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Know Your Bank: The Co-operative Bank of Kenya

BY Soko Directory Team · May 26, 2017 08:05 am
By Amina Faki,

Incorporated and licensed in Kenya under the Company Act, Cooperative Bank of Kenya was founded in 1965 under the Co-operative Societies Act.

In 1997 the bank opened its first subsidiary; Cooperative Finance Limited. In 1989 the bank converted into a fully-fledged commercial bank and increased its products and services.

The bank later relocated its headquarters in 1998 following the destruction of the original premises by the bombing targeting the nearby Embassy of USA.

In the same year, the bank became an agent of MoneyGram, the money transfer company. Following renovations of the Cooperative Bank House in 2002, the bank’s headquarters returned to its initial place.

In 2008, Cooperative Bank was listed on the Nairobi Securities Exchange (NSE) where its shares traded under COOP.

Currently, the Bank is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the Central Bank, and the national banking regulator.

Cooperative Bank of Kenya has the second highest customer base in Kenya with over 3.5 million accounts. This has led to the bank to introduce more Agency banking models to be able to reach out to more consumers.

Cooperative societies and unions under the Coop Holdings Cooperative society limited became the strategic investor in the bank with 64.56 percent.

With its mission being to be the leading and dominant bank in the country, the bank has in place a variety of products and services that touch every individual both in the country and in the diaspora. This has been achieved through the following products and services; internet banking, Coop Foundation, Good Home, Sacco banking, diaspora banking mobile banking, Agri-Cooperatives, Government and Institutional Banking, insurance services and currently Pesalink etc.

The bank currently has three subsidiaries;

  • Kingdom Securities Limited
  • Co-op Trust Investment Services Limited
  • Co-op consultancy and Insurance Agency Limited

Awards

In 2010, the bank was awarded “Best Bank of Kenya” by the London Financial times due to their excellent growth.

In 2011, Coop was named as Bank of the Year in Kenya. It was also awarded the Best Company in Corporate Governance and finally, the Co-op Bank CEO was Honored by Kabarak University.

In 2013 the bank was recognized as the Most Green Bank at the 2013 Energy Management Awards for achieving the fastest turnaround time for renewable and energy efficiency.

In 2014, the bank was awarded as the Best Innovation in retailing banking and Best Bank in micro-Finance.

Dr. Gideon Muriuki was awarded Bank CEO of the Year-Africa by International Banker Magazine.

The bank also was awarded two MoneyGram awards.

Finally, in the same year, Cooperative Bank of Kenya won the Visa co-brand Champion award.

In 2015, the bank won the Financial Times “2015 Financial Inclusion Global Award”

Recently, in May 2017, Cooperative Bank won the Best Bank offering Diaspora Products.

Over the years, the bank has proved to be a tough cookie in the financial market both in Kenya and the diaspora. Its customers continue to receive the best products and services. Co-operative Bank of Kenya is the best and most trusted choice of banking by many.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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