Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Co-op Bank Launches Agency Banking Service

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Kenya: Press Releases: Co-op Bank Launches Agency Banking Service

Wednesday, 13 April 2011

Nairobi, 13 April 2011 --- Co-op Bank has officially launched agent banking service “Co-op Kwa Jirani”, aimed at providing the bank customers with access to the bank in their neighbourhood across the country. The bank will appoint businesses that have been in operation for a minimum of eighteen months as agents.

The bank’s agents will range from state corporations, sole proprietorships, private companies, cooperative societies, unit trusts, among others. The agents of Co-op Bank will carry out bank services like cash deposits, cash withdrawals, school fee payments, utility payments balance enquiry and issuance of mini-statement among others.

Commenting on the launch of the service, Co-op Bank Director of Co-operatives, Mrs. Catherine Munyiri said, “We are pleased to launch Co-op Kwa Jirani which gives majority of Kenyans who reside in remote and unbanked areas access to banking services. Co-operative Bank model has always been structured around helping people avail banking services to those close to them. This is the reason why we have always helped SACCOs reach their members with FOSA’s and bank products.”

Earlier this month, Co-op Bank reported impressive results announcing its pre-tax profit of KES5.77bn for the year ending December 2010, a remarkable 54% growth compared to the previous year’s KES3.74bn. The bank’s growth has been attributed to unrivalled strategic planning, increased lending and robust growth in customer base.

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