ABC Bank signs pact with Kilifi-based Imarika Sacco

Kenya: Kilifi-based Imarika Sacco has entered into partnership with the African Banking Corporation (ABC) to start a current account that will enable traders transact cheques through the bank.

Officials of Imarika Sacco and ABC signed the partnership at Mnarani Club in Kilifi yesterday. Imarika Sacco Chief Executive Officer Daniel Masha signed for the teachers' Sacco, with the head of retail banking at ABC bank Ms Corline Amanda signing for the bank.

 Masha said talks leading to the partnership and signing started two years ago, adding that the sacco needed to improve its services and innovate new products to compete with banks and other financial institutions.

Amanda said ABC entered into partnership with Imarika after discovering the Sacco was focussed and had an established clientele. She said ABC and Imarika are not competitors, adding the two entered the pact to improve delivery of financial services.