SIGNING OF A STRATEGIC PARTNERSHIP BETWEEN STIMA SACCO AND FAMILY BANK.
Nairobi, November 7th, 2014 Stima Sacco has inked a deal with Family Bank that will see its members access an array of financial solutions through all its branches countrywide. The deal sees family bank act as an agent for the Sacco allowing Stima Sacco members to undertake cash deposits in any of the bank’s branches countrywide. This will be immediately reflected in their Sacco accounts.
Driving the modernization of Sacco products in the Kenya's financial sector, Family Bank is partnering with Stima Sacco to enable its member’s access better services including efficient Cheque transactions, with national standard systems which will see efficiency in the processing of payments.
The Sacco is keen on strategic partnership that saw it sign a similar agreement allowing the bank to offer its members cheque book service making it the first Sacco to provide the Service in Kenya.
Dr. Ben Chumo, Chairman Stima Sacco & MD Kenya Power, said the partnership will see the Sacco increase their profitability by enabling its members transact in any Family bank branches countrywide ,therefore bridging the gap of physical branches for Stima Sacco in serving its customers.
The chief guest Mr. Peter Munyiri, MD Family Bank has been steering the bank to profits with unprecedented growth over the past one year. He pointed out that “Family bank partnership with Stima Sacco is a win-win opportunity that further enhances access to financial services for members. It vindicates our universal banking strategy whose key objective is to extend services closer to the people as part of financial inclusion efforts".
Notes to editors
Stima Sacco is a licensed deposit taking Sacco established in 1974 with the Sole objective of uplifting the members’ social economic wellbeing. The Sacco has witnessed phenomenon growth in the past 4 years doubling its loan book to Kes 12.7 billion, its deposit stand at Kes 11.8 billion while its asset base is at Kes 15.3 billion. The Sacco has tripled its membership in the last three years to stand at 36000.