The department deals with cash circulation, custodianship of cash, and for the inventory and issuance-related business for all of the Sacco’s retail units.

The duties and responsibilities for the department include:

  • Receiving and verifying bankers’ cheques, postal orders and money orders
  • Recording all the cheques drawn.
  • Ensuring that cash balances are well maintained by using the cheques register.
  • Providing periodic reports to corporate finance and accounting department on cash and bank balances.
  • Ensuring that all expenditures are properly authorized.
  • Supervising tellers’ and strong room operations.
  • Keeping custody of cheque books that are in use and is responsible for the drawing of cheques.
  • Forecasting and requisitioning daily cash requirements.
  • Maintaining adequate liquidity reserve in accordance with rules and regulations in collaboration with the Fosa banking department.
  • Collecting cash from the Commercial Banks.
  • Organizing for branch and mobile banking services in relation to cash requirements.
  • Distributing cash to tellers.
  • Receiving and reconciling tellers’ daily cash reports.
  • Carrying out complete surprise cash counts from time to time for each teller.
  • Preparing for daily deposits in the Commercial Banks.
  • Preparing cash summaries and reports.
  • Preparing tellers training and education programmes.
  • Assigning duties to tellers and savings clerks.