Co-operative bank named the best bank of the year in Kenya

Co-operative bank has been named as the best bank of the year 2020 in Kenya by the Financial Times of London

The lender won the award during The FT Banker 2020 Awards — an annual fete that recognises banks that have excelled in various categories such as innovation and efficiency.

Organisers of the fete said Co-op bank has been riding on deepened digital offerings such as e-credit and M-Co-op cash to enhance efficiency of services to customers.

“As Co-op Bank implements its digitisation strategy plans, it is enjoying gains from increased efficiency and enhanced digital offerings to its customers,” said the magazine.

The organisers noted that Co-op bank products such as E-credit and MCo-op are actively being upgraded thus making it more efficient for customers.

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The Bank of the Year Award by the Financial Times also recognised the bank’s firm support to customers in coping with the headwinds brought about by the pandemic.

Co-op said recently that 90 per cent of its transaction volumes had moved from branches to digital channels such as M-Co-op cash at the end of September.

The M-Co-op cash mobile wallet disbursed Sh42 billion during nine months to September, compared to Sh27.6 billion in a similar period last year.

Co-op had restructured loans valued at Sh46 billion as at the close of the September third quarter to support customers impacted by the pandemic

“We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds,” said Co-op chief executive Gideon Muriuki.

Most banks in Kenya have leveraged on the digital innovations and mobile banking has been widely adopted by Kenyan banks. The banking sector continues to experience stiff competition. Co-operative bank is competing with other banks such as KCB, Equity bank and so many other on the same level.

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