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Banks Turn To Satellite Towns For Growth

BY Soko Directory Team · July 30, 2024 03:07 pm

Kenyan lenders are rediscovering new pockets of growth in banking away from the cities to populous towns and urban centers with Absa Bank being the latest entrant.

According to the Central Bank of Kenya (CBK) 2023 annual report, 15 branches were opened in Nairobi, but the growing trend towards emerging and new growth areas was telling.

While Kenya has a high level of financial inclusion over digital channels, rural areas are still underserved by the boutique options offered by a physical bank.

Absa Bank is driving its brand expansion strategy, distinguishing itself by delivering innovative solutions tailored to the local market’s unique needs. The bank has been actively expanding, reaching 85 branches with the opening of its latest outlet in Rupa’s Mall, Eldoret. Customers will have access to transactional accounts, savings accounts, deposit accounts, Shari’ah-compliant solutions, financial advisory services, and more.

“We are happy to open our doors to the people of Eldoret and the larger Rift region with our second branch in Eldoret. This is part of our ongoing commitment to enhancing customer experience and expanding our footprint to serve the underbanked,” said Absa Bank MD & CEO Abdi Mohamed.

Mohamed highlighted that the lender’s strategy is to extend banking services to the growing business community in the region and offer enhanced customer experience to its customers. The bank aims to empower Africa’s tomorrow together, one story at a time.

Eldoret, Kenya’s fifth-largest town, is known for its economic contribution through large-scale grain farming, dairy and horticultural farming, trade and commerce, an expansive manufacturing sector, a booming hospitality and tourism sector, and a rapidly growing micro, small, and medium sector.

Its growing real estate offers banks lucrative locations in business hubs like Rupa’s Mall, an expansive development spread out on 8.5 acres that hosts, among other things, a 100-room hotel, a supermarket, restaurants, offices, banks, cinema theatre, children’s play area, and water park, as well as regular retail shops and boutiques.

This offers the lender a steady footfall seeking a one-stop shop for all investment, banking and trading needs for customers in the region and provides a full bouquet of services across retail banking, corporate and investment banking and business banking.

The Rupa’s Mall branch targets the ever-growing consumer and business markets in Eldoret and its environs and will offer diverse services such as forex exchange, money transfer, bill payment, and digital services among others.

With this expansion, the bank aims to accelerate its customer-centric approach by increasing its physical presence through the opening of additional branches, leveraging digital capabilities, and enhancing its agency banking network. This strategy ensures uninterrupted service delivery while driving financial inclusion.

Read Also: Absa Bank Kenya Partners With Old Mutual To Offer A Comprehensive SME Insurance Solution

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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