The Co-operative Bank of Kenya will open 7 branches across the country in the 2022 fiscal year to expand its footprint to 180. The tier one listed lender says the branches will complement its alternative channels.
The seven will be located at Kamakis on Nairobi’s Eastern Bypass, Kabarnet, Iten, Moyale, Mwiki/Kasarani, Bunge at the Parliament Tower in Nairobi and Kamulu in Nairobi Eastlands that opened doors in December 2021.
“The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by desire to cut brick-and-mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served,” Co-op Bank’s chief executive Gideon Muriuki said.
Co-operative Bank has been focusing on branch transformation and innovation centred on alternative channels.
As a result, they have continued to drive its Non-Funded Income (NFI) as well as transform its branches to handle advisory, wealth management and advisory services.
For instance, in Q3’2021 its Non-Funded Income (NFI) grew to Kshs 15.7 billion, from Kshs 13.6 billion in Q3’2020.
In addition, its Digital Banking channels handle over 90 per cent of customer transactions, with the Mco-op Cash mobile wallet having registered 5.3 million users and disbursed Ksh51.3 billion in loans as at the close of the third quarter of 2021, averaging Ksh5.7 billion per month.
Co-op Bank branches are Service Hubs, as they serve not just own customers, but also service the bank’s subsidiary network including Saccos especially those running FOSAs now numbering 479 countrywide, and 23,000 bank agents who depend on our cash management services, training, and supervision to run.
The advent of Devolution and the establishment of County Governments has fostered a totally new economic dynamic with counties emerging as new centres of economic dynamism. Co-op Bank has a County Banking Strategy aimed at building competencies to serve the unique needs of the various counties and communities.
