Absa Bank Kenya PLC has unveiledĀ plans to expand its reach with over 17,000 agency service outlets across the country in two years.
This move is part of the bank’s strategy to enhance accessibility to essential financial services for individuals and businesses in their local communities, offering both existing and non-customers the convenience of conducting transactions such as cash deposits and withdrawals through third-party outlets.
Managing Director and CEO, Abdi Mohamed, said the initiative aligns with Absa’s commitment to serving a diverse customer base.
“As a full-service Bank, we cater to customers from all walks of life ā from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch or through a third party, we are a Bank for all seasons. As we embrace the evolving landscape, agency networks are a critical piece of how we serve our customers, and we are keen on it. Our footprint will continue to grow over time, and we are focused on demystifying banking for all,ā said Mohamed in a statement.
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The bank’s distribution model, according to Mohamed, will not only drive business efficiency but also empower individuals and businesses, contributing to economic growth by extending financial services to underserved areas.
The first phase of this expansion will see the agency network grow from the current 600 to over 3,000 outlets immediately, focusing on enhancing service delivery to the last mile.
This expansion responds to the growing preference for alternative banking channels, driven by the convenience of the agency model.
The Central Bank of Kenya’s Annual Report for the financial year 2022/23 pointed out a significant increase in banking transactions through agents, with 1.3 billion transactions recorded as of June 2023, compared to 1.1 billion in June 2022.
The value of these transactions also saw a rise, growing from Ksh.9 trillion to Ksh.10.8 trillion.
Absa Bank’s expansion is set to further boost this trend, making banking services more accessible to communities across Kenya and supporting the broader goal of financial inclusion.
