Harambee Sacco launches instant debit card issuance services – KBC

Harambee Sacco has launched an instant debit card issuance services to shore up financial transactions activities that have been greatly reduced by Covid-19 preventive measures.

The society’s Chair Macloud Malonza says the Visa Debit Cards will be printed right at the society’s countrywide branches and this is part of the organization’s restructuring strategies to mitigate against challenges brought about by the Coronavirus.

The launch comes at a time when financial institutions are grappling with reduced transactions as customers keep off banking halls in compliance with the Governments recommendation on social distancing.

The institutions as well as the government have been advocating for utilization of alternative banking options such as internet banking, mobile money and ATMs.

However, the process of getting a new ATM card takes about a week or more for most financial institutions. This has prompted Harambee Sacco to launch a first in the market through the launch of an instant ATM card-issuance service that will see the Sacco’s customers receive Visa Card within a day of application down from an average of 14 waiting days.

The venture which is collaboration between Harambee Sacco and Cooperative Bank is aimed at minimizing the use of cash in favour of cashless transactions in an effort to reduce the risk of spreading COVID-19.

Harambee Sacco made 418 million shillings in net interest income in 2019, representing a 3 percent growth from the previous year with sacco members receiving 1.3 billion shillings as dividends this year.