Co-op Bank Launches an Innovative Service to Pay School Fees

Co-op Bank officially launched mobile school fees payment service dubbed “M-Karo”. Customers can pay school fees via their mobile phones conveniently and the school will get relieve and flexibility to the tedious school fees paying process.

Co-op Bank

M-Karo enables parents and guardians to make fee payments directly to school accounts from any location at their convenience. The Bank will then credit the school account with the funds within 2 hours of the transaction, with clear references specified by the parent or guardian. The school on the other hand will get a confirmation receipt from Co-opnet, Co-op Bank’s Internet Banking facility, after which a receipt can be generated for the student or parent as proof of payment.

Speaking during the launch of the product in the market, Co-op Bank, Director of Corporate Banking Tom Kariuki said, “Co-op Bank is the leading financier of education in Kenya and we strive to provide our consumers with innovative products to meet their changing needs and preferences.  Currently, mobile phones have the high ownership and usage in Kenya. As such, we are excited at providing our customers more convenient and hassle-free service, through a medium that can reach millions of Kenyans.”

Co-op Bank has been at the forefront of product innovation and delivering customer value through its extensive range of unique and diversified products with high quality service propositions tailor-made for various customers. In keeping with this, the M-Karo service is accessible through M-Banking Service for Co-operative Bank account holders as well as through M-PESA for all M-PESA registered customers.

Earlier this month, Co-op Bank reported impressive results announcing its pre-taxprofit of Ksh5.77billion for the year ending December 2010, a remarkable 54% growth compared to the previous year’s Ksh 3.74 billion. The Bank’s growth has been attributed to unrivalled strategic planning, increased lending and robust growth in customer base.

Source – CSR Africa Daily – By Millicent Njeri

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