Kenyans borrow Ksh.6 billion monthly from Co-op bank e-wallet

Co-op bank HY profits up 2.8% on rebounding operating income

Kenyans borrow Ksh.6 billion every month from the Co-operative bank mobile money platform, translating to Ksh.200 million daily on average.

In 12 months to December 2021, the lender says customers on its e-wallet platform borrowed a total of Ksh.71.2 billion.

The transaction was supported by the lender’s strong command of the customer base on mobile banking who have surged to 5.3 million.

Over 144,000 customers have taken up the MSME packages the bank rolled out in 2018, Over Ksh.42.5 billion has been disbursed to MSMEs through the bank’s E-Credit solution.

This is compared to its peer in the digital space like Fuliza, whose quick loans surged by 43 percent to Ksh.502.6 billion in 12 months to April 2022 from Ksh.351.2 billion.

This was supported by 6.9 million Kenyans who enrolled on Fuliza from 5.9 million as of March 2021, a 16.4 percentage point increase.

The bank has 561 ATMs distributed across the country with over 26,000 Co-op Kwa Jirani agency banking terminals.

It expects its digital banking to expand further following a Ksh.372 million investment in South Sudan. It operates four branches in the country.

It entered the South Sudan market in 2013 with a Ksh.1.5 billion investment portfolio. South Sudan government controls 49 percent shares while the bank itself commands 51 percent shares.

Co-op Bank reported a net profit of Ksh.16.5 from Ksh.10.8 billion in 2020.

Its total assets grew to Ksh.579.8 Billion, an eight percent growth from Ksh.536.9 billion in year 2020.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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