Co-op bank seeks ‘human connection’ with new branches

Co-op Bank Thursday announced plans to open five new branches, taking its total physical outlets to 160 despite the industry’s growing focus on digital banking channels.

The new branches will be based in Nairobi, Kapenguria, Maralal and Chogoria with the lender’s Chief executive Gideon Muriuki saying that the new sites for branches have been determined through rigorous market research and will blend with continued investment in alternative service channels such as agency banking.

“We believe there is no one single channel that will displace all others. Rather, it is the investment in an optimal and balanced multichannel strategy that will offer a fulfilling experience to the customer,” Mr Muriuki said.

The move continues last year’s trend when Co-op Bank’s branch network increased from 148 to 155 necessitating the recruitment of additional 182 employees.

Mr Muriuki says the branches are increasingly becoming service hubs to the network of Saccos who form the bedrock of the bank’s customers. Bank agents also depend on branches for cash management services.