payments based on cash after delivery or mobile money wallets.

These payments are highly prone to fraud, security risks, and boundary restrictions. It’s a big challenge on payment processing when a small business wants to venture into the regional or international market.

How Ecommerce Solutions Work for Businesses Without Websites

Co-op Bank now runs an online card payment solution to make your business thrive at no extra cost. If you conduct business on digital platforms, you can receive online card payments from your customers.

You can accept payments from any location on the globe without a check-out platform integration or website.

Co-op Bank offers online payment solutions to businesses, giving them room to expand and venture across the borders. They are providing a secure and conducive platform to conduct business.

Here is a step by guide on how the online payments solutions work:

A business owner registers with Co-op Bank to get a unique link known as Pay-By-Link, which they use to invoice their clients.
A potential customer contacts the business owner and agrees on the desired good or service pricing.
Next, the business owner will send the unique payment link to the client’s emails address.
The customer receives the unique link via email. Upon opening the email, they are directed to a portal to input their card details and process the payments.
The trader receives a notification via email and SMS with the details of the payments.
If the customer has subscribed to SMS alerts with the service provider, they receive a notification informing them of the purchase.

How Ecommerce Solutions Work for Businesses With Mobile Apps and Websites

For businesses that have adopted mobile application (APPs) and web check-out platforms, the Pay-By-Link solution optimizes their operations and efficiency by offering a payment solution that provides the following to its customers:

Reliability: Once adopted by a business, the solutions operate 24/7.
Simplicity: Pay-By-Link solutions are easy, quick, and easy to implement.
Convenience: Customers can overcome geographical limitations and purchase goods and services from any location on the globe.
Safety: Co-op Bank eCommerce solution comes with a data security standard compliant payment card that ensures customer data security and safety.
Customer experience: Customers get 24/7 support with a dedicated relationship manager on standby.

What Are the Advantages of Co-op Bank Pay-By-Link Ecommerce Solution?

Small scale traders benefit a lot from the eCommerce solution, for they level their game with established businesses that have long dominated the eCommerce sector in regional and international markets.

Here are ways how small business owners benefit from the online payment platform:

Small and established businesses do not incur costs when onboarding the Pay-By-Link online solution.
All card payments come secured with two-factor authentication via 3D security protocols. Customer data and privacy are top priorities.
Dispute resolution is simplified. If a customer pays over the actual price, the seller can initiate a reversal of the payments from his end.
The hustle and bustle of involving the bank to mediate between the buyer and seller avoided making transactions more efficient.
Businesses have a secure platform to process their payments. After making a payment, a customer cannot initiate a reversal for the purchase made. The platform protects small businesses from theft.
The platform offers an avenue for accountability. A business owner can track transactions to view and reconcile payments in real-time via a single dashboard.

As an investor, you can now enjoy the benefits of cross-border trade as you transact on a safe, reliable, and efficient platform to grow your business.

Co-op Bank announce opening of 7 new branches for deeper reach

Posted on January 20, 2022January 20, 2022 by Kibaki Muthamia

Co-operative Bank of Kenya has bucked the industry trend where several lenders have rolled back their brick and mortar footprint, and is expanding physical outlets to add onto the current 173 branches in Kenya.

Seven new Co-op Bank branches are underway in carefully-selected locations namely Kamakis on Nairobi’s Eastern Bypass, Kabarnet, Iten, Moyale, Mwiki/Kasarani, Bunge at the new Parliament Tower in Nairobi and Kamulu in Nairobi Eastlands that opened doors in December last year.

Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank's Head of Branch Banking Peter Kirugu. — Director Retail & Business Banking William Ndumia presents a gift to Mr. who was the first client to open an account after the official opening of Co-op Kamulu branch Mr Joseph Kimathi Ndegwa . Looking on is the bank’s Head of Branch Banking Peter Kirugu.

The expansion of brick and mortar presence will complement the bank’s robust Digital Banking channels that continue to grow in popularity to now handle over 90% of customer transactions, with Mco-opCash mobile wallet having registered 5.3 Million users and disbursed Kshs 51.3 billion in loans as at the close of the third quarter of last year, averaging Kshs. 5.7 Billion per month.

The decision to determine need and location of new branches is determined through rigorous market research.

The new branches do not typically increase staff headcount as they are usually staffed from existing teams, following the branch transformation and digitization program implemented under the Soaring Eagle project that has enabled agile resourcing of the business.

Banks have been making cost savings by rolling back their branch network as some customers prefer to use online banking services, what informs the decision to buck this trend and open new branches?

First, selection of branch sites is always supported by rigorous market research to ensure viability, for which reason we’ve never closed a branch in our 50-year history.

Co-op Bank’s new branches give us an insight into emerging centres of economic activity that are currently underserved by banks.

Second, we believe there is no one single channel that will displace all others, rather, it’s the investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer.

The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by desires to cut brick and mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served.

Whilst some customers will do some transactions online or on cellphone, a significant section of customers will always prefer to engage a bank through a physical branch, especially for certain services, for a long time to come.

Third, Co-op Bank branches are Service Hubs, as they serve not just own customers, but also service the bank’s subsidiary network including Saccos especially those running FOSAs now numbering 479 countrywide, and 23,000 bank agents who depend on our cash management services, training and supervision to run.

How can we have a viable bank agency network or Fosas when the nearest bank branch is say over 50 kms away?

Four, for Co-op Bank a branch is not just a transactional point, it’s a statement of intent to build sincere lifelong relationships.

Fourth, the advent of Devolution and establishment of County Governments has fostered a totally new economic dynamic with counties emerging as new centres of economic dynamism.

Co-op Bank has a County Banking Strategy aimed at building competencies to serve the unique needs of the various counties and communities.

This includes having some form of physical presence in all counties, as it would be highly unlikely that any county would partner with a bank that has no presence in a county.

The ongoing migration of routine bank transactions such as cash withdrawals, deposits and payments to alternative channels offers banks the space for deeper engagements with customers and the wider community.

This includes more focus on customer advisory, consultancy and training, to build lifelong relationships, brand immersion and sustainable value-add to the communities in which we do business.

Similar to other lifelong relationships, banking needs to be nurtured for the long term rather than regarded as transactional interactions.

8 Kenyan celebs you wouldn’t believe are geniuses

Posted on January 14, 2022February 2, 2022 by Ozymandias

Let’s face it, when most of us think of Kenyan celebrities, if you’ve been through the previous 8-4-4 system or you’re one of the unfortunate “alumni” of the CBC curriculum, then you automatically assume them dense.

The reason for this is the fact that for the most part, our education system puts an emphasis on academic excellence to the absolute dereliction of any other forms of intelligences or even talents. So you’re a footballer? Big whoop. Your teachers will drum it into the rest of the class or worse still, into you’re head that you’re nothing. The same can be said for actors and entertainers. Wait, I think there is a special bottom rung made entirely of comedians.

But what if I told you that while there are different cadres of intelligence, there are some -a precious few- who excelled in both the conventional way aswell as at the pursuit of their talent and craft? Some entertainers and celebs who were actually not just talented but also academically intelligent enough to juggle high level performance in all that was required of them?

And we all know what that mean. In both 8-4-4 and CBC, it takes a whole lot of cramming. Beyond simply being familiar with the material, you have to actually cram for the exams and often it involves some outdated and useless procedures (for most career paths) such as the Bosch Process (Chemistry anyone?) because let’s face it, I have never used that knowledge anywhere outside of my KCSE exam hall.

Even before we start, I need to actually clarify some metrics for you to fully appreciate the genius of these celebs. KCSE is graded on a scale with a maximum grade of A plain equivalent to an 80% score and above (to 100%) through to the minimum grade of E, equivalent to or lower than a 25% score.

Let’s take a quick look at the celebs who scored highly on their national O-Level exams (what we here in Kenya call KCSE). And I assure you that some of the characters who are certified geniuses will blow your mind.

Fena Gitu

This would surprise many but the Femcee cum LGBTQ advocate (though she does this on the sly) is a Precious Blood Riruta alumni who managed to score an A- (A minus) in her KCSE exam.

Fancy Fingers

Sauti Sol’s Polycarp who is an alumnus of Strathmore actually managed to score an A before he went on to pursue a degree in actuarial science.

JB Masanduku

Tina Kaggia’s ex-husband and comedian was actually a student at two “Ivy League” Kenyan schools; Starehe Boy’s Centre as well as Alliance High. And as if that isn’t impressive enough, he managed to score an A in the national exams.

Maureen Kunga

One-half of the two ladies that make up the trio that is Elani (do they still make music anymore?) is an alumnus of Kianda School where she managed to score an A in the national exams. And as if that weren’t impressive enough, drum roll, please…

Wambui Ngugi

The second half of the two ladies that make up the trio that is Elani (which at this point I have to state also includes Brian Chweya) also scored an A in KCSE.

King Kaka

The rapper formerly known as Rabbit (isn’t that one of if not the worst name you’ve ever heard a rapper gave himself?!) made it against all odds. He was at Eastleigh High which if you know anything about Nairobi, isn’t exactly a bastion of education. And yet he managed to score an A- (A minus).

DJ Creme

The disc jockey too wasn’t in what we would consider a Kenyan “ivy league school” given he studied in some backwater secondary school before going on to score an A- (A Minus) in his KCSE exam.

Wahu

Come on, you already know this girl is smart. I mean, she went on to study mathematics in university. What more can I say? She too is an alumnus of Precious Blood and got an A.

I’ve purposely left out Babu Owino from the list. Google his grade yourself.

Clearly, a lot went into their academic prowess and this definitely includes (on the most part) not having to worry about their allowances. That is where Co-op Bank comes into partnership with you to avail to your child every possible advantage that you can afford them. One simple example of this is ensuring they always have their allowance/ pocket money at hand and not have to worry about it being jacked.

Allow your child to focus entirely on their national exams given they are in their third term. Whether they are sitting for KCSE or the primary school national exams, KCPE. How can you do that? I’m glad you asked.

Co-op Bank is here to partner with you to ensure your child focuses on what’s important -their education. You can also load up your child’s pocket money to their Co-op Bank Pre-paid.

What are the benefits of a Co-op Bank Prepaid card?

No need for your child to carry loads of pocket money as they head to school, you can simply load it in the Co-op Prepaid card which is safer than carrying cash.
The student will be able to pay for items at their school canteens at No Extra cost.
Parents will be able to track their students sending by getting a Mini statement of the card at a Co-op Kwa Jirani agent or via SMS alerts.
You no longer need to travel all the way to the school to hand over money to your child, you can simply load the card at any Co-op Kwa Jirani agent.
The students are also able to withdraw money using the card from any Co-op ATMs or Co-op Kwa Jirani agents outside school.
You dont need an account with Co-op bank to enjoy the benefits of the card.
No extra charges will be incurred in transactions using the card.

Click here to find out more.

Ain’t it true that high school survival stories prepare you for a harsh world?

Posted on January 10, 2022January 10, 2022 by Kibaki Muthamia

In lots of ways, our experiences in high school define the rest of our lives. Everything from social skills to street-smart adaptability. High school was an all-inclusive holistic life shaping engagement. Well, corporal punishment was common fanfare, them days. The perfect trailer to a harsh, cruel world after school.

First off, high school gave us a chance to venture outside the suffocating confines of our village and exposed us to other cultures.

He who doesn’t travel thinks his mother is the best cook.

We got used to weevil-ridden fare in smoky kitchens with sweaty, scowling cooks. In some occasions, we’d catch a whiff of kerosene in the Githeri!

The village had embraced us in a loving embrace – then high school ripped us from that comforting embrace to the cruelty of sadistic bullies.

You learn that people can be unkind for no reason.

You learn the world doesn’t owe you a soft landing.

The basics of the social system – elite class, the middle class and the peasants – are first made apparent in high school. One learns there will always be people richer and wealthier, but not necessarily smarter. The grades in class is what mattered.

On money, lessons were served fast and harshly. What may seem exorbitant to one may turn out to be mere chicken feed to another. In those days, I’d feel rich if my folks and relatives in the village sent me back to school with 500 bob as pocket money – shopping inclusive. Then I’d meet urban kids living like kings with unlimited funding!

High school taught us restraint – one doesn’t need to eat bread with margarine on every break.

The ingenious village kids would often come up with tricks to earn extra income.

I know a lad who cleaned the 4K club rabbit hutches for a fee. Most of the club’s members were averse to the tedious chores. He made a tidy sum after classes.

Another lad made a name as a data entry expert – copy writing notes and long assignments over the weekends. He’d also write fancy, wordy, perfumed letters to pen pals in neighboring schools for a fee.

The harshest lesson was dished out in form one, second term. I lost a tidy sum of money to con artists at the bus terminus in town on the way to school.

It was the school fees – stashed in my socks. To date, it amazes me how they had realized I had money on me.

Nowadays, luckily, school kids do not have to expose themselves to con artists and pick pockets. In regard to school fees, with Co-op Bank there’s four safe and convenient ways – from anywhere on the globe.

There are 4 different ways that you can use to pay your fees and that is; the MCo-op Cash app, M-Pesa Pay Bill, Co-op PesaLink or at a Co-op Kwa Jirani agent.

To pay your fees through the MCo-op Cash app follow these steps:

Log in to MCo-op Cash
Select Other Payments
Select School Fees
Enter school code/business number; click here to confirm your school’s coordinates
Enter account to pay from
Enter student number
Confirm transaction
Receive SMS confirming that the transaction was successful

(You can also dial #667 on your phone and follow the same steps)

To pay your fees through M-Pesa PayBill follow these steps:

Go to Lipa na M-Pesa (PayBill)
Enter Business Code 400222
Enter Account Number as School Code followed by # followed by the student number, for example, 1059#123456789
(NB: Click here to confirm your school’s coordinates)
Enter amount
Enter M-Pesa PIN
Confirm transaction
Receive SMS confirming that the transaction was successful

To pay your fees through a Co-op Kwa Jirani Agent, simply walk to the nearest one and give them the details of the student and name of the school and the money and you will get a receipt.

To pay your fees through Co-op Internet Banking (Co-opNet) follow these steps:

Log in to Co-op Internet Banking
Select ‘Bank Transfer’
Enter the required details for the school’s account
Confirm the transfer
Print out your receipt once the payment goes through

For more information, you can visit C0-op Bank’s website and ask them any questions that you may have through their Twitter. #WeAreYou

How does the Co-op Bank Pre-Paid Card make life easier for a student in school?

Posted on December 28, 2021December 28, 2021 by Kibaki Muthamia

High school, ain’t just about academics. It’s full of surprises. There’s a whole lot to learn.

There’s the inevitable social angle: How do you relate with people from other communities? It prepares a student for a larger world with strange languages, other tribes and cultures.

There’s the societal standing. A lot of students hail from poor to average backgrounds, high school is one long lesson on how to not compare self with others.

A youngling learns how to integrate with people hailing from completely different backgrounds.

It is what it is.

A factor that remains constant is the clamour by senior students to take advantage of new, naive students. While over the years the bullying dragon has largely been slayed, it still exists in other forms.

The typical bully’s magnet is the allure of pocket money.

The ingenious seniors employ all sorts of uncanny tricks to relieve newcomers of their pocket money.

Some were straight incredulous – say, a senior would come into the form one class dressed in smart casual clothes, pretending to be some club’s patron – and, he’s on a quest to recruit new members.

The wide-eyed freshers would be awed by the smartly-dressed club patron, and the registration fee would be fixed at a modest 100 bob. Freshers would scramble to register.

That’s how freshers would be dubed to join fictitious clubs – The Forest Club, The Young Rotary Club, et al.

It’s common, and unethical, but senior students would break into the fresher’s lockers and boxes. The trick to safeguard this money was to think like a thief – how best to hide your money.

A lot of freshers would spend weeks walking around with money in their socks. Or, rolled up in polythene and buried somewhere in the school grounds.

It was hectic. A lot of prep time is spent wondering if the stash is safe.

Cue in the modern times, where digital banking has taken over, and this predicament is easily solved.

Co-op Bank has availed an innovative, safe and easy way to safeguard your child’s pocket money from risk of loss to marauding bullies.

As it is, a student can now worry less about their money’s safety and keep to their studies.

The Co-op Bank Pre-paid card allows a parent to load cash into a card which a student carries to school.

Whichever your choice of bank is, all one has to do is walk into the nearest Co-op Bank branch and sign up for the card, and your childs needs are handled.

What are the benefits of a Co-op Bank Prepaid card?

No need for your child to carry loads of pocket money as they head to school, you can simply load it in the Co-op Prepaid card which is safer than carrying cash.
The student will be able to pay for items at their school canteens at No Extra cost.
Parents will be able to track their students sending by getting a Mini statement of the card at a Co-op Kwa Jirani agent or via SMS alerts.
You no longer need to travel all the way to the school to hand over money to your child, you can simply load the card at any Co-op Kwa Jirani agent.
The students are also able to withdraw money using the card from any Co-op ATMs or Co-op Kwa Jirani agents outside school.
You dont need an account with Co-op bank to enjoy the benefits of the card.
No extra charges will be incurred in transactions using the card.

It’s prudent to visit the nearest Co-op Bank branch to learn about Co-op Pre-paid card, or click here.

How can a business owner exploit online banking options to better grow his franchise?

Posted on December 20, 2021December 20, 2021 by Kibaki Muthamia

A secure system that allows online payments for business is a major concern for discerning business owners. There’s pressing need to go cashless in the digital age, and on this front, Co-op Bank leads the pack.

Co-op Bank has an innovative online banking platform that has won accolades across the banking spectrum for its reliability, security and versatility. A business does not need a website to enjoy benefits of online banking.

Online card payments

Boost your sales by integrating into our online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATMs, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, its easier to track stock levels, and enjoy an easy check out flow.

PDQ/POS

This is a device that refers to a payment terminal accessed by Visa cards to make electronic fund transfers. They are common in malls, supermarkets and fuel stations.

POS stands for Point Of Sale in a business outlet. PDQ stands for Process Data Quickly.

Co-op Bank avails PDQ/POS machines to their clients. These machines greatly boost sales by enabling them receive card payments from customers from different banks.

A trader enjoys timely reports, easier tracking of income and expenses.

Lipa Na M-Pesa Till Number

Co-op Bank provides this service in partnership with Safaricom M-Pesa service. The bank offers to process a till number for their clients businesses, at no charge.

This helps a business to receive cashless payments via Lipa na M-Pesa Till Number – usualy displayed at payment point at the business premises.

The money clients pay through the Till number is deposited directly into the clients Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Banks mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

Co-op Bank’s official M-Pesa Paybill number – 400200 – enables a trader to receive payments directly into their Co-op Bank account. The money reflects into the account immediately.

One can also check for the payment confirmation via our mobile banking or internet banking platforms. Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via the banks’s mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op bank account. Its applicable to all needs that require exchange of money.

Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

How does a business boost sales?

Easier tracking of expenses.

Timely business reports.

Easy check out flow.

Instant payment confirmation via SMS notifications or via internet banking platform.

Payments are deposited into Co-op Bank account – easy access anytime via mobile banking platform, ATMs, Co-op Kwa Jirani agents, internet banking and at the branch.

How does a client register for Co-op Bank online banking?

You can log in and transact using any internet-enabled device including mobile phone, tablet, laptop or desktop computer.

Registration is INSTANT and FREE of charge. All you need is your National ID and any of your Co-op Bank ATM cards. Click here to register.

Youll create your own username and password, which you can re-set anytime in case you forget or feel the need to change.

Every time you log in or do a transaction, youll have to enter an OTP (One Time Password) which is sent to your mobile number or email address.

This is a security feature Co-op Bank has in place to keep accounts secure.

Top investor in transport reveals secrets to running a trucking business

Posted on November 23, 2021November 23, 2021 by Kibaki Muthamia

Are you in the trucking business? The journey is not that easy. You cannot predict what lies ahead of you.

Despite your business doing quite well, there will always be ups and downs. Successful business people use these moments to improve and elevate their business to greater heights.

Technology is one big platform that allows entrepreneurs to provide services to their customers and workers seamlessly.

Njiru Mugane, of Njiru & Sons Ltd, is a Mwea businessman. He’s made progressive effort to stay top of the digital financial trends – as a longtime Co-op Bank client.

He uses MCo-op Cash App on the move, through his phone. It has helped him seamlessly integrate his business with his family life.

How has Co-op Internet Banking bridged the business-family life gap?

Njiru has invested heavily multiple gas stations across the country, and in the haulage industry – with a fleet of trucks.

According to Njiru, effectively managing all the trucks at is a logistic nightmare. Drivers would call him at all hours – in the wee hours, strokes past midnight – complaining of truck breakdowns, law brushes at toll bridges, amongst other challenges.

He always had trouble wiring money to drivers and mechanics to cater to repair costs, but with MCo-op Cash, it’s been easier.

Now, he can make instant cash transfers, instant withdrawals or send money for far off garages for minor repairs or spare purchases.

For transparency, he usually makes direct cash transfers from his Co-op Bank account directly to the accounts of the servie providers. Sometimes, even to other banks.

It gives meaning to ‘Send money KI-Pro’! He says the process is fast and effective – he doesn’t even have to wake up from his bed!

Still, Njiru to keep growing, he recognizes the efforts put in by all his workers – and aims to retain his staff for long relationships.

Most of his competitor companies delay salaries. At times, the employer is at fault, sometimes banks are slow to disburse the money due to slow systems.

Njiru’s employees hardly ever suffer that fault.
Njiru’s operational secret is his reliance on Co-op internet banking system. He easily wires money directly to his employee’s accounts – wherever they are.

Money reflects instantly, unlike the outdated systems that took days. Plus, it’s a huge help on the book keeping.

How do you register for Co-op Internet Banking (MCo-op Cash)?

– Visit the nearest Co-op Bank branch and talk to an agent.

– You need your national ID number and account number to link your account to your mobile number.

– A one-time activation pin (OTP) code will be sent via SMS.

– Go to Playstore (Android phones) and download the MCo-op Cash App. It’s free.

– To activate the app, use the OTP sent by the bank. The bank agents will assist.

– Once you access your account, change the passwords to your secret numbers.

– For a phone not internet enabled, activate your MCo-op cash by dialling Co-op Bank USSD*667#.

If you decide to use the USSD code, you should at least have some airtime balance.

To learn more about Co-op internet banking, follow this link here, or talk to an agent at your nearest branch.

Co-op Bank declares Ksh11.6 billion as profits for the third quarter

Posted on November 18, 2021November 18, 2021 by Kibaki Muthamia

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 16.5 Billion for the third quarter of 2021, a commendable 20% growth compared to Kshs. 13.8 Billion recorded in the third quarter of 2020.

This represents a strong Profit After Tax of Kshs.11.6 billion compared to Kshs. 9.8 Billion reported in third quarter of 2020.

The strong performance by the Bank exceeds pre-pandemic performance and is in line with the Group’s strategic focus that supports growth, resilience and agility.

Co-op Bank Group Managing Director Gideon Muriuki during a past press conference (file image)

Key highlights; –

Financial Position; The Group has registered sustained growth as hereunder;

Total Assets grew by Kshs 82 Billion (+16%) to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.

Net loans and advances book grew by Kshs 22.1 Billion (+7.8%) from Kshs.284.2 Billion to Kshs. 306.3 Billion.

Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4 Billion.

Borrowed funds grew by Kshs. 17.7 Billion (+67.6%) to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020.

Shareholders’ funds grew to Kshs. 95 Billion (+16%) from Kshs. 82.0 Billion in 2020 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 19.2% from Kshs 37.2 Billion to Kshs 44.4 Billion.

Total non-interest income grew by 15.6% from Kshs 13.6 Billion to Kshs 15.7 Billion.

Net interest income grew by 21.3% from Kshs 23.6 Billion to Kshs 28.7 Billion.

Total operating expenses grew by 19.2% from Kshs 23.5 Billion to Kshs. 28 Billion on account of a 50% prudential growth in loan-loss provisions.

Credit Management remains a key focus area aimed at supporting a return to pre-pandemic NPL levels by way of the following interventions;-

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management, to the Branches, Lending Units and Relationship Management teams to enhance collection activities.

The Group prudentially increased loan loss provisions to Kshs. 6.0 Billion in the third quarter of year 2021, in appreciation of the challenges that businesses and households continue to face due to the effects of the ongoing pandemic.

A total of Kshs. 49 Billion in loans was restructured during the CBK restructure window that ended on 31st March 2021, with the restructured facilities largely performing as per the realigned agreements.

A Strong Digital Footprint

Through our multi-channel strategy, the Bank has successfully moved 93% of all customer transactions to alternative delivery channels; an expanded 24-hour contact centre, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.3 Million customers registered and loans worth Kshs 51.3 Billion disbursed year-to-date, averaging Kshs. 5.7 Billion per month.

Over 139,299 customers have taken up the MSME packages that we rolled out in 2018, and 14,665 have been trained on business management skills.

To date we have disbursed over Kshs. 25 Billion to MSMEs through our E-Credit solution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 479 FOSA outlets.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Limited posted a Profit Before Tax of Kshs 648.0 Million as at 30th September 2021, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan, a joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a monetary loss of Kshs 104 Million in Q32021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 92.3 Million in Profit Before Tax in Q32021, with Funds Under Management standing at Kshs. 187.1 Billion compared to Kshs. 123.7 Billion as at Q32020.

Kingdom Bank Limited (formerly Jamii Bora Bank) has contributed a Profit Before Tax of Kshs. 413 Million in Q32021. This is compared to 2020 full year loss of Kshs. 124 Million.

Co-op Bank holds a controlling 90% equity interest in Kingdom Bank, a fully-fledged commercial bank regulated by the Central Bank of Kenya with over 444,000 customers and 17 branches.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

The Group secured a US$ 10 Million credit line in partnership with Eco.Business Fund to finance Sustainable Agriculture.

Corporate Social investment

Co-op Bank Foundation has provided Scholarships to gifted but needy students from all regions of Kenya.

The sponsorship includes; fully paid secondary education, full fees for University education, Internships and career openings for beneficiaries.

The foundation is fully funded by the bank and has so far supported 8,368 students since the inception of the program.

MCo-op Cash: Bringing the basics of traditional banking to your home!

Posted on November 17, 2021November 17, 2021 by Kibaki Muthamia

Atop the list of innovations that have greatly revolutionized human lifestyles, is digital banking platforms. As it is, banking directly touches every sector – industrial, tourism, trade, education – and so on.

In trade, it’s a make or break deal – a robust digital banking platform makes alot of difference in cementing a clientele foundation.

Co-op Bank’s innovative online banking platform has wracked up a solid reputation with their mobile banking app, known as MCo-op Cash.

It’s readily available on free downloads from Playstore, for Android phone users. It’s built with easy-to-install, step-by-step activation process.

The app is basically a portal that allows a Co-op Bank client access to their account from anywhere across the globe.

What are some of the advantages of Co-op Bank online banking?

– It’s easy to view account balance.

– Check recent transactions.

– Make cash transfers to other accounts – within Co-op Bank or to other banks.

– Easily clear utility bills and subscriptions like power bills, water bills, internet and DSTV subscriptions. The app has preset payment data for several service providers.

– The app provides an interactive access between various bank accounts.

– The MCo-op Cash app allows a client to monitor multiple Visa and debit cards linked to the account.

For example, a Co-op Bank client can easily monitor or top up Visa cards used by a student – fast and securely.

– It’s easier to generate statements, that are conveniently sent to the registered email address, thereby cutting back time that would be used in applications at bank branch.

Co-op Bank online banking is not limited to MCo-op Cash app, on Android phones. It can be accessed through any internet-enabled gadgets like tablets and laptops.

Alternatively, for situations a client doesn’t have access to an internet connection, they can use Co-op Bank’s USSD number *667#.

This brings easy to follow prompts to access the account and make desired transactions.

How does a client register for Co-op Bank online banking?

– You can log in and transact using any internet-enabled device including mobile phone, tablet, laptop or desktop computer.

– Registration is INSTANT and FREE of charge. All you need is your National ID and any of your Co-op Bank ATM cards. To learn how, click here.

– You’ll create your own username and password, which you can re-set anytime in case you forget or feel the need to change.

– Every time you log in or do a transaction, you’ll have to enter an OTP (One Time Password) which is sent to your mobile number or email address.

– This is a security feature Co-op Bank has in place to keep accounts secure.

MCo-op Cash App is easy to navigate. Instantly, it avails all the basics of traditional banking to the user’s fingertips in the convenience of their homes.

A side hustle that you can easily set up

Posted on October 30, 2021November 1, 2021 by Ozymandias

If you’re looking for a side hustle that you can easily set up, then allow me to introduce you to the concept of “drop shipping”. That is a fancy word to describe bringing in goods from China and reselling them in Kenya.

And you really could do this for any product -granted there is a local market here in Kenya. So we could talk about doing drop shipping for shisha bongs… We all know a slay queen or two who love their shisha. Or you could do this with clothes and shoes.

The headache when it comes to this side hustle is down to marketing for sustained business and making the payments.

Think about it. You have a passion for sneakers right? Most likely, so do your friends. But that is an exhaustible market because they will not always be buying shoes, month-in and month-out. That means that one of your daily tasks will be marketing on IG and Facebook to get more customers so the endeavour actually pays off throughout the 12 months of the year.

So now that you have decided to sell sneakers to sneakerheads, it is time to identify a supplier. You could choose to go through websites like Amazon or perhaps the Chinese sneaker company has their own website. You place your order and have to pay up for it. How do you go about this without falling prey to scammers who simply want to phish your credit card details? Or how do you go about this without too much of a hustle? Well, that is where Co-op Bank comes in because they have a solution tailor-made just for you. These solutions include:

Online card payments
Boost your sales by integrating into our online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATM’s, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, it’s easier to track stock levels, and enjoy an easy check out flow.

PDQ/POS

This is a device that refers to a payment terminal accessed by Visa cards to make electronic fund transfers. They are common in malls, supermarkets and fuel stations.

POS stands for Point Of Sale in a business outlet. PDQ stands for ‘Process Data Quickly’.

Co-op Bank avails PDQ/POS machines to their clients. These machines greatly boost sales by enabling them receive card payments from customers from different banks.

A trader enjoys timely reports, easier tracking of income and expenses.

Lipa Na M-Pesa Till Number

Co-op Bank provides this service in partnership with Safaricom M-Pesa service. The bank offers to process a till number for their client’s businesses, at no charge.

This helps a business to receive cashless payments via Lipa na M-Pesa Till Number – usualy displayed at payment point at the business premises.

The money clients pay through the Till number is deposited directly into the client’s Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Bank’s mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

Co-op Bank’s official M-Pesa Paybill number – 400200 – enables a trader to receive payments directly into their Co-op Bank account.

The money reflects into the account immediately. One can also check for the payment confirmation via mobile banking or internet banking platforms.

Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via the banks’s mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op bank account. It’s applicable to all needs that require exchange of money.

Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

How does a business boost sales?

Easier tracking of expenses.
Timely business reports.
Easy check out flow.

Instant payment confirmation via SMS notifications or via internet banking platform.

Payments are deposited into Co-op Bank account – easy access anytime via mobile banking platform, ATMs, Co-op Kwa Jirani agents, internet banking and at the branch.

How does a client register for Co-op Bank online banking?

You can log in and transact using any internet-enabled device including mobile phone, tablet, laptop or desktop computer.

Registration is INSTANT and FREE of charge. All you need is your National ID and any of your Co-op Bank ATM cards. Click here to register.

You’ll create your own username and password, which you can re-set anytime in case you forget or feel the need to change.

Every time you log in or do a transaction, you’ll have to enter an OTP (One Time Password) which is sent to your mobile number or email address.

This is a security feature Co-op Bank has in place to keep accounts secure.

Five types of customers, and how to handle them at your business premises

Posted on October 29, 2021October 29, 2021 by Kibaki Muthamia

The Complainer

This customer has an halo of negativity. An outspoken skeptic. As soon as they enter the premises, they’ll start noticing all the wrong things.

It may be too stuffy, why does the management think of air conditioning? If none of the attendants is free, they’ll blast slow service.

The Talkative

Depending on the context, serving a talker is usually pleasant. A customer may casully inquire if a teller or a cashir is married, divorced or dating. It’s usually harmless, if not intrusive.

A dotting husband and father may lean in to show you clipped photos of their kids in their wallets – as they take out their card.

The Indecisive

Well, to be fair, there’s a lot involved in modern-day shopping – picking a certain brand over the others. It’s not uncommon to see a man at the counter sprint back to the aisle to swap one brand of tissue with another.

Other people may be unsure of how much they want to spend on their credit cards. A bit of calmness, and patience works well in these cases.

The Demanding/Aggressive

This category ranks lowest on the customer service aptitude tests. They are short tempered, and quick to kick up a storm. A slight uncertainity will have them banging palms on the counter, demanding to see the boss, or supervisor.

As an attendant, the ideal way is to talk less, nod and ask or buzz for the supervisor. Being calm – a poker face, and a little smile – diffuses the needless storm.

The Impatient

A customer may be in a rush. They’ll show it. Shout for the waitress in a busy restaurant, or threaten to leave without an ordered meal. It’s important that the queue moves along well.

Thou shall not abandon clients for personal calls, in-staff banter or coffee breaks.

The payment point usually gets the blunt. The secret is to invest in a cashless banking system that curtails risks associated with hard cash.

Besides security, business owners prefer fast access to their accounts.

Co-op Bank’s online banking platform is reliable, and secure. The innovative, easy-to-navigate portal links a business to a bank account.

There’s several options, to suit your business needs:

Online card payments

Boost sales by integrating an online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATM’s, Debit or Credit Cards. All payments for purchases or goods delivered are done by swiping cards.

Card payments enable instant account updates and accountability.

PDQ/POS

POS is an abbreviation for ‘Point Of Sale’ in a business outlet. PDQ stands for ‘Process Data Quickly’.

It’s a payment terminal. An interface for card payments, or electronic funds transfer. They are very popular in malls, supermarkets and fuel stations.

Coop Bank avails PDQ/POS machines to their clients. The device boosts sales by processing payments from customers holding accounts in different banks.

A client receives real-time cash flow reports. It’s easier to track income and expenses.

Lipa Na M-Pesa Till Number

First off, Co-op Bank offers to process a business till number for their clients, at no extra charge.

This enables a business to receive cashless payments via Lipa na M-Pesa Till Number. The money received through the Till number is deposited directly into the client’s Co-op Bank account.

Accounts are accessed anytime via Co-op Bank’s mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

The M-Pesa Paybill number 400200 enables a trader to receive payments directly into their Co-op Bank account.

On the M-Pesa menu, enter Co-op Bank Paybill number 400200, and on account, the client’s bank account details. The money reflects immediately.

It’s easy to make payment confirmations, via mobile banking or online banking platform.

Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via our mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op Bank account.

It’s applicable to all needs that require exchange of money. Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

To learn more about Co-op Bank’s online banking, click here – or visit the nearest Co-op Bank branch to speak to an agent.

Take Your Business Online: That’s Where The Money Is

Posted on October 28, 2021 by Ozymandias

Going digital/ going online: I was just reflecting on the last year we have all experienced when a certain unnamed beer bug resulted in the rest of us having to become virtual shut-ins for the better part of the calendar year.

I actually just realized that everything has gone digital. It’s all online.

If it’s a wines and spirit? Then it’s gone online to save on the overheads aswell as it’s where all the clients reside and hangout. A butchery? Same script.

Everything has gone online. Even thrift shopping which is what my neighbours and friends call mitumba clothing but it has it’s unique challenges. The biggest headache being processing pay. Making and sending payments can be a headache. Like if you need to bring in some refurbished phones from abroad; say the UK.

Or say you need to pay for shisha bongs that youre bringing in from Iran or China for you to resell locally. How do you handle the payments? Do you run around to have your currency converted then you deposit and send it?

That is where Coop Bank comes in -to make things easier. Coop Bank has services that allow you to transact your online business with utmost peace of mind. The systems set in place to enable you to focus on your online hustle include:

Online card payments
Boost your sales by integrating into our online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATM’s, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, it’s easier to track stock levels, and enjoy an easy check out flow.

PDQ/POS

This is a device that refers to a payment terminal accessed by Visa cards to make electronic fund transfers. They are common in malls, supermarkets and fuel stations.

POS stands for Point Of Sale in a business outlet. PDQ stands for ‘Process Data Quickly’.

Co-op Bank avails PDQ/POS machines to their clients. These machines greatly boost sales by enabling them receive card payments from customers from different banks.

A trader enjoys timely reports, easier tracking of income and expenses.

Lipa Na M-Pesa Till Number

Co-op Bank provides this service in partnership with Safaricom M-Pesa service. The bank offers to process a till number for their client’s businesses, at no charge.

This helps a business to receive cashless payments via Lipa na M-Pesa Till Number – usualy displayed at payment point at the business premises.

The money clients pay through the Till number is deposited directly into the client’s Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Bank’s mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

Co-op Bank’s official M-Pesa Paybill number – 400200 – enables a trader to receive payments directly into their Co-op Bank account.

The money reflects into the account immediately. One can also check for the payment confirmation via mobile banking or internet banking platforms.

Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via the banks’s mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op bank account. It’s applicable to all needs that require exchange of money.

Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

How does a business boost sales?

Easier tracking of expenses.
Timely business reports.
Easy check out flow.