Cooperative Bank seeks to strengthen ties with NGOs

Co-op Bank Director for Corporate and Institutional Banking, Lydia Rono speaks when the bank and the Public Benefit Organizations Regulatory Authority (PBORA) co-hosted a forum in Nairobi to discuss ways of strengthening the partnership between banks and public benefit organizations. [Courtesy]

Tier one lender Co-operative Bank of Kenya (Co-op Bank) has announced plans to deepen its partnership with public benefit organizations (NGOs) in order to support their efforts to transform communities.

The bank spoke when it co-hosted a forum with the Public Benefit Organizations Regulatory Authority (PBORA) to discuss ways to strengthen the collaboration between banks and NGOs.

The forum, themed "Collaborative Approach to Transforming Our Communities," was held on October 4, 2024, at the Radisson Blu, Arboretum. The Principal Secretary for Internal Security and National Administration, Raymond Omollo, speaking at the event through a representative hailed the role of NGOs in the country.

Co-op Bank's Director of Corporate and Institutional Banking, Lydia Rono, emphasized the bank's commitment to supporting NGOs. "At Co-op Bank, we have developed specific funding models designed for NGOs, including Working Capital Financing, Cash Management services, and Development Training," she said. "We also offer a Church Pension Scheme to ensure that staff working for faith-based organizations are well prepared for retirement."

Rono added that the bank aims to create a supportive environment for NGOs by providing capacity-building, technical assistance, and innovative financing solutions. "Our goal is to make financial management for NGOs as seamless as possible," she said.

The forum brought together representatives from NGOs, government agencies, and the private sector to discuss challenges and opportunities in the NGO sector. By strengthening the partnership between banks and NGOs, Co-op Bank hopes to contribute to the sustainable development of communities across Kenya.