Co-operative Bank of Kenya named best in financial inclusion

Co-operative Bank of Kenya has been named the Bank of the Year 2015 for Financial Inclusion in the Bankers Awards organised by the Financial Times of London.

The bank ranked third largest in Kenya, was voted winner among 50 entries from around the World. This award "is in recognition of the impressive work and progress made by the bank and more broadly of the contribution that the Co-operative Banking model has made to the economy and lives of people," said Brian Caplen, the editor of The Banker magazine.

He was at the presentation of the awards ceremony held on Wednesday in London. Co-op Bank was specifically recognised for its role in strengthening cooperative societies (Saccos) through its subsidiary Co-op Consultancy Services. Saccos are collectively the largest shareholders of the banking group.

"Aside from providing credit to small and micro entrepreneurs, the subsidiary company offers consultancy services to cooperative societies, which many households in Kenya rely upon for a number of financial transactions. The bank's work ensures that such societies are solid, financially literate and well run, so that they can safely continue their capillary work throughout the country," Caplen added.

The lender was also recognised for its mobile-based banking platform Mcoop Cash which allows customers to do full banking, right from opening accounts to applying for and repaying loans, straight from their cell phones. More than 2.3 million customers are registered in the mobile platform, and have accessed over Sh1.3 billion in loans, the bank reports.

Co-operative Bank Group Managing Director Gideon Muriuki said he was glad that the institution's business model of delivering banking services through Saccos had been recognised. Muriuki added that after the recent entry into South Sudan through a joint venture with the State, Coop would be expanding on a similar model to Rwanda, Uganda and Tanzania.