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Coop Bank's system hitch disrupts ATM, agency services

co-operative Bank banking hall.
A Co-operative Bank banking hall. FILE PHOTO | NMG 

Cooperative Bank #ticker:COOP ATMs were Thursday restored after a systems hitch that lasted about one hour after midday.

The bank in a tweet in the afternoon said the hitch that affected its card transaction and ATMs had been restored to normalcy.

“We have resolved the technical problem on our card transactions system and ATMS, Card transactions at Merchant outlets and Point of sale services are now back. We sincerely apologize for this inconvenience, “the bank wrote.

The downtime attributed to a technical fault left the bank’s ATM Services, Card transactions at Merchants and other Point of Sale outlets dysfunctional rendering transactions by its customers impossible.

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The bank, which recently announced having moved almost 90 percent of its customer transactions to alternative delivery channels including mobile and ATMs, quickly intervened even as customers took to social media to air frustrations.

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Cooperative Bank has 580 ATMs and over 11,000 Co-op kwa Jirani agents across the country.

Investment bank Genghis Capital recently called on the bank to upgrade its digital banking system to reduce its cost-to-income (CTI) ratio through efficiency gains in ICT.

The investment bankers in an analysis said the lender’s quarter three results had shown a rise in expenses from the investment in a new ICT system and training.

The bank hopes to put more money on ICT as part of its “Soaring Eagle” transformation agenda focusing on improved operational efficiencies, cost management and innovative delivery systems.

In the nine months to the end of September, the bank’s CTI increased by 357 basis points (bps) or 3.57 percentage points to 51.2 percent.

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