Co-Operative Bank for SOMA Awards; Reasons You Should Vote for Them

Being the 3^rd largest bank with asset size of Sh.309.6 Billion, Co-operative Bank of Kenya was listed as the largest by market capitalization on the Nairobi Securities Exchange (NSE) at over Sh.104 Billion shares.

Co-operative Bank (Co-op Bank) has been known to be one of the fastest growing banks in Kenya It is currently one of the five largest financial institutions in the country and it has been in business for over four decades, and its history is an interesting one, to say the least. After recovering from substantial losses in 2000, Co-op Bank saw an impressive turnaround and has been on the upswing ever since.

More innovative ways are being implemented by the Bank’s management so as to make it a more effective financial service provider in the country which will be able to benefit stakeholders, the community and the economy of Kenya.

Registered as a Co-operative society in June 1965 and opened doors to customers in January 1968 as a bank serving the Co-operative movement, Co-op Bank was converted into a fully-fledged commercial bank licensed under the banking Act to offer a wide range of financial services in 1994.

The bank has a branch network of 142 branches, of which 60 have been opened in the last 5 years in line with the devolved government structure, with a total work force of 3,918 staff.  It has a unique model for financial deepening with a customer base of over 5.3 million customers and a wholesale banking to over 12,000 cooperative societies.

More to this, Co-op Bank has over 567 ATM’s across the country, over 8,765 Agency Banking Sites and 48,000 internet banking customers.  Their unique mobile banking app, M-Coop Cash has over 1.87 million customers who enjoy all banking services at the comfort of their seats without necessarily visiting the banking premises.

Just recently, President Uhuru Kenyatta signed the banking interest rates Bill into law which stated that all new credit facilities will be at a rate not exceeding 14.5 percent per annum (p.a). Co-op Bank was the first bank to comply to the instructions, and more to that, it not only implemented this to new credit facilities but also extended it to its existing loans, which was a positive move.

Due to the bank’s continued progress in the financial sector, Co-op Bank has been nominated in the OLX SOMA 2016 under the Financial Services Awards. This is the appropriate time for all Co-op bank customers and anyone else to support them by voting for them here. Voting can also be done through texting 6C to the number 21195.