Saccos welcome cheque books

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Feb 20, 2017
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By Our Reporter
Members of the Cooperative
movement in Embu
County have welcomed
the move by established Saccos
and specific banks to issue personalized
cheque books to the
Saccos’ FOSA members.
They have hailed the new development
as a key milestone in
easing commercial transactions
where customers with Current
Accounts can enjoy banking services
with Saccos, just as with
banks.
Embu County Commissioner
of Cooperatives, David
Muriuki speaking to Sacco
Review said the new system,
in which cheques will be cobranded
by the bank as the
clearing house and the Saccos,
will eliminate the need
for customers to cover long
distances to cash money to
make bulk payments.
“In the past, the Saccos
had cheques only for internal
use where a customer in Sacco
A could not issue a cheque to
another in Sacco B. The new
cheque books will eliminate
this limitation thus boost commerce,”
Muriuki observes.

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