Browsing: Co-operative Bank of Kenya

Coop Bank
  • The $100 million loan has been disbursed for onward lending.
  • Coop Bank CEO says the funding “is most timely in view of the great need to better support our business customers.”
  • The long-term tenure of the facility has significantly boosted Coop Bank’s ability to offer credit to SMEs.

The Co-operative Bank of Kenya has received a long-term seven-year funding amounting to $100 million from a consortium of financial institutions to empower Kenyan SMEs.

SMEs are a major source of employment in Kenya, providing jobs to a large number of people, especially in rural areas. They absorb a significant percentage of the labor force, thereby reducing the burden on the formal job market.

With a strong focus on climate and impact, the consortium lead DEG offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries.

Loan to empower Kenyan SMEs

The loan is a Tier II …

Co-op Bank Tops In The 2022 Sustainable Finance Initiative Awards www.theexchange.africa

In the category of banks with the best case study, Standard Chartered Bank of Kenya took first place, followed by Absa Bank in second place and I&M Bank in third place, in the category of banks with the most nuanced case study in bank operations.

Through productivity programmes and the effective use of operational resources and energy like paper, water, and waste management, including electronic waste, the lenders were recognised in this category for their dedication and investment in ensuring the optimised management of both financial resources and natural capital.

KWFT won Promoting gender inclusivity

In a category that evaluated lenders’ efforts in encouraging women to be formally included in the financial services sector, creating opportunities for female employees to take leadership positions, and empowering female entrepreneurs,

KWFT was named the best bank for promoting gender inclusivity in the industry. Position two went to SBM Bank, and position three went …

mu ri uki
  • Co-operative Bank has posted KSh 11.6 billion compared to Kshs. 9.8 billion reported in the third quarter of 2020
  • The bank’s total assets grew by Kshs. 82 Billion to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year
  • Customer deposits grew by 12% from Kshs. 375.5 Billion to Kshs 420.4 Billion while borrowed funds grew by Kshs. 17.7 Billion to Kshs 43.8 Billion from Kshs.26.2 Billion in 2020

Co-operative Bank Group has reported KSh 11.6 billion compared to Kshs. 9.8 billion reported in the third quarter of 2020, exceeding pre-pandemic performance.

In a statement, the bank says the performance is in line with its strategic focus that supports growth, resilience and agility.

During the period under review, the bank’s total assets grew by Kshs 82 Billion to Kshs. 592.9 Billion compared to Kshs 510.9 Billion in the same period last year.

At the same time, …

Central Bank of Kenya’s Monetary Policy Committee has lowered the Central Bank Rate to 8.50 per cent from 9.00 per cent, despite the removal of interest rate capping in the country.

Borrowers in Kenya should now expect interest rates as high as 30 per cent following the repeal of the interest rate cap law.

Parliament failed to raise the required quorum to defend the rate cap law which came into place in September 2016.

There has been a push by bankers, mainly through their lobby group-Kenya Bankers Association (KBA) to have controls on rate cap revised.

READ:Kenyan Banks begin feeling the interest rates cap effects

The law which has been in place for the last four years has controlled lending rates by commercial banks at four percentage points above the Central Bank of Kenya (CBK) Rate.

CBK has retained its benchmark lending rate at 9.0 per cent for the sixth straight time since bringing it down in July 30 2018.

This means banks could not charge loan at rates above 13 per cent, a move that was aimed at sparing …