Co-op Bank debuts on Financial Times’ Africa’s Fastest Growing Companies 2025
In 2023, the bank upgraded its core banking system to the latest version of Finacle from Infosys, one of the best rated platforms globally
Co-operative Bank of Kenya have for the first time been featured among Africa’s Fastest Growing Companies 2025 compiled by London’s Financial Times magazine.
The ranking, compiled in conjunction with research company Statista and now in its fourth year, is backward looking, ranking businesses according to the compound growth rate between 2020 and 2023..
It shows that Co-op Bank made it to the list after it registered an absolute growth of 46.5 per cent, 13.6 per cent CAGR, revenue growth of US$676 million in 2023 compared to US$606.45 million in 2020 while the number of employees in 2023 was 4,637 compared to 4,016 in 2020.
Another local bank, Kenya Commercial Bank also appears for the first time.
For Co-op Bank, 2023 was a significant year during which it recorded a 10 per cent growth in profit before tax from Ksh 29.4 billion in 2022 to Ksh 32.4 billion on the back of its strategic focus on sustainable growth, resilience and agility.
During the year, the bank upgraded its core banking system to the latest version of Finacle from Infosys, one of the best rated platforms globally, marking a critical milestone in its digitisation journey to enhance service excellence and provide the innovative and advanced banking solutions.
This saw the bank successfully move over 91 per cent of all customer transactions to alternative delivery channels, a 24-hour contact centre, 599 ATMs and Cash Deposit Machines (CDMs), mobile & internet banking and over 17,000 network of Co-op kwa Jirani agents.
This was in addition to the already existing Omni-channel platform that enabled customers to undertake online banking thanks to an interface of personal computers, mobile phones and USSD allowing them to choose their preferred channel while retaining a similar experience from wherever they are.
