Co-operative Bank of Kenya has announced it will open seven new branches to add onto the current 173 branches in the country.
The seven new Co-op Bank branches are underway in Kamakis on Nairobi’s Eastern Bypass, Kabarnet, Iten, Moyale, Mwiki/Kasarani, Bunge at the new Parliament Tower in Nairobi and Kamulu in Nairobi Eastlands.
However, Kamulu branch based in Bretton Wood Square was opened in December last year.
“The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by desires to cut brick and mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served,” Co-op Bank Chief Executive Officer Gideon Muriuki said.
The new branches are being opened as the lender seeks to keep up with competition in cash-rich areas while also reaching out to underserved regions.
Co-op Bank branches are Service Hubs, as they serve not just own customers, but also service the bank’s subsidiary network including Saccos.
The new outlets are being opened despite the lender migrating 90 per cent of transactions online.
The expansion will complement the bank’s robust Digital Banking channels that continue to grow in popularity handling over 90 per cent of customer transactions, with Mco-opCash mobile wallet.
Mobile wallet disbursed Sh51.3 billion in loans at the close of the third quarter of last year, averaging Sh5.7 billion per month.
