The three partners started the construction of the branch in September 2020 and completed it in July 2021 to widen the reach of financial services in Marsabit town. The branch also opens more credit facilities to improve and expand access to formal finance for local smallscale farmers and producers. AFC supports the development of the agricultural sector by offering financing facilities and risk share instruments to MSMEs. The financing offered ranges from $2,000 to $5 million cover loans for the crop and livestock value chain, value addition, processing, and agricultural equipment and machinery.
Initially, Marsabit farmers in need of credit from AFC had to travel over 300 kilometers to Meru County for the essential service. The long distance discouraged many clients from accessing financial services, as most of them are small-scale farmers and businesses. In addition, in a region that is 32 percent Muslim, most banks did not follow Sharia banking.
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The construction of the branch was a continuation of the strong and vibrant partnership that USAID had with AFC and the Marsabit County government. To construct the branch, USAID, through Feed the Future Kenya Livestock Market Systems Activity led by ACDI/VOCA, co-invested $150,000, and AFC co-invested $90,000, bringing the total investment to $240,000. The county government of Marsabit provided the land used for the construction of the branch. USAID bought off the risk on investment for the AFC bank. With an operational business unit in Marsabit County, the branch is projected to reach 2,000 livestock producers and farmers in other agricultural value chains. AFC will provide agricultural credit and technical support and mobilize different partners to address community financial concerns.
AFC will team up with with development partners and the emerging fin-tech industry, which uses technology to improve activities in finance. This will reduce the risk of the agriculture and livestock sectors. The Activity will also use its community networks to link entrepreneurs, especially women and youth, with the branch to help start or grow their businesses.
The bank has taken steps to offer Shariah-compliant products that are currently missing in the region. To increase the lending frequency, the bank will cap the interest rate at 10 percent, compared to the 14 percent offered by several other financial institutions, and provide personalized and long-term funding to producers. In addition, AFC will work closely with microfinance institutions and savings and credit cooperative societies to devolve its services and generate a common understanding of the value chains and product-based lending specific to the arid and semi-arid regions.
The corporation will also employ field officers to reach out to potential customers. To create employment for local youth, the bank is planning an annual internship and apprenticeship program for a total of 70 local graduates country-wide. The youth have a good chance at employment with the corporation.
Some people love to go to the bank, but if you are not one of them, we completely understand. Transact straight from your phone by simply dialing *667# or via the MCo-opCash App on Google Play store or App Store.
Can I apply for MCo-op Cash Salary loan if I have another loan with Co-op Bank, e.g. Personal Loan? Yes. If you have an existing MCo-opcash loan, you are allowed to top-up after repaying at least 1 instalment.
If I have more than one registered mobile number, can I register for more than one Mco-opcash account and apply for several loans? You can register more than one MCo-opcash account, but you can only take one MCo-opcash loan at a time.
Can I top up my loan? Yes. If you take a loan, which you opt to pay in 2 or 3 months, you can top up the loan after paying at least one installment. When you take a 1-month loan, you are allowed to access more amount which is within your limit before the loan falls due.
What if I lose network signal during a transaction? Whenever you successfully complete a loan application you will receive a confirmation message that the loan application is successful and the amount has been deposited in your MCo-opcash account. If you do not receive this message due to a lost signal, check your account and re-apply for the loan if it did not get processed.
What if I lose my phone? Your money is safe because your Mo-opcash PIN protects your MCo-opcash account. You are advised to block and replace your SIM card with your mobile phone service provider. With the new SIM card in place, and as long as you have maintained the same mobile number, you can continue to use your MCo-opcash through *667#. To access through the app on your new phone, you will need to visit the nearest branch in order to re-set your new phone. This is a security measure the bank has put in place to protect you from fraud.
Can I top up my loan? Yes. If you have accessed a loan with repayment of 2 months and above, you can top-up after repaying at least 1 instalment. If you have already accessed a one month loan, you can top up within your one month limit.
What if I lose the network signal during a transaction? Whenever you successfully complete a loan application you will receive a confirmation message that the loan application is successful and the amount has been deposited in your MCo-cash account. if you do not receive this message due to a lost signal, check your account and re-apply for the loan if it did not get processed.
What if I lose my phone? Your money is safe because your Mo-opcash PIN protects your MCo-opcash account. you are advised to block and replace your SIM card with your mobile phone service provider. With the new SIM card in place, and as long as you have maintained the same mobile number, you can continue to use your MCo-opcash through *667#. To access through the app on your new phone, you will need to visit the nearest branch in order to re-set your new phone. This is a security measure the bank has put in place to protect you from fraud.
How long does the One Time Password (OTP) take to expire? The OTP expires in 30 minutes. If you exceed the 30 minutes before using the OTP, then you will be required to re-do the process.
In circumstances where I am unable to reset through the M-Pesa Transaction, how else will I be assisted? You can still call the Contact Centre via 0703027000 or visit your nearest Co-op Bank Branch for assistance.
What if I do not have money in my M-Pesa? The validation process and consequent change of PIN cannot be completed. You will need to have at least Kes. 1/- in your M-Pesa account before beginning the reset process.
What if I do not remember my M-Pesa PIN? You will not be able to successfully do a PIN reset unless you have the correct M-Pesa PIN. However, you can still call the Contact Centre via 0703027000 or visit your nearest Co-op Bank Branch for assistance.
What should I do if my M-pesa PIN is compromised? Can I prevent someone else from resetting my pin? If your M-pesa pin is compromised, and to prevent someone else from resetting your pin, urgently call our contact center for your account to be blocked to prevent someone else from resetting your pin. 152ee80cbc
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