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ABC, Postbank announce key alliance

25 June 2014, 12:32

Nairobi - More than 2 million customers of Postbank can now access cheque books and process cheque payments through African Banking Corporation (ABC) following the signing of a deal between the two banks.

The new solution will be available through the Postbank Cheque Account, which will enable Postbank customers obtain cheque books and process their cheques through ABC Bank's clearing house.

This will not only provide these customers with an important payment instrument that will help streamline their business transactions but will also help Postbank introduce the culture of savings to other market segments.

“The launch of this solution means much more to us than just a new product; it means a new solution, more opportunities and more possibilities for us and for Postbank. Postbank customers will now have the added benefit of getting cheques books, an important tool in business transactions", said Postbank Managing Director, Dr Nyambura Koigi.

ABC managing Director, Ashraf Savani, welcomed the alliance.

“This partnership is crucial for ABC Bank as it is key in the strategic direction we have been pursuing for the last couple of years. It reinforces our determination to increase and improve our channels to provide more touch points for our customers to access our services,” said Mr. Savani, adding that the partnership was part of the bank's growth and expansion plans.

Postbank has not been issuing cheque books because it was established as a savings bank.

However, through the partnership with ABC Bank it can now offer cheque clearing solution as an additional service to its customers.

ABC Bank has also launched an agency banking channel with Postbank as its agent in a bid to deepen its reach and enhance ease of access to services to its customers countrywide.

The partnership will allow ABC Bank customers across the country to withdraw and deposit cash to their ABC Bank accounts through Postbank 99 outlets countrywide.

 – CAJ News

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