This archive report was first published on 12 September 2019.
Co-op Bank is expanding its branch network with the launch of five new outlets, bringing its total physical presence to 160. The move is part of the lender's strategy to stay competitive in cash-rich areas and reach underserved regions.
The new branches will be located in Nairobi, Kapenguria, Maralal, and Chogoria, and will offer a range of services to customers. Chief executive Gideon Muriuki said the new sites were determined through rigorous market research and will complement the bank's investment in alternative service channels such as agency banking.
Speaking on the expansion, Mr. Muriuki emphasized the importance of a balanced multichannel strategy, saying, "We believe there is no one 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."
One of the new branches will be located along Kenyatta Avenue in Nairobi, bringing competition to the doorstep of Sidian Bank. The Kenyatta Avenue branch is currently undergoing final touches, with branding already complete.
Co-op Bank's expansion continues a trend seen last year, when the bank's branch network increased from 148 to 155, necessitating the recruitment of an additional 182 employees. The branches are increasingly becoming service hubs to the network of Saccos who form the bedrock of the bank's customers, as well as providing cash management services to bank agents.
