A Coop Bank outlet in Nairobi. FILE PHOTO | NMG
Summary
- Coop Bank blamed the outage on a "systems" challenge owing to heightened activity.
- The bank is hailed globally for its co-operative business model that has roped in 14 million Kenyans into its fold via association with more than 5,000 co-operative societies.
- The bank's total assets stood at Sh354 billion as at September this year, with net loans and advances book at Sh259.4 billion.
Co-operative Bank customers were hard hit
for hours after its systems collapsed on Friday, disrupting services on
all their transaction platforms.
The outage reported at 12 noon affected all their 580 ATMs, 8,000 agency banking outlets, mobile and online services.
In
its official verified Twitter page, the bank -- which boasts of 6.2
million account holders, 3.18 million "MCo-op Cash" mobile phone money
accounts as well as 992,000 Sacco Link members -- blamed the outage on a
"systems" challenge owing to heightened activity.
“CO-OP
BANK SYSYEM OUTAGE: This is to alert our customers and the public that
we are experiencing a system challenge that has affected ATMs, MCo-op
Cash and the card cystems since noon. Our system engineers are working
to resolve this challenge. We will advise immediately the services are
back. We apologise for the inconvenience caused and assure you that
every effort is being done to resolve this challenge the soonest
possible. Please bear with us in the meantime,” said the bank
Partial resumption
At about 6pm, the bank later announced the resumption of their ATM and card services.
"CO-OPERATIVE BANK: RESUMPTION OF ATM and CARD SERVICES Our ATM
and Point of Sale Card Services have now resumed across the country. We
are working to bring back all the other services that have been out
since noon.
"We again apologise for the inconveniences
caused and assure you we are working round the clock to resume normal
services the soonest possible," the bank added on its Twitter page.
Cooperative model
The
bank is hailed globally for its co-operative business model that has
roped in 14 million Kenyans into its fold via association with more than
5,000 co-operative societies.
The bank boasts of 3,952
employees, 148 branches, 555 front office savings activity outlets run
by saccos, 8,000 agencies under its MCo-op Cash Mobile wallet project as
well as 580 ATMs.
The bank's total assets stood at Sh354 billion as at September this year, with net loans and advances book at Sh259.4 billion.
Its
customer deposits totalled Sh289 billion, while its market
capitalisation at the Nairobi bourse was valued at Sh67.3 billion.
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