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Pay advances top Co-op’s Sh56bn new digital loans
From left: Visa Commercial Solutions East Africa Director Mary Kangethe, Visa East Africa Vice President and General Manager Chad Pollock, Co-operative Bank Ag Retail Banking Director Moses Gitau, and Co-operative Bank Head of Card Payments Linda Mango during the launch of the Co-operative Bank Visa Innovation Business Card at the Hyatt Regency in Nairobi on December 10, 2024.
Salaried workers tapped Sh44.56 billion salary advances from Co-operative Bank of Kenya (Co-op Bank) in nine months ended September 2024, deepening their share in the lender’s digital loans to levels last seen during the Covid-19 period.
Co-op Bank data shows its digital loan book hit a record cumulative sum of Sh407.9 billion in September this year from Sh352.2 billion at the end of December last year.
