Digital services earn Co-op ‘Bank-of-the-Year Award’

Co-operative Bank of Kenya has scooped this year’s ‘Bank of the Year in Kenya’ award courtesy of the Financial Times of London on increased use of digital services.

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

Organisers of the fete said the 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.

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.

The award comes on the back of the bank hitting a new milestone in digitisation by launching a paperless end-to-end online opening of customers’ accounts.

This will see customers present only the national identification cards when opening their accounts, with the rest of Know Your Customer documents automatically generated by the banking system.

The Financial Times award also recognised the bank’s support to customers in coping with the headwinds brought about by Covid-19 pandemic.

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.