Harambee Sacco in collaboration with Co-operative Bank has launched a new instant debit-card issuance to all of its members, media reports said. The launch of instant Visa debit cards to its members will enable quick accessibility of cash.
The new digital banking solution is in collaboration with Co-operative Bank. Harambee Sacco is recognised to be a leading leading savings and credit co-operatives by member deposit. Sacco Chairman Macloud Malonza, told the media, “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 minimise the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading Covid-19.”
It is reported that Sacco has more than 70,000 members with an asset base of Sh30 billion. The new launch will increase competition with other Saccos seeking presence on the continent. Currently, it runs six branches across Kenya. Its members are invited to visit the branches to apply for a debit card.
The new issuance will enable Co-operative Bank to extend its service to millions of Kenyans. Last year, Sacco’s net profits increased by 85.7 percent to Sh 100 million. It recorded Sh53.8 million in the previous year.