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 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.