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.