CfC Stanbic Bank signs dealers’ partnership with KenolKobil

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Passerby pass past a logo of CFC Stanbic bank on the 10th February 2009.Liz Muthoni

By Grace Maina/Statement

CfC Stanbic Bank and KenolKobil have Friday signed a landmark partnership deal in which all KenolKobil dealers will enjoy a bouquet of financial solutions aimed at enhancing service delivery.

Speaking at the launch of the partnership, CfC Stanbic Director Rose Kimotho said that given the challenges faced in a growing economy like Kenya, it was imperative that the bank provides fast, safe and convenient ways for its customers to transact and for dealers to move their businesses forward with efficient and convenient financial solutions.

“In this regard, we have partnered with KenolKobil to avail to their customers this cashless transactions service through the exclusive usage of CfC Stanbic PDQ machines at all their retail stations countrywide. This will benefit our customers on all fronts; in this case, the dealer and the fuel consumers alike,” she said.

The partnership also offers KenolKobil dealers an option of a fixed bundle price on transactional banking with key solutions such as online banking embedded on it, to ensure maximum convenience to the dealer in ensuring that their banking costs are easy to reconcile.

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Commenting on the partnership, KenolKobil Group Managing Director David Ohana said, “one of the major challenges that our dealers face is access to tailor-made financial solutions that extends to both payments and collections leaving them vulnerable to fraud and aggravated robberies. One of our safety measures in place is to minimize the amount of money at the station at any given time. The partnership with CfC Stanbic Bank further enhances the initiative that will not only improve safety and security at the stations, but also provide convenience and added value to us, our dealers and our customers.”

In addition, the dealers will also be able to access quick cash solutions and quick turn around on working capital applications, insurance cover; and non-cash solutions through Till2Bank and merchant services.

“With our digital branches open 24 hours daily banking can be done anytime especially for stations which have extended service operating hours.  We also have solutions which allow us to collect cash at the customer’s premises through cash deposit taking devices. The bancassurance proposition offered through our Stanbic Insurance Agency will ensure most appropriate covers that specifically address the operational risks that the fuel dealers are exposed to on a daily basis,” Rose added.

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Commenting on the partnership, CfC Stanbic Head of Oil and Gas for Kenya Renato D’souza said, “Oil and Gas is a key strategic sector not only for CfC Stanbic, but also the Standard Bank Group as a whole.”

The partnership with KenolKobil is a clear manifestation of our commitment to develop the Oil and Gas sector in Kenya going forward

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