EDUCATION, HEALTH & FINANCIAL SERVICES

Accounts

Our bank accounts are available in the major currencies. Through the accounts you have access to internet banking and many other solutions that allow you to make and receive payments seamlessly at your convenience.Requirements for opening the account will vary depending on the type of business you are in. Kindly click here to email a Relationship Manager who will reach out to you to guide you through the account opening process and answer any questions you might have.
Account Tariffs and Fees
The tariffs and fees vary depending on the type of account opened. Please contact us for more information.

Working Capital Financing

Our customized solutions will ensure that you meet your financing needs for your inventories, accounts receivable, accounts payable, and cash. Please contact us for more information on our available solutions below:

Overdraft

Overdrafts are stop-gap financing to bridge short term operating cash flow differences with utilization and charges on a need/use basis. Handy when you have a nil account balance before maturity/realization of receivables i.e. cheques, uncleared funds and facilities still in sanctioning

Short term loans

Short Terms loans is a type of financing that provides the cash necessary to cover emergency expenses, fill gaps in cash flow, buy inventory or take advantage of business opportunities.

Supply chain financing

Supply Chain financing or supplier finance or reverse factoring, is a financing solution in which suppliers can receive early payment on their invoices. Supply chain finance reduces the risk of supply chain disruption and enables both buyers and suppliers to optimize their working capital.

Distributor financing

Distributor Finance is available for distributors to ensure that they maintain liquidity as they await the receipt of funds from receivables following the sale of goods to a retailer or end-customer.

Invoice discounting

Involves borrowing money against a client’s outstanding accounts receivables. The bank provides the customer with a portion of their unpaid invoices – up to 80% – upfront, in the form of a loan or line of credit.

LPO financing

The bank provides Financing of up to 60% cost of goods and services to be supplied against a Local Purchase Order received from a client, and/or issuer of a contract, enabling the MSME fulfill goods and services they have committed

Letters of credit

A letter of credit, also known as a documentary credit or bankers commercial credit, or letter of undertaking, is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. It serves as a guarantee for payments made to a specified person under specified conditions.

Bid Bond

A Bid Bond is Issued as part of a supply bidding process by the contractor to the project owner, to provide guarantee, that the winning bidder will undertake the contract under the terms at which they bid.

Bank Guarantee

A Bank Guarantee is an Instrument that signifies the bank will ensure that the liabilities of a debtor are going to be met. In other words, if the debtor fails to perform the obligation, the bank will cover it.

Asset Financing

Hire Purchase Finance or Instalment Sale Finance extended to customers to finance investments in specific assets with convenient payment options to spread out the cost

Cash Management

Our specialized product team offers Account Management Services Payment, Collections and Reconciliation Solutions that enables you to process and receive all your transactions conveniently and efficiently. These solutions include:

Collection Solutions

Through our customized solutions, we make collection of your payments manageable and stress free. Some of the solutions we offer include:

Direct Debit

Direct Debit is an affordable collection service where account holder(s) give their authority for a certain amount to be collected directly through a Bank on a particular date.
Direct Debits can be fixed or variable payments to Insurance companies, Saccos, Security companies, Utility Service companies, Membership clubs, Professional Associations, Investment companies, Micro-Finance Institutions and Estate Management agents.

B2B Integration

B2B is a digital solution that enables the bank to integrate directly with the customers’ system to facilitate validation of payments through Coop bank channels (branch, mobile or agency banking) before deposit is posted to the account. Thereafter, an electronic notification is sent to the customers’ system for auto-reconciliation. The solution is designed for customers who receive multiple payments to their account from diverse entities/persons with unique identifiers e.g., Learning institutions, Government agencies, Saccos, Micro finance institutions, Insurance companies etc.
Different Integration Models of the Solution
Standard API/Direct Integration Model
This is a direct integration between the customer and the Bank’s system. In this model, the customer has robust technology systems and technical support capabilities where we integrate and fetch payment details from their database for validation before posting.
Data Hosting Model
This is a semi-automated solution that is offered to customers who do not have their own system or those who have system but do not wish to incur costs to integrate with the Bank. Here, the customer submits their data which will be hosted by the bank. A daily transaction report with unique payers is shared to the client via email.
Benefits of B2B
The Integrated Collection Solution guarantees the following key beneﬁts to Corporate;

Excellent customer experience for both customers and sponsors from a variety of Co-op Bank’s delivery channels when paying to Corporate.
Capability to validate payee’s details against Corporate ERP System before receiving payments to ensure complete accountability of all collections made to the institution’s bank account.
Realtime settlement of funds to customer account once payments are made for eﬀective cash management.
Operational eﬀiciency brought about by the ease to reconcile bank account entries against the institution’s ERP System records.

Cash Deposit Machines (CDM)

Cash Deposit Machine( CDM) is an automated electronic device that is installed at a client’s premises to safely receive physical cash deposits whilst providing real time credit of collected funds into a client’s Co-op account.
This solution was designed to enhance cost saving and convenience in cash collection for fast reconciliation thereby enabling eﬀicient working capital management.
Benefits of CDM include:

Convenient & eﬀicient cash collection Speedy & Fast reconciliation Available 24/7
Instant cash deposit
Cost eﬀective cash handling

Remote Cheque Scanning ( RCS)

The RCS solution has been designed and structured to enable our corporate and MSME clients who receive bulk cheque payments to remotely bank cheques made in their favour directly into their Co-op bank accounts.
The technology seamlessly transmits cheque images over a secured network to the banks system to facilitate their banking and clearing process.
Benefits of RCS::

Increased operational efficiency derived from being able to bank cheques immediately.
Improves speed of retrieving archived cheque images since customer has the cheques posted at their own premises
Improved Cash Management for corporates and Co-operatives since clients have control over the speed of converting the cheques to cash.

Merchant acquiring ( Merchant PDQs)

This is a collection solution that allows the corporate customer to accept card payments for the merchandise using internationally recognized debit and/or credit cards( Visa/Master Cards)
Merchant PDQ: PDQ/POS is a payment device that enables customers to pay for goods and services using their cards at the merchant point.
Beneﬁts of Merchant PDQ/POS:

Nil terminal and license fee
24/7 relationship management and support Save on cash handling costs
8.5 million members of the Co-operative movement who have been issued with cards can transact from these devices
Decreased amount of paperwork and savings in administrative resource.

Merchant PDQ Pricing

Merchant service fee: Co-op Bank shall levy a discounted service fee of 2.0% on Co-op Bank Card and 2.5% for all other cards
Terminal installation: Free and zero annual maintenance charges Consumable: Free branding, machine rolls and relationship management Acquisition: Zero charges on acquisition of the POS terminals.
Statement’s access: Free merchant portal access and statements

E-commerce (ChapaPay)

This is an online card acceptance/payment solution tailored for institutions to avail an online channel to which their clients can safely, quickly and conveniently make payments for goods or services rendered from debit/credit cards , local or international.
Beneﬁts of ChapaPay

Easy and quick integration
Customizable fraud control tool Extended business hours :24/7/365
24/7 relationship management and support Nil Set up and license fee
The VISA gateway is available 24/7, and is compliant to global e-commerce security standards (PCI-DSS)

Pricing of ChapaPay

Nil Set up and license fee
Merchant service fees: competitive 3.0% and 3.5% on Kes and other currencies respectively

Payment Solutions

The bank enables your organization to make your payments with ease using The Coop Online Banking platform, Bulk Payment Solution known as Jumbolink and/or Coop Connect (that is API based).
Our solutions for the following include:

Salary and wage payment and processing.>
Supplier payments (e.g., EFT, RTGS , International SWIFT, Mpesa payments and Payments to Fosa).
Utility Payments e.g. Kenya Power, Water Companies.
Statutory Payments e.g. Tax Payments, NHIF, NSSF, HELB.
Dividend Payment – For listed companies and Saccos’
Farmer Produce Payment – E.g. Tea, coﬀee and dairy proceed.
Pension Payment – Annuities and monthly payments.
Loan disbursements – for Saccos and Micro Finance Institutions’

Co-op Online Banking

This is a robust web-based platform that gives our corporate customers access to a cutting-edge digital banking experience. The following are available on Co-op online:

Local or international payments (IFT, EFT,RTGS, Pesalink, Swift and Payments to Fosa)
Salary/Payroll processing
Statutory payments ( KRA, NHIF)
Bill & Utility payments ( KPLC, Nairobi Water) Mobile wallet payments (M-Pesa)
Payment to FOSA accounts M-Pesa ﬂoat purchase
E-Voucher for cash pick up at any branch or Co-op kwa jirani agent.
Bulk payments for dividends, salaries etc.

Bulk Payment Solution – Jumbolink

Jumbo link is an electronic payments solution that enables customers to make bulk payments directly to the accounts of one or more beneﬁciaries with accounts at commercial banks and Saccos.
The product is delivered through:

SFI Evolve: a web-based version accessed through a designated URL

The target group is institutions or individuals with the need to make bulk payments e.g. salaries, supplier payments, bonuses, pensions, farmers payments, loan disbursements, dividends.

Co-op Connect

Co-op Connect allows the Bank to expose its core banking services to its customers through integrated Application Programing Interface (APIs) . It oﬀers enhanced payment solutions as well account services solutions.

Payment & Account Management API’s	Account Services API’s
Pesalink to phone	Balance Enquiry
Pesalink to account	Full Bank statement
Account to M-Pesa	Mini Bank Statement
Internal Funds Transfer (IFT)	Instant transaction Notification Service
M-Pesa STK push

Operational Account

Investment Solution

Trade Finance

With our wealth of knowledge in trade finance, an experienced team and an unparalleled drive to see you succeed in whichever stage your business is at, we offer you the best solutions to ensure your business keeps winning! We provide an array of services that enable importers and exporters to conduct international transactions that facilitate the movement of goods and services from one point to another, both locally and internationally.

Stock Finance

Stock financing is a trade solution that enables a trader to acquire stock for the business.– The Stock Financing product is meant to assist the traders to;

Pay for the various products they trade with and ease pressure on their working capital
Pay for the stocks on time to ensure consistency and avoid stock outs
Minimize diversion since payment is against invoices and made directly to the suppliers
Align financing with the trading cycle of the business hence ease of repayment

– The product features are:-

Feature	Terms
Purpose	Financing traders involved in buy/sell of stock
Limit Calculation	70% of average 6 months current account turnovers.
Financing	100% of the proforma invoice, invoice/quotation raised by suppliers/Third parties
Tenor	Limit marking – 12 months Fast Moving Consumer Goods (FMCG) – 7/14 days Long term trade – 30-60 days
Pricing	FMCG- 0.5% per week to 1% for 2 weeks Longer trade – 2.5% per annum appraisal one-off, (CBR+4)% per month for every drawdown.
Security	Security Options-tangible, partially secured & unsecured terms. The unsecured limits will be applied as per existing policy for GOLD, SILVER and BRONZE customers as follows. Gold Acc – up to Kes. 10 million Silver Acc – Up to Kes. 6 million Bronze Acc – Up to Kes. 600,000.00

– The requirements are to bank with Cooperative Bank for a period of 6 months.

LPO Financing

This is financing offered to suppliers with LPOs from reputable companies, to enable them to execute their customers’ orders when they do not have the required funds.

Maximum loan – 60% of the value of the LPO less all of the bank’s charges
Minimum loan – Ksh 50,000
Tenor- Up to 6 months

Structure Trade & Commodity Finance

If you need a hand in bulk purchasing of goods, we can finance your business so that you execute bigger deals, and take advantage of economies of scale to make higher profit margins.

Bank Guarantees

This is a written, irreversible guarantee from us, assuring your supplier, customer or beneficiary, of payment in the case that you do not fulfill your contractual obligation. This covers bid/tender bonds, performance bonds, advance payment bonds and credit guarantees. These reassure the beneficiary of payment and reduce the level of risk involved in the business transaction.

Invoice Discounting

Cash flow is vital for the survival and smooth running of any business, especially SMEs. With Co-op Bank’s Invoice Discounting, you can withdraw money against sales invoices before payments are done, thus enabling you to improve your business’ working capital and cash flow.

Maximum loan – 80% of the value of invoice less all of the bank’s charges
Minimum loan – Ksh 50,000
Maximum tenor – 2 months subject to the invoice period
Availability – Facility will revolve for 12 months upon which supplier will be reviewed for renewal

Letters Of Credit.

Business always has an element of risk; especially when it comes to trade. With a Letter of Credit from Co-op Bank, you can assure a beneficiary of payment once the terms of a contract are fulfilled, thereby eliminating risk and setting the beneficiary’s mind at ease.

Pre-shipment Financing

These include pre-export finance and import finance loans which are available to both importers and exporters on a short to long term basis.

Import Finance Facility

This facility is available to importers who have receivables from identified and confirmed off takers in the same currency as the facility.

Post Import Finance Facility

This is best suited for importers who are experiencing a mismatch between payment for imports and the receivables. After goods have been shipped to the importer, the bank pays the shipper on behalf of the customer and books a short term facility to be paid off with the receivables once the goods have been sold.

Bills Discounting

With Bill Discounting, we provide exporters with an advance to ensure they remain liquid as they continue with their business.

Bills Avalization

This is where the bank confirms that the customer will honor a certain future payment by signing on a bill of exchange on behalf of its customer.

Stock Financing

This facilitates importation of raw materials under letters of credit and guarantees. It enables the customer to increase his business value, efficiency and productivity.

Please download the tariff guide by clicking this link

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