Businesses & Financial News

Harambee Sacco unveils instant debit card to members

Photo Caption: Harambee-Sacco-instant-card-printing-24-Jun-2020_Macloud-Malonza.Vincent...-scaled

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Harambee Sacco today launched  a new instant card-issuance as it seeks to increase easy and fast accessibility of cash to its members.

The deal, in partnership with Co-operative bank will allow the Sacco members to apply and instantly receive the Visa Debit Card and immediately start transacting it in ATMs, Co-op Bank agents or shop at visa branded outlets and online stores.

The model is a fast for any existing Kenyan Sacco and a departure from the current practice where members are obligated to wait up to two weeks to receive their Visa debit cards.

“The launch of this instant card issuance is timely, and is consistent with Government guidelines intended to minimize the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading COVID-19,” Said the Sacco’s Chairman Macloud Malonza.

The firm’s new solution according to its Chief executive George Ochiri is part of the wider plan by the institution to meets it Sh34billion asset base target by the end of the year despite the prevailing coronavirus pandemic.

“This is just part of the plans to meet our overall annual target for 2020 as a company having announced impressive figures for 2019 earlier this year,” said Dr. Ochiri.

The Sacco’s net profits grew by 85.7 per cent to Sh 100 million in 2019 from Sh 53.8 million recorded in the previous year while its loans disbursed grew to Sh18.3 billion from 15.4 billion, recording an 18.8 per cent growth.

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