Digital bank makes billions Mobile Banking earns Co-operative bank Kes 15.2 billion profit before tax

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Mobile banking accounts for close to 90 percent of Co-operative bank's transactions; the reason why Kenya’s most efficient bank recorded a profit of 15.2 billion shillings in the third quarter of 2016.

#CoopQ3Results was among the top three trending topics on Twitter as Co-operative bank of Kenya announce its profit for the third quarter of 2016.

The group CEO Gideon Muriuki attributed the improvement to cost-saving initiatives, including new service channels like mobile phone banking, which accounts for close to 90 percent of the bank's transactions.

Co-op bank’s MCo-op cash (banking service which enables you to access a variety of banking, money transfer and payment services) has been a great success as Kenyans continue to embrace digital platforms to do their banking services.

Co-op bank has modeled Mco-op cash to solve almost all banking problems at the convenience of your phone; including applying and paying loans, checking balance or statements, sending money to other mobile money services e.g MPESA.

Speaking at a conference at the Sarova Stanley hotel in Nairobi on November 17 2016, Mr. Muriuki announced that Co-op bank’s profit before tax for Q3 2016 was 15.2 billion compared to 12.2 billion at the same period in 2015, a strong+25.2% growth.

play Co-op Bank CEO Gideon Muriuki announcing the bank’s profit before tax for Q3 2016 at the Sarova Stanley Photo/Twitter

 

Co-op bank’s success pillar is a critical focus on improvement in operating efficiencies, sales force effectiveness and innovative customer delivery platforms.

Co-op bank seeks to emulate its success in Rwanda, Uganda, Tanzania and Ethiopia as it seeks regional expansion.

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