Paperless Bank Account: Last month, The Co-operative Bank became the first Kenyan lender to adopt an all paperless account opening. This means that Kenyans can now open bank accounts without using papers as has traditionally been the case.
It also means that Kenyans can open banks accounts at Co-op Bank through internet banking. Customers seeking to open bank accounts will no longer have to fill account-opening forms. They will only need to have their National ID. The other Know Your Customer (KYC) documents and details will be automatically generated by the bank system. The system will also confirm and validate the customer’s KRA PIN, take clear and high resolution photos, and enable electronic signatures.
Once a customer opens an account, the bank system will instantly send a text message to them, providing details of their account. This will instantly enable the customer to carry out banking transactions such as cash deposits and withdrawals.