Why customers will be required to maintain a minimum balance of Sh100,000

Here is why Co-op bank will now require customers to maintain a minimum balance of not less than Sh100,000

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The Co-operative Bank of Kenya has launched a new premium banking service that will require clients to have a minimum balance of Sh100, 000 in their bank accounts.

The service, under the name Captains Club, has been launched with an aim of targeting the wealthy clients in Kenya, as the bank seeks to grow its advisory, finance and investments unit.

To be a member of the Executive Banking Plus Service, customers will be required to pay a monthly subscription of Sh2, 500 or maintain a minimum balance of Sh100, 000.

Members will have access to the bank’s wealth management services and discounted investment deals.

Additionally, they will get opportunities go on organized international business trips, scout for opportunities outside the country, learn about emerging trends in trade and network.

Plans are already underway to have the first international trip to Guangzhou Hong Kong for the Canton Fair in October.

In a bid to have members sign up, the bank is offering an unsecured loan of up to Sh2 million for the first 20 customers.

“The growth of middle and up market customers’ demand for exclusive banking services in Kenya has made us re-look at our customer experience offering to provide a unique proposition for this increasing market. We tailored our offering around the customer lifestyle under three key pillars relationship management, customer experience and convenience,” said Co-op Bank head of retail banking Nancy Gathuku.

Co-op Bank now joins a list of other lenders such as CfC Stanbic Bank, Standard Chartered Bank among others who offer the premium services to the country’s wealthy individuals.

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