Kenyans borrowed an average of around Sh. 6.4 billion in the first three months of 2023 on the Co-operative Bank mobile app known as Mco-op Cash.

This saw the app give out loans amounting to Sh. 19.2 billion with 5 million registered customers. “We continue to have a key focus on digital banking, with the all-telco Mco-op Cash Mobile Wallet continuing to play a pivotal role in the growth of non-funded income,” said Co-operative Bank Group chief executive officer Dr. Gideon Muriuki.

The rise in mobile loans given out via the Co-op Bank mobile app reflected the digital channel strategy by the lender that has successfully moved 91 per cent of all customer transactions to alternative delivery channels, a 24-hour contact centre, 543 ATMs, mobile and internet banking and over 17,000 network of Co-op kwa Jirani agents.

“We have successfully migrated our customers to the Omni-channel, integrating accessibility and user experience,” said Dr. Muriuki.

“Our omnichannel interfaces online banking through personal computers, mobile phones and USSD availing our services to all customers through their preferred channel yet retain the same experience from wherever they are.”

At the same vein, over 174,000 customers have taken up the MSME packages that the bank rolled out in 2018. Out of these 36,517 have been trained on business management skills.

In addition, over the last twelve months, the bank has disbursed Sh. 5.6 billion to micro small and medium enterprises (MSMEs) through the bank’s Mobile E-Credit solution. MSMEs contribute up to 15.9 per cent of the bank’s total Loan Book.

Co-op Bank posts Sh. 6.1 billion net profit in first three months of 2023

Dr. Muriuki noted that Co-op Bank has been working to build up its loan loss reserves.

“Credit Management remains a key focus area, with the Group prudentially making provisions of Sh. 1.5  billion which has enhanced the Bank’s Loan Loss Reserve and, or Coverage levels to a high of 72 per cent from 69 per cent that was recorded in 2021,” he said.