By James Anyanzwa
Co-op Bank has embarked on a recruitment drive of vendor representatives as agency banking taking shape.
Agency banking, mooted in the last financial budget by Treasury, is aimed at promoting wider access to financial services.
In a media advert yesterday, the Co-op Bank unveiled its agency-banking brand dubbed ‘Co-op kwa Jirani’ while promising to make banking services readily available to all Kenyans.
"We are partnering with saccos and other businesses to bring our superior products right to your door step," the bank said, while inviting applications for agency positions.
Co-op Bank said its agency banking service would see more Kenyans join the formal banking sector and become active participants in the economy.
Gideon Muriuki, the group’s chief executive said a project team is in place to implement the bank’s agency banking model.
"Necessary approvals have been given by the Central Bank of Kenya," Mr Muriuki told an investor briefing early this month.
"We have experience in this model through the business partnership with the co-operatives and saccos."
Last year, Co-op Bank group’s pre-tax profits grew by 55 per cent to Sh5.77 billion from the previous year’s Sh3.74 billion buoyed by an accelerated growth in loans and customer deposits.
The bank’s loan book in the Small and Medium Enterprise (SME) Sector grew to Sh3.3 billion in line with the increased growth of this sector.
Muriuki said the bank has also refocused its SME strategy in line with the expected country level of governments.
