• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Co-operative Bank Scoops 2020’s Bank Of The Year Award

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

Co-operative Bank of Kenya has been named Bank of The Year in Kenya, in the FT Banker 2020 Awards run by London based Financial Times.

The bank was recognised for its digitisation strategy plans that have improved efficiency and enhanced digital offerings to its customers. Products such as E-credit and Mcoopcash which are continually upgraded were listed as among developments giving the lender and edge in the market.

E-credit is a mobile-based automated end-to-end loan origination system that handles applications, appraisals, disbursements and recoveries. It uses a credit-scoring engine that was developed in-house and offers short-term loans to those in urgent financial need, as long as they have a salary. Originally, customers needed to have borrowed previously from the Co-operative Bank before they could use E-credit, but now the system is able to score and allocate credit to any bank customer, as well as pre-qualify customers based on their score. The turnaround for loans is fast, a meaningful advantage given mounting competition from fintechs and telecom operators.

Mcoopcash is a mobile-based bank account which can also provide access to an existing bank account. Recent upgrades include the introduction of two-factor authentication. The Mcoopcash Bulk Payment facility, available to clients who make frequent multiple payments, now allows payments directly to recipients’ Co-op bank accounts or Mcoopcash mobile wallets.

Meanwhile, the bank’s digital transformation journey hit a new milestone on Tuesday, December 2, when the Co-op Bank launched paperless, the end-to-end digital opening of accounts by customers. With this digital account-opening, customers will no longer have to fill account-opening forms. Only the National ID will be required, with the other Know Your Customer (KYC) documents automatically generated by the bank system, which will also confirm and validate the KRA PIN, take clear photos, and enable electronic signatures.

From today, when a customer opens an account, the system will instantly send a text message to the customer, providing details of the account, instantly enabling the customer to transact such as making a cash deposit to the new account via mobile phone. The Paperless opening of accounts has come in at the right time when there is a need to reduce physical contact as a result of COVID-19. It will also do away with bulk of paperwork that the customer had to fill, reducing error rates that come with manual interventions.

The Bank of the Year Award by the Financial Times also recognised the bank’s firm support to customers in coping with the headwinds brought about by the pandemic.

” While the bank increased its assets by 10.5% and net profits by 12.4% in 2019, unsurprisingly COVID-19 is expected to take its toll on profitability this year. Despite the difficulties during the pandemic, the bank has strongly supported its customers and employees,” the award citation read.

We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds. As at the close of the third quarter this year, a total of KSh 46 billion in loans have been restructured to support customers impacted by the pandemic,” said Co-op Bank Group CEO Gideon Muriuki when releasing this year’s third-quarter results.”


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Court suspends ban on betting ads

May 20, 2019

Lawyers move to block state appointments : The Standard

May 15, 2019

Subscribe.

Trending.

Tourism CS Rebecca Miano announces new measures at Maasai Mara, including ranger deployments, clearer signage, and public education following a viral tourist incident.

Government Tightens Maasai Mara Rules After Viral Tourist Clip

August 26, 2025
Safaricom launches B Live, a first of its kind service allowing customers to buy internet access by the hour, offering flexible one hour three hour and six hour bundles for students creators and professionals.

Safaricom Expands Digital Options with Innovative B Live Product That Adapts to Different Usage Habits

August 21, 2025

Co-op Bank Empowers Over 249,000 Kenyan MSMEs with Loans and Training

August 21, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025

Co-op Bank Branches in Nairobi and Their Contacts

March 3, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1804 shares
    Share 750 Tweet 439

Recent News

Tourism CS Rebecca Miano announces new measures at Maasai Mara, including ranger deployments, clearer signage, and public education following a viral tourist incident.

Government Tightens Maasai Mara Rules After Viral Tourist Clip

August 26, 2025

Co-op Bank Empowers Over 249,000 Kenyan MSMEs with Loans and Training

August 21, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF