Co-operative Bank Set To Open Five New Branches

The Co-operative Bank of Kenya (Co-op) is planning on opening five new branches in various towns in the country.

The bank’s outlets, set to be opened in Nairobi, Kapenguria, Maralal, and Chogoria will make Co-operative bank’s physical outlets 160 in number.

The bank’s move comes in the wake of digital banking when all banks and customers prefer to make their transactions faster and easily wherever they may be.

However, the decision by Co-operative bank to open more physical outlets is said to be because of the bank’s need to keep up with the competition in cash-rich areas as well as reach out to underserved regions in the country.

According to the bank’s Chief executive officer Gideon Muriuki, the decision to open the outlets in the aforementioned regions was reached after an exclusive market research.

“We settled for those regions to have our new outlets, and we believe it will also blend well with the agency banking,” said Mr. Muriuki.

“There is no single channel that will be introduced and displace all the rest. Rather, it is an investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer,” he added.

Last year, 2018, the branch network of Co-operative bank increased from 148 to 155, leading to recruitment of about 182 employees.

The CEO says physical branches have become service hubs to customers and SACCOs who are the foundation of bank customers.

Bank agents also largely depend on the branches to execute their services and to enable them to manage their cash.

Of the five regions mentioned, Nairobi is set to have two new outlets, one at Parliament tower and the other at Kenyatta Avenue, on the standard building, which is expected to pose competition to other banks along Kenyatta Avenue.

The Kenyatta Avenue branch is said to have its branding already done and is undergoing final touches. It is expected to be functional soon.

Read Also: Co-operative Bank Records Ksh 10.44 Billion Shillings in Half-Year Results