Co-operative Bank has furthered its expansion strategy with the opening of a new branch in Luanda town, Vihiga County. This move is part of the bank’s medium-term strategy aimed at increasing its local footprint.
The new branch was officially inaugurated on Thursday, with the event attended by notable figures including former National Assembly Speaker Kenneth Marende and Peter Kirugu, Head of Branch Banking at Co-op Bank.
In a statement to the media, Co-op Bank expressed gratitude to all who participated in the event. “A huge thank you to everyone who joined us for the grand opening of our Co-op Bank branch in Luanda. The ribbon-cutting ceremony marked the beginning of a new chapter in our journey to serve you better,” the statement read.
This latest opening is part of a broader expansion initiative by Co-op Bank, which has recently established branches in Thika, Meru, Kamakis, Kimana Town in Kajiado, and Kenol Town, among other locations. This widespread expansion not only strengthens the bank’s presence but also enhances its capacity to meet the diverse needs of customers across various regions.
Co-op Bank branches serve as Service Hubs, catering not only to their own customers but also to the bank’s subsidiary network, including Saccos with Front Office Service Activities (FOSAs), now numbering 479 countrywide, and 23,000 bank agents. These agents rely on the bank for cash management services, training, and supervision.
Despite the significant shift to online transactions, Co-op Bank continues to open new branches.
Chief Executive Officer Gideon Muriuki had earlier emphasized the importance of physical branches in a recent interview, stating, “The emerging theory that bank branches and ATMs will cease to exist is largely wishful thinking driven by a desire to cut brick-and-mortar costs, and not by credible customer feedback on the service outlets through which customers prefer to be served.”
The opening of the Luanda branch marks a significant milestone in Co-op Bank’s commitment to enhancing service delivery and supporting its large base of retail clients, partners, individuals, Saccos, and agents across the country.
