The bank embarked on an aggressive transformation agenda driven by the need to improve operational efficiency, reduce operating costs and reposition their customer delivery options and offering. This required the Bank to increase usage of convenient alternative channels by migrating existing customers from physical branches and acquiring new ones through digital channels.
The bank was also keen on Financial inclusion as it is important for improving the living conditions of the unbanked, the low-income earners, SMEs and other vulnerable groups.
Eclectics and Co-operative bank set out a strategic partnership where both parties would actively contribute to the digital strategy and implementation of mobile financial inclusion through the MCo-opCash product. This revenue share agreement would have both parties contributing to the growth of the product with Eclectics being the technology and innovations partner and the bank driving the business.
Eclectics and the Bank embarked on a 6-month project implementation that saw the development of a robust solution that allows among other services:
Over the years the partnership has brought fruit to the following innovative solutions
Mco-op Cash Mobile Wallet has continued to support the growth of non-funded income with over 2.7 million active customers in 2015 to 5.6 Million registered customers and Ksh 16 Billion worth of mobile loans disbursed in Q1 2020
The solution has enabled the bank to achieve efficiency agenda of the ‘Soaring Eagle’ Transformation Agenda focusing on improved operational efficiencies through Innovative delivery systems.
The innovative digital products led to the Bank winning the esteemed award of Bank of the Year 2015 for Financial Inclusion in The Bankers Awards run by the Financial Times of London. The lender was also recognized for the mobile wallet which allows customers to do full banking, right from opening accounts to applying for and repaying loans, straight from their cell phones
The bank scooped the best bank in Kenya award at the Europe, Middle East and Africa (EMEA) Finance Awards in December 2019. The EMEA Finance Awards recognize financial institutions which through their client focus and sound leadership, continue to increase profitability, deliver affordable credit to the retail and wholesale markets and support local and transnational corporations do business