Tag: Co-operative bank news

The Co-operative Bank Group has recorded a profit before tax of Ksh 17.7 billion for full year 2016 compared to Kshs 15.4 billion recorded in 2015, a 15% growth.

Profit after tax for the Group was Kes 12.7 billion compared to Kshs 11.7 billion in the previous year, representing an 8.5% growth rate.

The good performance in a tough environment is mitigated by the gains from the bold “Soaring Eagle” Transformation Project that the bank has been implementing since 2014 with a clear focus on improvement in operating efficiencies, sales force effectiveness and innovative customer delivery platforms.

Co-operative Group Managing Director and CEO, Dr. Gideon Muriuki, attributed the following Key financial highlights to the Group’s profitability:

1.Profit and Loss

Total interest income grew by 15% from Kshs 42.3 billion on account of; interest income from government securities growth by 40% from Kshs 6.1 billion to Ksha 8.5 billion and interest income from loans and advances growth by 11% from Kshs 30 billion in 2015 to Kshs 33.4 billion in 2016.

Total interest expense reduced by 6% from Kshs 13.6 billion to Kshs 12.8 billion on account of lower cost of funding.

Total operating income grew by 16% from Kshs 36.4 billion to Kshs 42.3 billion.

2.Balance sheet

Total assets grew by Kshs 9.5 million (+3%) to Kshs 352 billion compared to Kshs 342.5 billion in the same period last year.

Net loan and advances book grew by Kshs 23.5 billion (+11%) to Ksh 236.9 billion compared to Kshs 213.4 billion in the same period last year.

Total deposits declined slightly by 2% from Kshs 268.8 billion to Kshs 263.6 billion.

Shareholders’ funds grew from Kshs 50.2 billion to Kshs 61.3 billion, an impressive growth of 22%, supported by the Board of Directors sustained policy to aggressively recapitalize the bank for regional expansion leveraging on retained earnings.

The level of capital enables the Group to double its balance sheet and also finance major corporate deals in the market.

3.Innovative Customer Delivery Platforms

A successful Universal Banking model and the implementation of sales force effectiveness has seen the Group serve 6.2 million account holders across all sectors supported by our multichannel strategy that includes 148 branches , over 8,000 Co-op Kwa Jirani Banking agents and over 580 ATMs.

Key focus on digital banking with the telco Mco-op Cash Mobile Walet has continued to play a pivotal role in growth of non-funded income with over 3,2 million customers.

Through our multi-channel strategy the bank has successfully moved 83% of the customer transactions to alternative delivery channels particularly mobile banking, ATMs, internet and Co-op Kwa Jirani banking agency outlets.

Co-op bank’s unique model of retail banking services through Sacco FOSAs enabled us provide wholesome financial services to over 555 FOSA outlets. The bank has currently issued over 992,000 Sacco line cards.

4.Regional expansion

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%) made a monetary loss of Kes 498.3 million in 2016 mainly attributed to hyperinflation accounting occasioned by currency devaluation.

5.Corporate Social Responsibility Program

Co-op Bank Foundation has provided scholarship for 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 5,089 students since the inception of the program in 2007.

6.Accolades

The Group was recognized with two awards at the Banker Africa Awards 2016, as Most Socially Responsible Bank and Best Retail Bank in Kenya. Further, the Group was a big winner at the inaugural Kenya Bankers Association Sustainable Finance Catalyst Award 2016 where we were recognized as 1^st in both commercial and MSME Case Studies and 2ns in the category of Best Practice of Sustainable Finance, emerging the 2^nd Best overall in Sustainable Financing.

7.Dividend and Bonus shares

The Board of Directors has recommended for approval by the AGM payment of a dividend of Kshs 0.80 per every ordinary share held and also a bonus share issue of one (1) share for every five (5) shares held. The bonus share issue is subject to approval by the Capital Markets Authority.

 

The Co-operative Bank Group notes that the environment for doing banking business has become progressively challenging, most lately with the enactment of interest rate caps that have clearly slowed down economic growth. The Group will continue to leverage on the strong 6.2 miilion account-holder base, digital banking focus and multichannel access, the basket of innovative finance solutions, and efficient delivery of service to retain market position and deliver business growth and profitability.

 

 

 

 

Did you know importing any brand of Subaru, Toyota, Nissan, Honda, Mazda etc directly from Japan costs less than buying the vehicles in Kenya?

If you log in at a site like sbtjapan.com you will be shocked to find out the prices of the cars being sold there; for instance a Probox with 17400 mileage costs only 120,000 Kenyan shillings.

What scares most people is importing these vehicles from Japan- this is where Co-Operative bank’s Marine Insurance comes in handy.

Co-op bank Marine Insurance doesn’t only cover the cost of goods when damaged during the shipping process, it also offer you other services like financing, money transfer solutions, and many more services to people importing and exporting goods all over the world.

Marine Insurance is not only limited to those importing or exporting cars, whether you want to import or export big cargos like a bus/truck or personal items like furniture, small retailers like mtumba clothes e.t.c. Marine Insurance has you covered.

The key important things about Co-op bank Marine Insurance are:

1.As a customer, you will get to run your business with more confidence since the Co-op Marine Insurance covers all risks for you when you are importing or exporting your cargo.

2.With Co-op bank’s Marine Insurance you can run your business uninterrupted since it also offers you other services like financing, money transfer solutions, and many more services to business people to make running of their business easy.

3.Applying for Marine Insurance cover is such an easy process that can be done in a matter of minutes at any Co-op bank branch countrywide.

Settlement in the event of a claim is a very efficient process. See HERE

Now why don’t you import that car from Japan and see how Co-op bank Marine Insurance helps you get it to Kenya in once piece.  

 

 

For starters, PesaLink service allows you to transfer money into a Co-op Account instantly, from another bank.

You can transfer as little as KES 10 up to KES 999,999 at an extremely low cost of KES 0 to 152, depending on the amount you transfer.

In addition, you can make payments directly from your Co-op Bank account to any local bank account instantly from as little as KES 10 up to KES 999,999

Simply go to MCo-op Cash via *667# or the MCo-op Cash app, select PESALINK, and link your Co-op bank accounts to your mobile number. Linking your accounts is free of charge.

Once you link your Co-op Bank accounts to PesaLink you will be able to access PesaLink services via:

• Co-op Kwa Jirani  Agents
• Co-op Bank ATMs
• Co-op bank Mobile Banking (Mco-op Cash)
• Our branches

 

How to link your Co-op Bank Account to PesaLink from a Co-op bank ATM

 

1. Insert Co-op Bank Visa Card and input PIN
2. Select ‘Other Transactions’
3. Select ‘PESALINK’
4. Select ‘link phone’
5. Input the phone number to be linked.
6. Confirm to make the account the primary account.
7. You will receive a confirmation message
8. Select the option of doing another transaction
9. Select Primary Account Option on the upper right hand side of the screen.
10. Input the phone number to be linked to the account
11. Confirm that you wish to make that Account the Primary Account by clicking Okay button.
12. You will then get a confirmation message on the screen that the linking was successful

 

How to link your Co-op Bank Account to PesaLinkVia MCo-op Cash

1. Go to MCo-op Cash app or dial *667# to access MCo-op Cash Ussd
2. Select ‘PesaLink’ Menu
3. Select ‘Link your phone’.
4. Select the account number you want linked.
5. Select ‘yes’ to make the account the primary account.
6. A confirmation with details will be displayed on the phone.
7. You will then receive an SMS confirmation of the linking

 

Pesalink services will be available to customer 24/7

You can receive money into your Co-op Bank account at any time of the day.

 

 

95% of bank account holders withdraw money from the ATM rather than from the counter. Most of these people just think ATMs serve one purpose.

So often you see people queuing in the banking halls to do transactions that could otherwise be done on the ATM booth.

If most of us knew the services that are available on the ATM then the long queues in the banking halls will drastically subside.

Co-operative bank of Kenya has enabled its ATMs to do more than just cash withdrawal, which is the core business of most people going to the ATM booth.

Before you walk to the ATM booth to withdraw your money, below are 6 important services that you should know are available on Co-operative bank ATM (apart from cash withdrawal)

1. Cash deposits (This is at selected ATMs)
2. Account balance enquiries
3. Mini-Statements
4. Card PIN change
5. Paying of utilities (KPLC postpaid, Water bills)
6. MCo-op cash withdraw services (card less withdraws)

It’s also important to note that Co-op bank ATMs network across the country offers banking services convenience to  its customers, Sacco Link customers as well as to Ken Switch customers.

Co-op bank is also on Telegram, see here

Most of us are usually in a hurry to withdraw money from the ATM without even going through the information on the machine itself.

It’s now clear that a majority of ATM users in Kenya are basically underutilizing the Automated Teller Machine.

If most of us knew the services that are available on the ATM then the long queues in the banking halls will drastically subside.

For instance, Co-operative bank of Kenya has enabled its ATMs to do more than just Cash withdrawal and balance & statement inquiries.

The services available on Co-op bank ATMs now include paying bills, cash and cheque deposits among others.

Transactions such as; utility bill payment, funds transfer, credit card payment, cheque book request, etc all can now be conducted in your nearest Co-op bank ATM.

Furthermore you can easily locate Co-op bank ATMs from your phone, see here Co-op bank

Next time you to withdraw cash from the ATM, don’t be in a hurry to walk out of the ATM booth. Take your time and look at the services available on the ATM because it will save you the precious time you take queuing in the banking halls.

The day dedicated for love is fast approaching and as usual you must treat your sweetheart in a very special way.

Valentine’s Day will be on Tuesday February 14^th for those who didn’t know. Expenditure will be high as lovebirds will do everything within their means to treat each other in a special way.

The Co-operative bank wants to make your Valentines very special by ensuring that you can access your funds anywhere at any time.

Co-op bank’s Valentine’s Day special is aimed at making sure you have ample time with bae without worrying about cash issues by ensuring that you can access your funds anywhere at any time though MCo-op Cash or at A Co-op Kwa Jirani near you.

With MCo-op Cash, you can get a loan straight from your phone via MCo-op Cash for as little as 1.16% interest rate per month. No facilitation fees or hidden charges.

Imagine you are with bae in a restaurant somewhere and the bill comes and you can’t settle it because you don’t have enough cash with you, what do you do when you are in this situation?

That’s where MCo-op cash is a savior, download Mco-op cash app HERE and you will be immune to such kind of a situation where you are stuck because your cash has been depilated.

Another important tip this Valentine is the don’t forget to carry that elephant in your wallet; Co-op bank’s credit and debit card.

Co-op Bank has a number of cards meant to serve different needs for different customers. All these were innovated and initiated for customer convenience and security purposes.

Whoever has the Co-op bank’s visa or credit cards, they can be sure that their funds are safe and easily accessible from anywhere since they do not need to be carrying hard cash with them all the times.

You can pay bae’s bill at the restaurant using Co-op bank’s cards, you can also take bae for shopping and pay for all the costs using Co-op bank debit or credit cards.

Make your sweetheart live to remember this Valentine’s Day by simply taking advantage of the smart financial services Co-op bank is offering you.

Have you ever gone shopping only when you get to the counter to pay for your goods you realize that you lost all the cash you had planned to pay with?

To help you avoid instances where you have lost money or have no cash to pay for goods/services you intended to pay with cash, the Co-operative Bank of Kenya (Co-op Bank) has come up with several solutions for all.

Co-op Bank has a number of cards meant to serve different needs for different customers. All these were innovated and initiated for customer convenience and security purposes.

Whoever has the card, they can be sure that their funds are safe and easily accessible from anywhere since they do not need to be carrying hard cash with them all the times.

Local Visa Classic Card is one of the many cards Co-op bank has; this one is a savior because it has so many benefits to users.

1. Global Cardholders Assistance Services

If your Visa card has been lost or stolen, Visa Global Customer Assistance Services representatives can:

• Block your account from fraudulent purchases within 30 minutes.
• Arrange for a replacement card to be sent to you within 3 working days.
• Provide for emergency cash to be collected from 270,000 locations worldwide.
• You may place a collect call from anywhere in the world to +1 303 967 1090

 

2. SMS notifications whenever your card is used

Whenever your card is used, you get notification. The SMS remain in your phone and you can be able to track how you have been using your card without necessarily getting statement from the bank.

3. Interest free period of up to 50 days
4. Option of paying full amount due or only 10% of the total amount spent or Kes.2,000/= whichever is greater and roll over the remainder
5. It allows a cash advance equivalent to KShs.10, 000= per day, but not exceeding 50% of total limit. Subject to availability of funds.

Before you inquire about the requirements for applying for Local Visa Classic Card, you need to know that Co-op bank’s interest rate per month is at 1.16%. This is the CHEAPEST in the market.

So what are the requirements for applying for Local Visa Classic Card?

For salaried applicants;

Three months current bank statements certified

ID original and a copy or passport

Copy of PIN certificate

Copy of most recent pay slip

One color passport size photo

For Self-employed applicants

Certified copy of national ID

Certified Copy of KRA PIN

One passport size photo

 

 

 

If you are among those that are hoping that days could pass quickly so that you could get over with January, then you are not smart.

You know can get instant loan on your phone if you have MCo-op Cash app on your phone, right? Co-op bank enables you to get a quick loan on your mobile phone via MCo-op cash at only 1.16% per month. And people still complain they are broke in January!

The good thing about Co-operative bank’s MCo-op Cash is that it has more to offer than just providing you instant loan.

Every transaction you make using MCo-op cash or using other Co-op bank alternative channels e.g  Co-op Visa Card & Credit card and Kwa Jirani Agent, you stand a chance of winning amazing prizes.

Click the link below to see how you can win.

Co-op bank alternative channels