Co-operative Bank of Kenya has announced that it will double its agents across the country this year in an effort to boost revenue as well as better service delivery to their customers.
Co-operative Bank currently has 10,000 agents across Kenya and aims to increase the number to 20,000 as it seeks to grow its market presence.
Co-op Bank agents transact under the Co-op Kwa Jirani umbrella and according to the acting director and business banking Mr. Arthur Muchangi, by having a doubled number of agents, the lender will be able to take the services closer to the people as well as boosting its transactional income.
“We want to make banking easy for our customers. We want to be available at their nearest location,” he said.
Currently, Co-operative Bank has a total of 150 branches across the country and hopes to increase the number in the near future.
According to the 2017 Annual Bank Supervision Report released by the Central Bank of Kenya, Co-op Bank increased its market share by Edging out Equity Bank and coming second after Kenya Commercial Bank.
According to the report, Co-operative Bank’s market share stands at 9.93 percent. Kenya Commercial Bank still holds the largest market share at 14.4 percent. Equity Bank and Stanchart Bank had their market shares at 9.85 and 7.11 percent respectively.
Barclays Bank Kenya had its market share at 6.57 percent while CBA Group had 6.05 percent. Stanbic Bank, on the other hand, had its market share at 5.62 percent.
The report brought out notable changes that saw Co-operative Bank of Kenya edge out Equity Bank from the second position. Equity took the third position in terms of market share while Barclays Bank Kenya drifted from the fourth position in 2016 to the sixth position in 2017.