The Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO) has signed a half a million shillings sponsorship from Sidian Bank aimed at supporting Co-operatives and accelerating post-pandemic recovery.
The sponsorship will also support KUSCCO Limited as they host their sixth Annual Sacco’s
Leaders convention which will be held at a Mombasa Hotel from February 22 to 26, 2021.
Themed “SACCOs beyond COVID 19: Accelerating towards Recovery”, the convention will expose leaders to the effects of COVID-19 on the SACCO sub-sector, share success stories, exchange information and further provide recommendations and mitigation strategies that will accelerate SACCO growth to recovery.
The Bank has fronted its institutional banking which has contributed to the growth of Cooperatives by offering term deposits, Individual accounts for the members and Credit facilities to Co-operatives and its members.
Read: Turnaround For Sidian Bank As It Records Profits In Q3 of 2020
“As the country is adversely affected by the COVID-19 pandemic, we as a bank have also
ensured that we offer solutions to our customers that are major contributors to keeping their
businesses afloat,” said Sidian CEO, Chege Thumbi.
“With the COVID19 pandemic the affiliated members of SACCOs in different industries resorted to the withdrawal of their deposits and defaulted their loans. This was followed by loan restructuring, postponement of the annual general/delegate meeting among other survival measures. These adjustments must have had a huge impact on SACCO liquidity and a dilemma on governance issues. There is therefore need for leaders to come together and evaluate the measures,” said KUSCCO managing Director George Ototo in a statement to invitees.
Sidian’s Bank Co-operative Banking Solution was established with the aim of providing tailormade solutions to the value-chain for the transport, finance, agriculture and savings cooperative sectors through unlocking the potential of their banking solutions.
Read: How Promise of Hefty Returns Lured Thousands of Uber Drivers to Debt
The solution offers a one-stop-shop offering their customers remote cheque clearing, where the customers do not have to visit the bank to bank their cheques, an interest-earning current accounts to the co-operatives to ensure that their deposits grow as they transact and a trade financing solution that provides bid bonds, invoice discounting solutions, supply chain financing, performance bonds, advance payment guarantees, and bank guarantees.
The fast-growing bank also seeks to provide banking solutions to customers as they can also open salary accounts for their employees and share the bank’s robust digital banking where they benefit from access to credit facilities, mobile banking, internet banking, debit and credit cards.
The bank furthermore works towards enabling asset financing and insurance premium financing solutions to its customers who are now able to acquire credit facilities to purchase additional vehicles and other assets as well insurance premiums in tiered repayment terms.
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