Co-op bank to focus more on digital products to spur growth

By David Indeje / November 10, 2017

Co-op bank to focus more on digital products to spur growth

Co-operative Bank Group has said it will continue to focus on introducing more innovative digital products to ensure timely, business-led solutions delivery to their customers.

According to Dr. Gideon Muriuki, Group Managing Director and CEO, “Through our multi-channel strategy, the Bank has successfully moved 86 percent of customer transactions to alternative delivery channels particularly mobile banking, ATMs, internet and Co-op Kwa Jirani bank agency outlets.”

Muriuki notes that digital transformation will increase the uptake of banking products and also make the sector more profitable and competitive.

He said their strategies are aimed at sustaining the business on a growth trajectory while in the long term leveraging on its strong balance sheet.

Muriuki said a successful Universal Banking model and the implementation of Sales Force Effectiveness has seen the Group serve 6.8 million account-holders across all sectors supported by their multichannel strategy that includes 149 Branches, over 10,000 Co-op Kwa Jirani Banking Agents and over 580 ATMs.

“The all-telco Mco-op Cash Mobile Wallet has continued to play a pivotal role in the growth of non-funded income with over 3.46 Million customers,” he said.

He also said the group’s unique model of retail banking services through Sacco FOSAs enabled them to provide wholesale financial services to over 560 FOSA outlets.

The bank has currently issued over 1 Million Saccolink cards.

On Thursday, the group posted a Profit before Tax of Kshs.13.7 billion for third quarter 2017 compared to Kshs.15.2 Billion recorded in the same period 2016.

Profit after tax for the period was Kshs. 9.5 billion compared to Kshs. 10.5 billion the previous year.

About David Indeje

David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_Indeje David can be reached on: (020) 528 0222 / Email: [email protected]

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