(L-R): The Director Cooperatives Banking at Co-op Bank Vincent Marangu with the leadership of Metropolitan National Sacco namely, Acting CEO Benson Ng’ang’a Mwangi, Chairman Christopher Karanja and Vice Chairman Lucy Kuria at an agreement-signing event
Cooperative bank has partnered with Metropolitan Sacco to foster their service delivery to members.
Through its subsidiary, Co-op Consultancy, the bank will offer advisory services to the Metropolitan in effort to promote long term sustainability.
The bank said it would support the Sacco, which has a total assets base of Sh13.6 billion and eight branches across the country, by ensuring it has adequate working capital for adequate service delivery to its members.
Metropolitan Sacco ran into headwinds this year after bad loans soared, squeezing its liquidity and ability to meet member withdrawals.
Speaking at the event organized to sign the restructuring agreement the Chairman of the SACCO Christopher Karanja, highly commended Co-op Bank for the timely intervention noting the restructuring has really injected new impetus for growth at the SACCO.
“We thank the Co-operative Bank for coming to our great support at such a critical moment. The recommendations and measures that have so far been put in place will certainly get the Sacco to new heights, “he said.
Speaking at the same function, the Director, Co-operatives Banking Division at Co-operative Bank, Vincent Marangu stated that the bank had a strategic interest in the turn-around and long-term growth of Metropolitan National Sacco a key stakeholder in the co-operative movement.
“We have done it before for a number of co-operatives, with huge success, and therefore this will be in line with our mandate and commitment to the co-operative movement,” he said.
For the last one year the Co-op bank has been inking partnerships with different institutions to enhance service delivery.