- Market Watch
- March 14, 2023
- 2 minutes read
Stima Sacco Resumes Instant ATM Issuance, Upper Limit Up To Ksh 40,000
Kenya’s Stima Sacco has resumed instant ATM processing services at all their branch, giving customers the convenience of accessing services…
Kenya’s Stima Sacco has resumed instant ATM processing services at all their branch, giving customers the convenience of accessing services such as withdrawals without a hustle.
“We wish to inform you that you can now access the instant ATM processing service at all our Branches,” said Stima Sacco in a statement to the public.
With the resumption of the services, the VISA-branded ATM card can be used to withdraw cash at any Co-Operative Bank ATM machine (with an upper limit of up to 40,000 shillings) and any other VISA-branded ATM machine.
The card can also be used at any Co-Op kwa Jirani Agent, up to a daily limit of 300,000 shillings as well as swiping at any Point of Sale device. Additionally, the card can also be used to complete online purchases and subscriptions.
“We, therefore, encourage our members without ATM cards and/or those with expired ATM cards to apply at the nearest Branch,” added Stima Sacco.
Last week, Stima Sacco came out to explain a system disturbance that had caused panic in a section of its customers who could not perform certain transactions. Stima Sacco said that it was working towards bettering its system for all its customers.
In a statement, Stima Sacco said that its systems had witnessed high traffic from Kenyans shortly after it announced its annual dividends “leading to service disturbance that has strained the response time between our M-Pawa Mobile Channel and the core banking system.”
During the Annual General Meeting that was held on Friday 3rd March 2023, Stima Sacco declared Dividends and Interest Rebates at the rate of 15 percent per paid-up share and 11 percent interest rebates on members’ deposits.
“The total payout for the two items was 3.56 billion shillings compared to 2.99 billion shillings in 2021,” added the sacco in a statement.
In the past financial year, Stima Sacco’s loan book grew by 12 percent from 36.8 billion shillings to 41.3 billion shillings in 2022 according to the latest stats released by the investment vehicle during their annual investor briefing. This makes it among the few facilitating financial inclusion.