The Co-operative Bank is this year set to open up to 15 new branches in a move that is set to open job opportunities for Kenyans.
According to Co-op Bank director of retail and business banking William Ndumia, the bank will be opening the branches in various locations in the country as part of its strategy of taking banking services closer to the people.
“When we look at our mission and vision, we want to be dominant in this market and there are some areas where we have not gone into. There are even counties where we do not have a presence,” he said.
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“We want to seal that gap. Also, because of the infrastructure development that has happened across the country, there are some key towns that have come up and there is a lot of business and some of our customers are spreading out.”
In 2023, the bank opened eight new branches. These branches were an increase on the six branches the bank opened in year 2022.
Interestingly, in the financial year ended December 2022, the bank’s expansion strategy created over 520 jobs, out if which 262 were in Kenya. The new branches in the 2022 financial period to take its total number of physical branches to 184.
These increased the number of employees to 4,766. Out of these employees, 720 workers were classified as being in management. 3,224 employees were classified as being in supervisory and unionisable positions, while 822 workers were classified as being in other roles.
As at September 2023, Co-op Bank had 193 branches. According to Mr. Ndumia, Co-op Bank has already opened one branch in Ugunja town in Siaya County.
By the end of this month, the bank will be opening another branch at the Imaara Shopping Mall, the new retail complex on Mombasa Road at the entrance to the Imara Daima estate. The will then follow up with another branch in Luanda town in Vihiga County.