Tag: Co-operative Bank Kenya News

New celebrities, new money: How Nairobi West Niccur became a millionaire

Posted on by Ozymandias

Nairobi West Niccur is not a name a lot of people know -if they are older than 25 years of age. That is because you old people have not bothered to find out about the new crop of celebrities who did not need blogs and songs to blow up.

All they really needed was a social media and content their fans found relatable and voila, they became instant stars. Some cool kids decided to use that for their businesses and they are a rising crop of entrepreneurial stars. This particular class includes our subject of the day.

Nairobi West Niccur is someone whose passion is fashion (I don’t mean to sound cliche as much as that is what a cringe-man would say). He loves drip and being drippy. But more than that, he is a visionary who realized he can make money off his love for the best threads.

He decided to set up his clothing store, Thrift Trendy and has not looked back since then. So how does this work? Well, there are many ways to go about getting clothes to sell. He could easily go to Gikomba and get the best 2nd hand gear. Or he could opt to face the Orient.

If he has chosen the Gikomba route, he could cut out the middle man and simply go towards buying entire bales with trendy urban gear. Or if he faces the East, he could get stuff from Chinese manufacture. Admittedly it won’t all be original but I doubt his market cares.

Whatever you decide to settle on if you decide to use his formula, one thing that matters is how you handle the online transaction because let’s face it, you will not always get to meet the sellers face-to-face.

And that is where Nairobi West Niccur and you could really get help from an amazing service offered by Co-op Bank. And that’s because they have a product just for you! It’s called Chapa Pay.

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.

Sign up for Pay-By-Link by Co-op Bank and go global today.

How Vera Sidika funded her vast multi-million shilling empire

Posted on by Ozymandias

Vera Sidika has been a feature within Kenyan pop culture ever since she first featured as the video vixen on P-Unit’s breakout single, You Guy. Since then, she has been a mainstay in every entertainment publication and we have seen her go from being broke and ashy to actually becoming fabulous (pesa ni sabuni).

Huddah’s big money play that made her a Kshs millionaire

But the question that has eluded many is, “How did she make her millions”? We saw her go from being homeless to her owning mansions and driving the most exotic and luxurious cars. But what was her secret?

It is a lot more simple than you would even believe. Think of Occam’s Razor on this one. Rather than having grand conspiracy theories of how everything played out, I am here to tell you precisely how Vera Sidika achieved her wealth.

Wahu making millions from your luscious locks

She set up a channel for herself to sell supplement products and herbal teas. It sounds too simple to be true right? It isn’t. She new she had the envy of nearly every woman in Kenya and East Africa. They all wanted to look like her and she knew it. What makes her stand out from most celebrities is the fact that she realised she could monetize this fact.

Vera Sidika was essentially the first female celebrity to venture into the wellness and cosmetic business before anyone had thought it lucrative.

And so she began selling the generic options but as her money grew, she decided to brand them so she could create a sense of affiliation with her target market. And the business took off!

But how does she get her products? It actually isn’t too difficult; she gets the generic product from China and has them customized. It is a pretty straightforward endeavour with the marketing aspect being the more difficult bit of things. But with her star power, Vera Sidika has got that covered.

However, if you are thinking of also dipping your toes into this lucrative business, then I would like to recommend a partner for you:

Co-op Bank has a product just for you! It’s called Chapa Pay.

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.

Sign up for Pay-By-Link by Co-op Bank and go global today.

How I found out having a car is no longer a luxury but a necessity

Posted on by Ozymandias

You don’t really realize what a car can mean until you’re in dire need of one. I got to find out exactly what this truly means just the other day. It is actually like feeling more than knowing the old adage about not knowing the value of something until it’s gone.

Mine is a story very similar to a lot of others these days of Corona. I got a call at 3:30 AM in the morning. It was from my brother. Apparently, my father had been taken seriously ill and he needed to be rushed to hospital.

Now, of all the days when a mechanic could let you down, my father’s trusted mech had picked the previous day to delay in releasing the car which we had given him for a routine service. And with the curfew set up as it is, we couldn’t run the risk of attempting to pick it up so we agreed to claim it the following day.

And so there I was at the witching hour, my father in dire need of transportation to a hospital, his car at the garage and I have no car. My brother and I agreed that he would try to rouse the neighbours and see who would be willing to help. I advised him to call rather than WhatsApp the estate group because of the urgency.

On my end, I attempted to search for an available cab using one of these digital apps. There were none in my vicinity. I decided that rather than panic, I might aswell grab a quick shower and then check when I am done. In my haste, I forgot to switch on the heater so the cold water rushed down my body and caused my system to surge with a bolt of energy. I was truly awake.

I got out of my five-minute shower and attempted to search for a cab to no avail. I called my brother and he had managed to reach one of our neighbours who had rushed to our aid and they were currently en route to a hospital. I informed him of my situation and let him know that I was doing everything within my power to get to the agreed-upon hospital.

Panic had begun to set in and I decided to try my luck at the matatu stage. The reason I did not wake up my neighbours is that I had just moved into a newly built apartment and I was the first tenant. And without thinking, I set one foot ahead of the other until I made it to the stage.

To my shock, I found a solitary matatu. I thanked my God and hailed it, rushing inside. But if you have ever entered the first matatu ikifungua kazi, then you know they aren’t in much of a hurry as they attempt to get as many passengers as they can. And every minute felt like an hour to me.

 

Despite the agonizing wait, I patiently waited until we were on the way. My phone kept going off and I kept talking to my brother who appraised me on the situation as it unfolded. Fortunately, my father had suffered a heart attack and it was not another Covid case. Turns out the nosy driver had been eavesdropping on the conversation and when he heard I was in a rush to get to hospital, he struck a conversation with me asking me to pay for the empty seats and they would get me to the hospital.

I do not know how the heavens work but on this day, God’s machinations were such that I happened to see an ad that spoke to my very being. It was a Co-op Bank ad that promised 80% financing for a vehicle. I happen to bank at Co-op Bank but given the rush, I quickly threw this coincidence to the back of my mind and rushed in to the hospital after paying the matatu to find out what my father’s situation was.

Fortunately, it was stable. And it was only while I was narrating my morning odyssey to my brother that the ad I had previously seen flashed back in my mind. I knew what the next few days would entail for me. And you too can apply to buy a car. All you have to do for a flexible financial plan with Co-op Bank:

And lest we forget, one doesn’t need to be a client, even non-Co-op Bank customers can benefit from the deal.

The bank has partnered with World Navi to assist their clients to import vehicles safely, with up to 80% asset financing, in a drive dubbed Shika Dinga na Co-op!

What do you get when you Shika Dinga na Co-op?

  • 80% asset financing.
  • Access to high-end vehicles.
  • 100% safe & reliable vehicle importation to your doorstep.
  • 3 months warranty on engine & transmission.
  • A privilege of choosing from a wide choice of cars from various source countries.
  • All cars come with accident-free and genuine mileage certificates.
  • No risk of stolen parts or non-performance.

To learn more of this deal and options available, click here.

One can alternatively visit the nearest Co-op Bank branch and speak to customer care agents.

Co-op bank AGM ratifies KSh5.9 billion dividend payout and the acquisition of 90 per cent equity stake in Jamii Bora (Kingdom Bank)

Posted on by Kibaki Muthamia

The shareholders of the Co-operative Bank Group at their 12th Annual General Meeting (AGM) held virtually today (22nd October 2020) has ratified a dividend of Sh1.00 per share, being the same level of dividend payout as for the previous year 2018.

Following the regulatory guidance by the Capital Markets Authority (CMA), year 2019 dividend amounting to a total cash payment of Sh 5.9 Billion was paid out in April this year. The payment represented a most timely injection of liquidity to shareholders and notably the 15 million-member Co-operative Movement to mitigate the economic ravages of the pandemic.

Co-op Holdings Co-operative Society, the 64.5% strategic shareholder received a dividend of Kshs 3.79 Billion.

The bank has maintained a solid dividend track record on the back of sustained profitability over the years. Year 2019 performance was remarkable with the Bank reporting a profit before tax of Sh 20.7 Billion, a 14% increase from the Sh18.2 Billion in 2018, against a backdrop of a challenging operating environment.

The AGM was also given an update on the Growth Strategies of the Group. The AGM noted the historic challenges occasioned by the Covid-19 pandemic that has brought about unprecedented economic and social disruption globally.

The AGM was appraised that the Group continues to implement proactive enterprise risk management initiatives to ensure uninterrupted business operations. A key activity in this respect entails engaging customers to support them through this period by re-aligning the servicing of facilities, funding and transactional needs. In total, Kshs. 39.2 Billion in loans have been restructured as at the close of June this year, to support customers on the Covid-19 pandemic.

The AGM ratified the re-election of Messrs Wilfred Ongoro, Lawrence Karissa and Margaret Karangatha to the Board for another term of three years, and also ratified the election of Mrs. Weda Welton as a director of the Company.

The AGM also ratified the acquisition of 90 per cent shareholding by Co-op Bank in Jamii Bora Bank (now trading as Kingdom Bank).

Accolades

The AGM noted with much appreciation recent recognition that the bank had received. These include the following;

  1. Overall Winner of the Kenya Bankers Association (KBA) 2019 Sustainable Finance Catalyst Award.
  2. The bank was also named Best Bank in Sustainable Finance in Kenya at the June 2019 Energy Management Awards hosted by the Kenya Association of Manufacturers
  3. Overall Winner in Environmental Sustainability Reporting at the 2019 East African Financial Reporting (FiRe) Awards.

More recently, Co-op Bank has been recognised with more accolades, including;

  1. Best Bank in Kenya Award, in the African Banking Awards 2020 by EMEA
  2. Energy Manager of the Year in Sub Sahara Africa award to the bank’s Energy Manager Albert Ouma by the global Association of Energy Engineers.
  3. Signing up to the United for Wildlife 2018 Mansion House Declaration, committing to fight the illegal trafficking in wildlife by way of building illegal wildlife trade into existing financial crime compliance programs.

Future outlook

The AGM was informed that Co-op Bank is well-positioned to ride out the economic slowdown caused by the pandemic. The Group has put in place a proactive mitigation strategy anchored on a strong enterprise risk management framework, to enable uninterrupted access to banking services. The business continues to pursue strategic initiatives that focus on resilience and growth in the ‘New Normal’ as the Nation focuses on flattening the curve and as vibrancy returns to the Economy.

The Bank has already reported a strong Profit before Tax of Kshs.9.6 Billion for the second quarter of this year.

Simple tip that will help you to send and receive money from abroad in minutes

Posted on by Kibaki Muthamia

Gone are the days when transferring money internationally would give people sleepless nights thanks to the partnership that has been forged between Co-operative Bank and Western Union.

A few years ago, sending and receiving money from family and friends who were living abroad was not only a herculean task but it would take several days, perhaps months, to arrive.

The dire situation prompted Co-op Bank to act swiftly since they believe in solving their customers’ problems and this is evidenced by their tagline which says ‘we are you.’

At this point, I’m sure you are wondering how to send and receive money from abroad through C0-operative Bank. Well, it’s very simple.

To send money through Western Union, visit the nearest Co-op Bank branch and fill a remittance form where you will indicate; the amount you wish to send, destination country, and the name of the person you are sending the money to.

You’ll then hand the form to the teller with the applicable funds (including transaction fee). If you wish, you can debit your Co-op Bank account.

The teller will process the transaction and give you a receipt and MTCN number. You’ll then contact the person that you were sending the money to and inform them that the transfer has been done and provide the MTCN number.

To receive money through Western Union, request the person who is sending you money to send you the MTCN number and visit the nearest Co-op Bank branch with your ID or passport.

You will then complete a remittance form and once verified you will receive your money. You can also receive the funds directly into your Co-op Bank account or to your mobile wallet if the sender indicated so when sending the money.

There you go, who knew that sending and receiving money from abroad can be this easy? Well, now you know!

 

Back to school! 4 clever ways to avoid long banking hall queues while paying fees

Posted on by David Kingsley

The festive season is almost coming to an end and during this time parents begin to think about how their children will resume their studies in the various schools that they are studying in.

One of the things that worry parents most is how they will pay their children’s school fees since most banking halls usually have long queues and you might have to wait for hours to access the teller.

While waiting in the line, you can get really frustrated and sometimes some people decide to go back home so that they can come early the next day only to find a longer queue.

But this does not have to be the case because you can pay school fees at the comfort of your home and this is where Co-operative Bank comes in.

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

Sending and receiving money from abroad is way easier than you thought, here’s why

Posted on by David Kingsley

Have you ever found yourself in a situation where you want to send money to a loved one who perhaps is studying abroad but you have no clue how to go about it?

Or have you ever wondered how that relative who is working in in a foreign country can bail you out when you are in a tight fix?

Co-operative Bank CEO/Managing Director Gideon Muriuki
Co-operative Bank CEO/Managing Director Gideon Muriuki.

Well, if you’ve found yourself in a similar situation before you know that the options at your disposal are either few or very expensive.

And this is where Co-operative Bank comes in. The bank understands the problems of its customers and this is evidenced by their tagline which says ‘we are you’.

Co-op Bank has partnered with MoneyGram to enable you to send and receive money from any part of the world. What’s even more is that you can also use the service locally through the 140 plus Co-op Bank branches.

I know you must be wondering how to go about it, it’s simple. To receive money, ask the person who is sending you money to send you the reference number of the transaction.

You will then visit the nearest Co-op Bank branch with the reference number and your ID or passport and in a matter of minutes you will have your cash.

Of importance to note is that, your name on the transfer record must exactly match your name as it appears on your ID. Otherwise you may be delayed or be unable to pick up your funds.

To send money through the service, visit the nearest Co-op Bank branch with your national ID or passport. The teller will then inform you of the cost of the transaction and process it.

You’ll get a receipt and reference number for the transaction.  You will then contact the person receiving your money transfer and inform them that it has been sent and provide the reference number.

There you have it! Does it get easier than that? If you have any queries, visit the nearest Co-operative Bank branch.

Co-op Bank Headquarters
Co-op Bank Headquarters.

Have you had the sorry tragedy of losing your school fees and getting eternally grilled for it?

Posted on by Kibaki Muthamia

In modern times, back-to-school days are less stressful for the parent. In the days of yore, parents would have lots of choices to make on such days. Do they have to skip work to accompany their kids to school, specifically to pay school fees? Can I trust my wayward son whose seemingly sole ambition in life is ‘to be cool?’

It was akin to playing poker, and the roll of the dice sometimes came short.

A traumatising episode in my early high school days still haunts me. I was blessed with noble parents, but I doubt they’ve let it go, to this date. Take a seat, grab some popcorn.

Oh, this story involves your favorite salad fruit, the avocado. Did you know Mexican recipes refer to the avocado as the ‘guacamole’?

On the material day, it was decided that I would be reporting back to school unaccompanied. None of my parents or elder sibling had a day to spare. I was a strapping lad of 15, with a brimming cauldron of teenage hormones. I was glad my folks had finally given me an ‘adult-stamp’, despite a turbulent few weeks of holiday.

I received the crumpled bundle of notes from my dad, with the solemnity of Biblical Moses receiving The Ten Commandments. Then, my pocket money in an assortment of coins neatly tied up in an old handkerchief. My dad then said it was my second term’s fees in full. It was a little over five thousand, but I broke out in a hot sweat. It had the weight of the national treasury.

At the time, I was also a budding entrepreneur in school. On opening days, I would pick a pack of fresh avocado from home to hawk off to my classmates. I had to boost my pocket money. I had a dilemma: where do I hide my treasury? The bag didn’t seem a good idea – in those days, brats from neighbouring schools would often mug their counterparts for the-hell-of-it.

I chose to hide my school fees in my socks.

At the bus terminus, there is the usual shoving and pushing for the few matatu available. In the midst of it, my school bag had the misfortune of bursting at the seams. I hadn’t factored in the weight of my avocado stock. It also didn’t help, that the terminus has a gentle slope. My guacamole salad started rolling down the hill on the tarmac.

It was mighty embarrassing sprinting after avocados, in my school uniform. In the melee, my Cash-In-Transit socks lost their elasticity, and dropped their cargo. I tasted Murphy’s Law before they taught me about it. To date, my folks haven’t believed I lost my school fees chasing avocados down the hill.

No need for that nowadays, with PesaLink. All Coop Bank customers with MCoopCash app, for instance, are already registered to PesaLink. This allows any parent to easily and safely pay school fees to multiple schools from the convenience of their homes. Coop Bank customers can access PesaLink by dialling *667# on their phones, or via MCoopCash app.

Even Non-Coop Bank customers can still send money instantly to a Coop Bank account via PesaLink. All they need is the details of the school’s Coop Bank account, and pay school fees directly.

Discerning business people use PesaLink to conveniently pay their suppliers instantly into their bank accounts, at very affordable rates. For other personal business transactions, Coop bank customers can send money instantly to any local account at very friendly rates – like, Ksh.10 up to Ksh.200,000 at an extremely low cost between Ksh.0 to Ksh.152 – depending on the amount due for transfer.

 

An Interestingly Simple but Puzzling Lesson on the Mechanics of Money

Posted on by Kibaki Muthamia

In my high school days, I met a very calm, patient lady. She was my languages teacher. She rocked black, horn-rimmed glasses, and had an eternal flowered scarf on her neck, and various brooches. I think she was pretty wise – she could look intently at a student – such piercing eyes, and give you a prediction of your career future.

Mrs. Apollo Agnes. She later left teaching and joined Co-Op Bank, for a managerial role.

If by chance she gets to read this, let her know those predictions were oddly accurate. Mostly, she did give positive reviews, but if you got on her nerves, well, her dark side showed. One of my then best friends had her wondering out loud if he would survive a possible gunning down past his 30’s.

 

Well, he survived, somehow, but he’s serving a stint at Kamiti Prison for handling stolen goods.

In her eyes, I was already a CEO, running a huge company, or at least some NGO, I think. Though her endorsement wasn’t exactly maternal, as I was a perennial bust in almost every crime – Noise Makers List, Monto List, Missed Morning Preps List, Sold School Piglets List, etc.

Every morning at assembly, she would be like, “….Munyeki and Company, please dress forward….” She made me CEO in Form Two North. Good enough. If only she had said I would be a billionaire……..

Anyways, I owe my elder brother, Joe, a lot in teaching me ways of the world. Especially economics, and how the money in the world moves. He had a degree in economics, and would really be irritating when he delved into the folds and crannies of his passion.

However, one New Year’s Eve, he showed me firsthand the mechanics of money, as he called it. It was his first year of employment, and that holiday was his first. In the village, partying starts just after Jamhuri Day, in December. It’s a fortnight of sin and debauchery. It’s the season to be merry, and do idiotic stuff. Joe wanted to treat his village crew – and he did.

Perhaps, too much. He ran out of cash just before New Year’s Eve.

January brings with it a load of blues, and responsibilities. Besides school fees for a few cousins he had drunkenly pledged to support, he needed to travel back to Mombasa. He didn’t seem fazed at all by his predicament, though I knew he was broke.

 

He had always banked with Co-Op Bank, and he had the mCo-Op Cash App. Joe coolly whips out his phone over breakfast on New Year’s Day, and takes a salary loan. That defined cool. Takes just a few minutes. But the best was yet to happen: his crash course on the mechanics of money.

This was his last day in the village. He takes me to town, which is a few miles off. He wants to spend his last day with me – his way of clearing his guilt – I had hardly seen him over the holiday. At the bus stage, he makes a withdrawal at an M-Pesa outlet, straight from his mCo-op Cash App. Convenient.

After a few drinks, Joe gets into his philosophical mood and starts to lecture me. He creates a pretty confusing make-believe tale, on the movement of the money.

Let’s start with the bank lending him money via mCo-op Cash App. 

We make for Cool Breeze Lodge. He inquires of any vacant rooms, and the lady at the counter nods. Joe slaps 2k on the counter, and without waiting for anyone, sprints up the stairs to check the rooms on the upper floor. He’s a regular, I see.

The lady at the counter takes the 2k, and goes out the main door towards the butchery next door. She pays the butcher at Ng’ang’a And Son’s Butchery 2k for meat supplied earlier in the day. She goes back. Am at the counter, still. She smiles at me, but I can see she doesn’t have the money.

Meanwhile, Ng’ang’a – the butcher – goes out of his premises and crosses the road. He finds a farmer who supplies him with fresh meat, he had a remaining bill unpaid, and so he pays him 2k. He then strolls back to his butchery.

The farmer abandons the Ojuok game he was playing against an old friend. He had been losing, anyways. Usually, he wins, but he had been distracted by a debt he had at the local Waigwa Agro Vet Store, a few meters away. He walks to the store and hands over the same 2k. He then walks back.

I am still at the counter. What’s taking Joe so long upstairs?

In a few minutes, I see a man in a white dust coat walk up to the counter. It’s Waigwa, the vet. He has had a running bill at this lounge, when he had treated his friends to a few drinks and roast goat meat. He hands over 2k. After a few moments of chit chat with the counter lady, he walks out.

The lady looks at the notes, bemusedly, and places them on the counter.

Almost as if on cue, Joe appears from the stairs.

“Hizo rooms zenu ni chafu” He tells the lady. “Wacha tutajipanga kwingine”.

He picks up the 2k notes from the counter. We walk out.

“That’s how money works, Munyeki.” Joe tells me, over the rim of his glass. “My 2k makes everyone happy, and I still got to leave with it”.

What have I learnt? That puzzle still haunts me to date.

Co-op Bank partners with WorldRemit for quick digital money transfers to Kenya

Posted on by David Kingsley

Co-operative Bank of Kenya has partnered with leading digital money transfer company WorldRemit to enable digital money transfers to over 6 million Co-operative Bank accounts and 150 new cash pickup locations nationwide.

Using the WorldRemit app or website, Kenyans living in over 50 diaspora countries can now send money directly to their loved ones personal Co-op Bank accounts in over 150 branches. The transfers can be made directly from the senders mobile phones, and the receiver can withdraw the funds from a nearby Co-op Bank Agent, ATM or Branch.

Co-operative Bank Retail and Business Banking Division Director Arthur Muchangi (left) and Head of Business Banking Moses Gitau
Co-operative Bank Retail and Business Banking Division Director Arthur Muchangi (left) and Head of Business Banking Moses Gitau

WorldRemit saves customers time and money, enabling them to send funds home in a few taps from their phones without having to visit a bricks and mortar agent. Customers sending to Kenya can choose from a variety of convenient pay-out options including bank transfer, cash pickup, mobile money and mobile airtime top up.

Over 3 million Kenyans live abroad, with top senders to the country including the United Kingdom, the United States, and Australia. The World Bank estimates that in 2018 the Kenyan diaspora sent $2.7 billion in remittances, now the countrys top foreign exchange earner exceeding tea, coffee, and tourism.

Many Kenyans in the diaspora support family and relatives here at home to fund basic needs including education, food, housing and access to healthcare. According to recent WorldRemit research based on national household survey data, Kenyans abroad contribute over $300 million to childrens education nationally. Receiving remittances halves a Kenyan childs chances of being out of school.

Mr. Arthur Muchangi, Director Retail Banking at Co-operative Bank of Kenya confirmed the banks commitment to support remittances.

“As a bank that handles some of the largest volumes of remittances to Kenya, Co-op Bank will continue to invest in partnerships that provide Kenyans in the diaspora with the most affordable and secure means of transferring their funds home for domestic support, savings and investment.

“Co-operative Bank has a dedicated Diaspora Banking Center that is available 24/7 to serve diaspora clients irrespective of time zones, the first of its kind in Kenya,” he explained.

Sharon Kinyanjui, Head of East and Central Africa at WorldRemit said, “Kenyans around the world make WorldRemit their top choice when it comes to sending money home.

“We are delighted to partner with Co-operative Bank of Kenya, a trusted household name with strong ties to the diaspora and a shared commitment to financial inclusion, to further expand our network in the country and make our convenient service accessible to all.”

Visit the WorldRemit or Co-operative Bank websites for more information on how to send money to Kenya.

Co-operative Bank CEO/Managing Director Gideon Muriuki