Jamii Bora cuts cheque maturity time
Business
By
Awal Mohammed
| Aug 15, 2020
Jamii Bora Bank customers and business clients will start enjoying a one-day cheque maturation period as the microfinance seeks to maximise its profitability and sales margin.
Under the new system dubbed ‘T-Plus one’, clients will access the cash after only one day in contrast to the traditional ‘T three’, which saw clients wait for three days.
With a huge chunk of its customers being from Sacco and microfinance institutions, the bank believes the new system will help boost small businesses that have been ravaged by the Covid-19 pandemic.
“For saccos and microfinance institutions, this means they get their money or loans faster, which helps them deliver on their promises. Today Jamii Bora has made the first step in bridging the gap by launching this programme to assist them with business support and enabling faster turnaround,” said Jamii Bora Chief Business Officer Alex Kasiki.
READ MORE
State to shut down 25 entities, privatise others in new reforms
Why Kenya must move fast to invest in digital rights security
State, workers' pay tensions cloud function
Why the super-rich are ditching commercial property investments
S Sudan Central Bank Governor Rallies East Africans to Invest in Juba
Co-op Bank lines up billions for women-owned SMEs after German loan deal
Construction players protest state's bid to tax mining sector
Insurance sector players to explore use of AI in deepening uptake
Sugarcane farmers accuse AFA of 'siding with cartels' as prices drop
Growing demand for housing births modern mansions in Nakuru slums
- State to shut down 25 entities, privatise others in new reforms
- New Chief of Defence Forces Gen. Charles Kahariri sworn in
- Flooded petrol stations to be shut
- Forget miraa: Discovery of minerals stirs up Meru locals
- Kenyan retailers ready to pounce as Ethiopia to open up market