By James Wafula in Nairobi.
Fresh from winning the African award as the best performing bank in the continent, Kenya’s Cooperative Bank has clinched a deal with Metrotrans, one of the leading Savings and Credit Co-operatives in Kenya’s Transport sector.
This comes under a backdrop of sustained transformation of the banks services that have consolidated gains through its much effcient Soaring Eagle strategy based on meeting customer satisfaction through efficient services. The bank that is the most digitised in East and Central Africa has been building on gains both at home in Kenya and neighbours South Sudan, Uganda, Rwanda and Burundi.
According to the investment deal the bank has finished financing 45 new buses at Nairobi based Isuzu East Africa through a lease worth Kes225 Million.
The lease will enable the Nairobi based Sacco to respond to increased demand in their existing routes and to also serve their customers better through a partnership with technology company SWVL that allows users to make and track bookings through the SWVL app.
The buses were financed through Co-operative Bank’s leasing arm -Co-op Bank Fleet Africa. Under the leasing agreement, Metrotrans will lease the buses for a period of four (4) years after which they will be sold to individual Sacco members including drivers. This empowers the Sacco members to to own matatus which they would otherwise not have been able to acquire.
.Cooperative Bank is the first bank in Kenya to offer leasing services to the matatu sector. MetroTrans is one of the biggest Transport saccos in Kenya with investments in PSV transportation, logistics and supplies. The Sacco has been in operation since 2011 and currently operates 51-seater, 33-seater and 14-seater matatus on various routes within and outside Nairobi County
.Speaking at the launch held at Isuzu Head Office in Nairobi the Chairman of MetroTrans
The banks group CEO Dr. Gideon Muriuki has kept restating the banks strategy of always listening to the customer needs in fast changing and dyanmic age that keeps advancing various customer products affordaably available at its more than 350 outlets.
The Metro Sacco, manager Mr. Oscar Rosana,lauded the partnership between Metrotrans Sacco and Co-operative Bank that enabled acquisition of the new fleet of buses, which will significantly boost the income of Sacco members. “The acquisition of these buses is timely, as it will improve the incomes of our members by addressing the increase in demand we have experienced in recent times.Furthermore, our partnership with SWVLto provide cashless payment solutions is consistent with Government guidelines intended to minimise the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading COVID-19.
Speaking at the same function, Co-operative Bank’s Director of Co-operatives Banking,Mr. Vincent Marangu said, “Co-operative Bank is the preferred choice for PSV companies and Saccos since we understand their business model very well and have the right solutions to cater for their needs. We have a dedicated Transport and Housing Co-operatives department that supports over 900 transport companies and Saccos with working capital, payment and collection solutions to assist them effectively manage their fleets. This year alone we have approved financing for over 200 PSV vehicles worth Kes 870Million, through asset finance and leasing. We are proud to be the first bank in Kenya to offer this service to matatus and look forward to more Saccos taking it up■