Tag: Coop e-Commerce

Are you a small business owner who promotes his services and goods in the digital space? Do you have a check-out platform on your website to receive payments from your online platform?

eCommerce is rapidly expanding across the globe and is here to stay. Established businesses are under cut-throat competition, trying to outdo each other to stay afloat while trying to venture into new markets.

Small businesses are under the heat, but this is no more.

To stay afloat in business and maximize profits while cutting down on costs and operational expenses must be minimal. With the rising cost of living, more companies have adopted eCommerce platforms to run their business.

Business owners are adopting eCommerce to do business globally without a physical store, employees, and overhead expenses.

In Kenya today, most eCommerce platforms rely on payments based on cash after delivery or mobile money wallets.

These payments are highly prone to fraud, security risks, and boundary restrictions. It’s a big challenge on payment processing when a small business wants to venture into the regional or international market.

How Ecommerce Solutions Work for Businesses Without Websites

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.

A secure system that allows online payments for business is a major concern for discerning business owners. There’s pressing need to go cashless in the digital age, and on this front, Co-op Bank leads the pack.

Co-op Bank has an innovative online banking platform that has won accolades across the banking spectrum for its reliability, security and versatility. A business does not need a website to enjoy benefits of online banking.

Online card payments

Boost your sales by integrating into our online card payment solution to receive card payments from customers from different banks and from anywhere in the world.

These are Co-op Bank ATMs, Debit or Credit Cards. All payments for purchases or goods delivered can easily be checked off by swiping these cards.

With card payments, its easier to track stock levels, and enjoy an easy check out flow.

PDQ/POS

This is a device that refers to a payment terminal accessed by Visa cards to make electronic fund transfers. They are common in malls, supermarkets and fuel stations.

POS stands for Point Of Sale in a business outlet. PDQ stands for Process Data Quickly.

Co-op Bank avails PDQ/POS machines to their clients. These machines greatly boost sales by enabling them receive card payments from customers from different banks.

A trader enjoys timely reports, easier tracking of income and expenses.

Lipa Na M-Pesa Till Number

Co-op Bank provides this service in partnership with Safaricom M-Pesa service. The bank offers to process a till number for their clients businesses, at no charge.

This helps a business to receive cashless payments via Lipa na M-Pesa Till Number – usualy displayed at payment point at the business premises.

The money clients pay through the Till number is deposited directly into the clients Co-op Bank account.

The payments paid into the account can be accessed anytime via Co-op Banks mobile banking platform, ATMs, Co-op Kwa Jirani agents, Internet banking or at any branch across the republic.

M-Pesa Paybill 400200

Co-op Bank’s official M-Pesa Paybill number – 400200 – enables a trader to receive payments directly into their Co-op Bank account. The money reflects into the account immediately.

One can also check for the payment confirmation via our mobile banking or internet banking platforms. Alternatively, one can receive notifications via text if they have subscribed to the MCo-op Cash SMS notifications.

The funds are accessible anytime via the banks’s mobile banking platform, Co-op Kwa Jirani agents, ATMs, Internet banking or at the branch.

M-Coop Cash

This feature is not limited to business owners, but to everyone with a Co-op bank account. Its applicable to all needs that require exchange of money.

Encourage colleagues, family members, clients or business associates who have Co-op Bank accounts to send money directly account using the MCo-op Cash App or via USSD *667#.

How does a business boost sales?

Easier tracking of expenses.

Timely business reports.

Easy check out flow.

Instant payment confirmation via SMS notifications or via internet banking platform.

Payments are deposited into Co-op Bank account – easy access anytime via mobile banking platform, ATMs, Co-op Kwa Jirani agents, internet banking and at the branch.

How does a client register for Co-op Bank online banking?

You can log in and transact using any internet-enabled device including mobile phone, tablet, laptop or desktop computer.

Registration is INSTANT and FREE of charge. All you need is your National ID and any of your Co-op Bank ATM cards. Click here to register.

Youll create your own username and password, which you can re-set anytime in case you forget or feel the need to change.

Every time you log in or do a transaction, youll have to enter an OTP (One Time Password) which is sent to your mobile number or email address.

This is a security feature Co-op Bank has in place to keep accounts secure.

Co-op Bank Group is pleased to report a Profit Before Tax of Kshs. 16.5 Billion for the third quarter of 2021, a commendable 20% growth compared to Kshs. 13.8 Billion recorded in the third quarter of 2020.

This represents a strong Profit After Tax of Kshs.11.6 billion compared to Kshs. 9.8 Billion reported in third quarter of 2020.

The strong performance by the Bank exceeds pre-pandemic performance and is in line with the Group’s strategic focus that supports growth, resilience and agility.

Key highlights; –

Financial Position; The Group has registered sustained growth as hereunder;

Total Assets grew by Kshs 82 Billion (+16%) to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.

Net loans and advances book grew by Kshs 22.1 Billion (+7.8%) from Kshs.284.2 Billion to Kshs. 306.3 Billion.

Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4 Billion.

Borrowed funds grew by Kshs. 17.7 Billion (+67.6%) to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020.

Shareholders’ funds grew to Kshs. 95 Billion (+16%) from Kshs. 82.0 Billion in 2020 enabling us to continue pitching for big ticket deals.

Comprehensive Income

Total operating income grew by 19.2% from Kshs 37.2 Billion to Kshs 44.4 Billion.

Total non-interest income grew by 15.6% from Kshs 13.6 Billion to Kshs 15.7 Billion.

Net interest income grew by 21.3% from Kshs 23.6 Billion to Kshs 28.7 Billion.

Total operating expenses grew by 19.2% from Kshs 23.5 Billion to Kshs. 28 Billion on account of a 50% prudential growth in loan-loss provisions.

Credit Management remains a key focus area aimed at supporting a return to pre-pandemic NPL levels by way of the following interventions;-

The Credit Risk Adaptation Project dubbed ‘Project Kilele’ supported by a Global consulting firm, now in the implementation phase.

The Decentralization of Loan Portfolio Management, to the Branches, Lending Units and Relationship Management teams to enhance collection activities.

The Group prudentially increased loan loss provisions to Kshs. 6.0 Billion in the third quarter of year 2021, in appreciation of the challenges that businesses and households continue to face due to the effects of the ongoing pandemic.

A total of Kshs. 49 Billion in loans was restructured during the CBK restructure window that ended on 31st March 2021, with the restructured facilities largely performing as per the realigned agreements.

A Strong Digital Footprint

Through our multi-channel strategy, the Bank has successfully moved 93% of all customer transactions to alternative delivery channels; an expanded 24-hour contact centre, mobile banking, 589 ATMs, internet banking and over 23,000 Co-op Kwa Jirani agency banking terminals.

A successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve over 9 million Account holders across all sectors.

Key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income with 5.3 Million customers registered and loans worth Kshs 51.3 Billion disbursed year-to-date, averaging Kshs. 5.7 Billion per month.

Over 139,299 customers have taken up the MSME packages that we rolled out in 2018, and 14,665 have been trained on business management skills.

To date we have disbursed over Kshs. 25 Billion to MSMEs through our E-Credit solution.

Our unique model of retail banking services through Sacco FOSAs enabled us provide wholesale financial services to over 479 FOSA outlets.

Subsidiaries

Co-op Consultancy & Bancassurance Intermediary Limited posted a Profit Before Tax of Kshs 648.0 Million as at 30th September 2021, riding on strong penetration of Bancassurance business.

Co-operative Bank of South Sudan, a joint venture (JV) partnership with Government of South Sudan (Co-op Bank 51% and GOSS 49%) returned a monetary loss of Kshs 104 Million in Q32021 attributable to hyperinflation accounting due to currency devaluation of the South Sudanese pound.

Co-op Trust Investment Services contributed Kshs. 92.3 Million in Profit Before Tax in Q32021, with Funds Under Management standing at Kshs. 187.1 Billion compared to Kshs. 123.7 Billion as at Q32020.

Kingdom Bank Limited (formerly Jamii Bora Bank) has contributed a Profit Before Tax of Kshs. 413 Million in Q32021. This is compared to 2020 full year loss of Kshs. 124 Million.

Co-op Bank holds a controlling 90% equity interest in Kingdom Bank, a fully-fledged commercial bank regulated by the Central Bank of Kenya with over 444,000 customers and 17 branches.

Long Term Financing: MSME, Sustainable Agriculture & Health sectors.

In 2020 the Group secured a long-term financing facility from the IFC (International Finance Corporation) amounting to Kshs. 8.25 Billion for on-lending at affordable terms to MSMEs involved notably in climate-smart projects, sustainable agricultural practices and clean energy.

Partnered in the US$ 300 million IFC-led Africa Medical Equipment Facility and Philips (a leading health technology company) to support Africa’s health sector operators purchase essential medical equipment and strengthen their response to COVID-19 and other medical technology needs.

The Group secured a US$ 10 Million credit line in partnership with Eco.Business Fund to finance Sustainable Agriculture.

Corporate Social investment

Co-op Bank Foundation has provided Scholarships to 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 8,368 students since the inception of the program.

A new relationship? It’s like walking in the woods after dark.

There’s a lot of bumping into strange new things. There’s no knowing what kind of surprises lurk in the shadows of their partner’s personality.

Maina, fondly known as Maish – lives in a bedsitter in a residential block along Forest Road. It’s a bit cramped and pricey, but worth it. Shiny tiles, functional hot shower head, and close to his work place. He walks. Life has been pretty cool, till Brenda waltzed into his life.

Maish is now in a quagmire.

He met Brenda met on Facebook. The usual way. She liked posting memes. Maish first responded with emojis. Laughing emojis.

In between, she’d drop a selfie – and she was striking – filters notwithstanding. She had dimples, man. Dude graduates, emoji-wise. The love emoji. Red is a warm color.

Then he slid into her DM. He gets her Whatsapp number. They start chatting. Meaningless, at first.

How chilly is Nyandarua? Maish would want to know if it snowed there in July 1998.

Do you love chips? They are called fries, she’d remind him.

Can you operate a wheelbarrow? She confided that her dad owns 8 wheelbarrows.

Maish didn’t think it an engineering marvel that needed any sort of certification. Plus, he deemed himself an hustler.

He shares his grand life plan: save half of his salary to set up a business. He planned to buy a fleet of trollies to sell sausages and eggs on road intersections.

Brenda challenges him: Defend your thesis.

Easy. He’d rattled off a list – no overheads like rent, and council licensing. Profits are double-double. It seemed waterproof. He’d asked what she was doing.

Brenda says she’s a fresh graduate. Has a teaching degree from Maseno. But she intimates that she doesn’t look forward to a stint as a TSC employee.

She nails it further with a solemn declaration: Not even if ‘they tripled salaries’ at TSC.

Well, Maish had a rather noble regard for high school teachers. Brenda had started an online fashion business in campus. It had turned out rather well. She’d rattle off figures she’d achieved as profits. In campus.

If it wasn’t for her mother’s fragile heart, she’d have dropped out.

Maish was falling in love. Here’s an hustler. In the flesh – not just some hyped political rhetoric. He asked for a date, on her next resupply run to the city. She didn’t promise ‘anything’.

One Friday, Maish is at work. He receives a call from Brenda. She’s in town, she’d come in for some new stock. Maish says he cannot get off work in time – no worry, she’d be happy to come over see him at his place.

Send me a location pin on Whatsapp, she says.

What? For real? Dude’s heart is racing. A lot can go wrong for a first meeting. He starts ticking off the list in his head.

Did I flush the toilet this morning?

Did I get my dirty boxers off the coffee table? No, he’s still in them.

He feigns headache and gets off work half an hour earlier. He sprints home. Other than a flooded room, all is well. He’d forgotten to close the taps that morning. But he didn’t have a carpet, nothing to worry about.

Brenda arrives in a cab. That’s impressive,

Maish thinks. Not so much, though, when he started hauling up bales and cartons to the 8th floor. Brenda had a ton of luggage. It’s my new stock, babe. He blushes, she giggles – oops, I just called you babe. He gets a spring in his step.

Back in the bedsitter, there’s barely enough space left to breath. Or, fart. He’d had matoke and guacamole for lunch. Maish squeezes next to her on his two-seater. To break the ice, he asked her why they call an avocado, ‘guacamole’.

She didn’t hear him.

Brenda was busy. She had a phone on each hand. She was checking her social media accounts.

“Babe, am getting hits. How far is USIU from here” She asks.

If his life depended on it, Maish would have died on that day. He didn’t have a clue where USIU was – or what USIU stood for. Before he could figure it out, she was calling someone.

It was a boda boda guy. Yaani, barely ten minutes in his bedsitter, she had a boda boda guy.

“Babe, fungua hio box pale….no, no, si hio…this one. I marked it. Check for a pink kimono dress”.

Brenda is pointing with her phone to a box on the bed. It’s in the bottom row.

“Msee wa boda is coming to pick it. He’s delivering to USIU in the next few.” She says.

She speaks in a fast staccato – hardly the ‘memes girl’ Maish had imagined. He hefts and heaves on the boxes. A pink something, and something chiffon.

Brenda hands him the package.

“Babe! Hurry up! Go downstairs and give it to the boda guy at the gate. Thanks, babe”.

Maish runs down the stairs, gripping the rails.

The last time he did this, the KPLC guy was threatening to disconnect his power meter. The previous occupant of his bedsitter had ‘doctored’ the meter’.

He finds the delivery guy, hands over the package. He just rides off.

As Maish labors up the stairs, he’s in a dilemma. He realises living on 8th floor is not wise. Then, have we just been robbed?

He gets in. Mumbles something about the bike guy not giving him any money.

“Baaaaabe, don’t worry. That’s just a delivery guy. My clients pay online. Tushalipwa!” She says, hugging him. As he holds her, he smells her weave. It’s an expennsive synthetic. He could feel two phones in her hands digging into his back.

Instead of some TLC, Maish is treated to a business crash course on Co-op Bank e-commerce solutions. Brenda says she doesn’t have a business website – but, still……..

Co-op Bank e-Commerce solution works without a website. The merchant receives a unique link (Pay-By-Link) which they use to invoice their customers.

It works in a simple process:

• Once the merchant and the customer agree on the pricing, the merchant sends the payment link to the customers email address.
• The customer will receive an invoice with the link on their email.
• The link will open up a portal where the customer will insert their card details and the amount they are to pay.
• Once the payment goes through, the merchant will receive a payment confirmation via email and SMS.
• The customer will also receive a notification via SMS in the event they have subscribed to SMS alert with their card provider.

What do you need to know when meeting someone on a blind date?

Social Intelligence

This translates to the ability to know what should and should not be said in a social setting – especially someone you are meeting for the first time. An example of a really daft statement:

“If you want to date me, don’t you think you should lose some weight?”

It doesn’t matter how much chemistry you had developed, this kind of insensitivity is an instant killjoy. Not only are you trying to change someone you just met, but you also portray a narcissistic streak in you.

Discard Stereotypes

Sometimes, one’s background may unconsciously breed stereotypic opinions on matters like religion, women, ways of life, etc. Be cognizant of your date’s inclinations, and do not rush to offer opinions on how they should be, or live.

Like, an idiot may tell a lady date:

“As my wife, your clothes need to be a little looser”.

“I know you’ve been working for years in your career, but I prefer that my wife doesn’t work”.

If that date lasts to the end – she’ll block your number.

Trust your instincts

What’s your first impression of your date? Are they neat and tidy – clothes doesn’t need to be classy – but do they seem like they made an effort to look good?

Does your date give mixed signals? Like, one minute they are talking about kids, and the next they are saying how having kids ‘ties one down’?

The ‘Tell Me about Yourself’ line.

This is an open noose, and people often crucify themselves. It’s literally stumbling and falling headfirst into your mouth!

Do not be tempted to tell every bad thing you could think about yourself. Do not let your date nudge you, if they say: “so as to have no surprises later”. It’s a trap.

Do not show off your impressive porn collection in your phone.

Forget that whimsical weekend drinking binge you often indulge in with your friends.

Basic Mannerisms

This is hard to crack, and weirdly, it’s basically who we are when no one’s looking. Show less enthusiasm, and cultivate restrain during conversation.

If the man says something funny, do not shout: “Shut the f*** up!” No matter the chemistry, this is not your neighbor whom you’ve known for decades.

The Ex-Factor

Ignore your ex, no matter how fond or distasteful their memories are. It shows insecurity, if one rattles on and on about their ex. The psycho’s will sometimes call their exes to gloat over a new catch – YOU.

Run!

Money issues

A definite red flag is when your date asks at your first dinner how much money you make. That screams gold-digger, or a materialistic person. Love comes last.

Personal security

The basic rule is arrange a blind date in a public place. This can be a restaurant, a nature walk in a busy public park or beach. Reject suggestions to meet in homes or cars.

If possible, you can arrange for a trusted friend to hang out nearby as you make first contact. After you are comfortable with the date, you can give a pre-arranged ‘Am Safe’ signal.

Avoid expensive jewelry or accessories. Leave the Rolex at home.

It’s also important to avoid cash, as most decent restaurants have cashless means of payments.

Digital banking has made this easy.

Introducing the Co-op Bank e-Commerce platform.

Co-op Bank e-Commerce platform allows the use of mobile phones or personal computers to access Co-op Bank accounts.

Do not be stingy, offer to share dinner expenses – swipe your Co-op Visa Card at the restaurant’s PDQ/POS machine.

To learn more, click here to check online for the Co-op Bank e-Commerce platform, or visit the nearest Co-op Bank branch.

Oh, it’s December already.

Suddenly, those memes start to make sense.

“You go out in slippers and shorts to get mandazi for breakfast, and return home at midnight, sloshed and incoherent”.

Yes, this is the month it happens.

For ethical reasons, I couldn’t share the link to this story here – so here’s a copy paste version.

If you look at our family’s photos for Christmas 2016, you’ll notice that in each group photo, there’s always 3 or 4 people yawning.

Uncanny, huh?

Well, my extended family’s tradition is that each of my dad’s sibling hosts the Christmas feast on a rotational basis.

In 2016, we were marking Christmas in Uncle Mutua’s home in Nyali, Mombasa.

He’s the eldest son in my dad’s family. A day or two before X-mas, he’d booked each of his sibling’s family in assorted hotels around Nyali, all within 15 minutes’ drive to his home.

My dad is the second born, and so had been tasked to marshal everyone to keep time on X-mas Day, and have everyone arrive at Uncle Mutua’s home on time.

My Dad had a watch that showed different times for different time zones across the world, a feature he’d enjoy showing off to everyone at dinner.

On that X-mas Day, we still know not what time zone his watch had been set.

He shakes us awake, then calls every other uncle and commands a tentative arrival at the host’s house in quarter of an hour. No questions asked.

When we drive out of the hotel, there’s barely anyone in the street. Not even stray dogs.

Surprisingly, everyone turns up at Uncle Mutua’s drive way – in 15 minutes. Luckily, Mombasa ain’t freezing in December.

We knock at the door at 5:15 AM.

My aunt opens the door, and groggily grunts: “Oh. The family is here.”

Her tone, well, didn’t sound much Christmassy.

Kind of like, “Oh. It’s cancer”.

On every picture that day there are like four people yawning.

******

All good December stories start with alcohol and fun parties, but in 2020 – that may have to change a bit. The budget has been pretty tight, with little cash flow.

This is the beginning of December, and Christmas is still a few weeks off.

For a memorable time, one doesn’t need to wait for X-mas to have fun, but can slowly start saving for it. One can forgo regular, everyday expenses and save up the amount for the festive weekend.

You can walk to work, and save up the fare. Leave the car at home, and save the fuel money. You can skip weekend nights out, or eating out and save that up.

Digital banking makes this easy.

Introducing the Co-op Bank e-Commerce platform.

Co-op Bank e-Commerce platform allows the use of mobile phones or personal computers to access Co-op Bank accounts through USSD numbers, M-Coop Cash Apps, M-Pesa Pay bill numbers, or the use of Co-op Visa Cards including making payments by swiping at payment points with PDQ/POS machines.

It’s easy to track expenses, credits or debits in real time. It’s fast, safe and convenient. Within moments, one receives account notification messages on mobile phones.

To save up in bits, conveniently use Co-op Bank’s M-Pesa Pay bill number 400200 that allows direct deposits to Co-op bank account.

On the M-Pesa menu, input the Paybill number 400200, then add bank account number on the ‘add account’ section.

To learn more, click here to check online for the Co-op Bank e-Commerce platform, or visit the nearest Co-op Bank branch.

To be an entrepreneur means being comfortable with taking educated risks, in business.

The secret to success is buried in a formula that combines drive, forward momentum and persistence.

Here’s a few personal traits:

Passion

This is what drives you. You need a true sense of passion, and belief that the product on offer, or the service you have is what clients want. Passion is infectious – and will rub off on the staff and clients. A business launched without passion will lack the ooze and charisma – clients will not return.

Perseverance

A new venture may need up to a year before visible growth can be seen. Until then, an entrepreneur needs energy and enthusiasm to ride out the bumps. There will be constant errors – but a passionate owner will learn, and rise.

There will be daunting overhead bills, staff problems, cash flow issues. One just needs perseverance.

Empathy

This uncanny skill makes or breaks a new business.

The ability to understand your prospective client’s minds and visualize self from that angle. That’s how you realize their problems, and understand them. In that way, you can provide a solution – and this is what sells to your clients.

A practical solution to their problems.

Leadership Skills

A start up needs equally motivated staff to run. You need to be a leader – and not just loaded motivational pep-talks, but practical touches.

An entrepreneur has to learn the Art of Delegation.

This is to be cognizant that one cannot possess all the skills and knowledge needed to pursue the vision & mission of a company.

Like, one can have good social skills, but miserable in accounts.

Stamina

New ventures demand a complete lifestyle change.

Perhaps, one that requires working crazy, long hours. It may mean giving up some aspects of your life, and of those in your circles – vacations, weekends, private cars, etc.

Do you have the wherewithal to grind through long hours at work and lean budgets?

Before the big break, you need stamina to survive a period of intense sacrifice. It pays for one to have a supportive family that shares the vision.

Business skills

Basic understanding of how a business is structured and works is helpful. This is the foundation on which a business sits. Under this, it helps to be a creative problem solver.

To counter this, one has to hire skilled staff, or take the pains to learn the relevant skills, especially on delicate aspects of the business. Say, accounts, or marketing.

Another advisable trick is to align self with established business or financial entities to act as mentors. An entrepreneur learns from the mistakes of others.

In the finance section, for instance, a new start up needs articulate system off keeping books, calculate cash flow and monitor the inventory.

Introducing the Co-op Bank e-Commerce platform,

This robust e-Commerce platform offers a new business a variety of cashless ways to accept payments, or make purchases.

This includes use of mobile phones to access Co-op Bank accounts through USSD numbers, M-Coop Cash Apps, M-Pesa Pay bill numbers, or the use of Co-op Visa Cards, by swiping at payment points with PDQ/POS machines.

It’s easy to track expenses, credits or debits in real time. It’s fast, safe and convenient. Within moments, one receives account notification messages on mobile phones.

To learn more on cashless payments through the Co-op Bank e-Commerce platform, visit the nearest Co-op Bank branch.

Alternatively, check online by clicking here.

It depends…

The first question is, will you be purchasing directly from a builder or buying the land yourself and building from scratch?

If you’re buying the land and building from scratch, the question becomes how cheaply you can purchase the land and how cost-efficiently you can build the house.

Are you planning to hire a builder? Or are you planning to manage the project yourself and hire your own sub-contractors? If you hire a custom builder, you’ll likely pay more than what it would cost if you managed the project yourself.

If you can manage the project yourself, hiring builders and casuals directly, it’d save you a lot in terms of costs you’d otherwise be paying subcontractors.

In all sense, it’s much cheaper to act as your own builder.

Buying an existing house means you’ve accepted all the choices somebody made for that house, whether you like them all or not.

In building, you have room to adjust initial plans on the go: Like, let’s add a room here while we are at it. Oh, why not have a hot tub? Granite looks better than marble….

Of course, with so much freedom comes the burden of choice.

You need to make thousands of decisions.

If you have lots of prior home-building experience, those decisions will come easy. If not, you’ll struggle with them for endless sleepless nights.

Thankfully, you’ll have plenty of time as you’ll be working your way through those decisions over many months, between 12-30 months would be a typical range to build a home.

Then, once you’ve made your decisions, you’ll start seeing the results.

You hope you’re right on ALL of them. Every mistake or poor decision costs you time, money, and energy. You will find yourself spending countless hours at the job site to try to minimize mistakes and correct poor decisions as quickly as possible.

At the end, you hope to get the home you started with. If you got lucky and got most of your decisions correct, you might finish on time and you’ll be able to save a good 10-20% compared to a finished home.

One of the tricks to make a success out of a building project is have a steadfast financial partner. A financial partner has to have a platform that makes easy cash-flow management and record keeping.

It’s a plus, if the financial partner allows multiple avenues to access and manage savings, make payments – and the versatility for round the clock banking.

Co-op Bank has greatly revamped their e-Commerce platform to assist businesses meet the increased demand from customers in going cashless.

Going cashless has a lot of benefits.

A client has a variety of payment options available. In making purchases for materials, paying staff and keeping records, the Co-op Bank e-Commerce platform allows flexibility, safety and convenience.

There’s several options:

• Online card payments
• PDQ/POS
• Lipa Na M-Pesa Till Number
• M-Pesa Paybill 400200
• M-Coop Cash

Visit the nearest Co-op Bank branch to learn more on e-Commerce, or check online by clicking here.