The Co-operative Bank of Kenya (Co-op) has announced a plan to open five more branches across the Country to its already existing 155 outlets.
The bank’s outlets, set to be opened in Nairobi, Kapenguria, Maralal, and Chogoria will make Co-operative bank’s physical outlets 160 in number.
Chief executive Gideon Muriuki said the new sites for branches have been determined through rigorous market research and will blend with continued investment in alternative service channels such as agency banking.
“We believe there is no single channel that will displace all others. Rather, it is the investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer,” Mr. Muriuki said.
However, the decision by Co-operative bank to open more physical outlets is said to be because of the bank’s need to keep up with the competition in cash-rich areas as well as reach out to underserved regions in the country.
In Nairobi, Co-op Bank will add two more branches — one along Kenyatta Avenue at Standard Building and another at the upcoming Parliament tower.
The soon to be opened Kenyatta Avenue branch is undergoing final touches, with branding having been done. It will bring competition to the doorstep of Sidian Bank, which is also on the same building.
Mr. Muriuki says the branches are increasingly becoming service hubs to the network of Saccos who form the bedrock of the bank’s customers. Bank agents also depend on branches for cash management services.
Last year, 2018, the branch network of Co-operative bank increased from 148 to 155, leading to recruitment of about 182 employees.
Bank agents also largely depend on the branches to execute their services and to enable them to manage their cash.