The tier 1 commercial lender, the Co-operative Bank of Kenya plans to solidify its commanding foothold in the country as it plans to unveil fifteen new branches this year, Co-op Bank Director of Retail and Business Banking William Ndumia said.
The planned expansion will see the bank improve on its physical presence and number of outlets across the country thus brining financial services closer to the people.
He spoke after the signing of a new asset financing deal with motor vehicle dealer Isuzu East Africa through which Co-op will support schools and businesses in acquiring buses and commercial vehicles.
The asset finance scheme will see schools enjoy a 100 per cent financing while businesses will access 95 percent financing from Co-op Bank.
Customers buying commercial vehicles will enjoy a 60-day grace period. Schools will have a one-term moratorium when they purchase the buses with repayment extended to 72 months on a termly basis, which adds up to 18 terms at zero processing fee.
The 15 branches will add to the eight opened last year and five in 2022.
As of September 2023, Co-op Bank had 193 branches countrywide.
“When we look at our mission and vision, we want to be dominant in this market and there are some areas where we have not gone into. There are even counties where we do not have a presence.” Ndumia said.
Co-op Bank is also a regional bank having operational branches in South Sudan.
“We want to seal that gap. Also, because of the infrastructure development that has happened across the country, there are some key towns that have come up and there is a lot of business and some of our customers are spreading out.” Ndumia added.
Already, Co-op Bank has opened one branch in Ugunja town in Siaya county and will this month be opening another one in Imaara Shopping Mall in Nairobi along the Mombasa Road at the entrance to Nairobi’s Imara Daima estate.
Co-op Bank will then follow up with another branch in Luanda town in Vihiga county
