Khusoko – East African Markets

How Sidian’s Institutional Banking Solution Ensures Business Continuity of the Saccos

Kenya Union of Savings and Credit Co-operatives Ltd (Kuscco) has signed half a million-sponsorship deal with Sidian Bank aimed at supporting co-operatives and accelerating post-pandemic recovery.

This sponsorship will support Kuscco’s sixth Annual Sacco’s Leaders convention.

Sidian Bank has fronted its institutional banking which has contributed to the growth of co-operatives by offering Term deposits, Individual accounts for the members and credit facilities to co-operatives and its members.

“As the country is adversely affected by the Covid-19 pandemic, we as a bank have also ensured that we offer solutions to our customers that are major contributors to keeping their businesses afloat.

Empowering customers is what Sidian Bank brand stands for, which it has been able to do through provision of custom-made financial solutions,” said Sidian CEO, Chege Thumbi, during the cheque handover.

The convention is scheduled to be held at Pride Inn Paradise Hotel, Mombasa from February 22 to 26.

Themed “Saccos beyond Covid 19: Accelerating towards Recovery”, the convention will expose leaders to the effects of Covid-19 on the Sacco sub-sector, share success stories, exchange information.

It will also provide recommendations and mitigation strategies that will accelerate Sacco growth to recovery.

Kussco’s Group managing director George Ototo said with Covid-19 pandemic, the affiliated members of Saccos in different industries retorted to the withdrawal of their deposits and defaulted their loans.

“There is, therefore, a need for leaders to come together and evaluate the measures,” Ototo said in a statement to invitees.

Sidian’s Bank Co-operative banking solution was established with aim of providing tailor-made solutions to the value-chain for transport, finance, agriculture and savings co-operative sector through unlocking the potential of their banking solutions.

As part of the organization’s SACCO Banking solution, it is a one-stop-shop offering their customers Remote cheque clearing.

An Interest earning current accounts to the Co-operatives to ensure that their deposits grow as they transact and a Trade financing solution that provides Bid bonds, Invoice Discounting Solutions, Supply chain financing, Performance Bonds, Advance Payment Guarantees, and Bank Guarantees.

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