Browsing: coop bank

• Central Bank of Kenya says active mobile subscriptions hit 66.8 million by December 2023 compared to 65.7 million a year earlier.
• Increasing usage of mobile money saw the banking industry in Kenya experience a drop in the value of banking transactions via bank agents to $10.5 billion.
• Kenya is a trailblazer in the adoption and usage of mobile money across Africa.

A steady rise in the use of cashless transactions as well as the opening of 8,555 new mobile money agent shops in Kenya drove the value of mobile money transactions up by 13.8 percent to record KSh788.35 billion or $6 billion in 2023.

Kenya has been a trailblazer in the adoption and usage of mobile money across Africa since the launch of pioneer cash transfer platform M-PESA by Safaricom PLC in 2007.

“Amidst the increasing adoption of technology and the widespread use of mobile phones in daily life, coupled …

• In Kenya, the level of bank clients running two bank accounts stood at 53% in 2023 compared to 48.2% in the 2022 survey.
• Industry survey ranks Cooperative Bank as the best overall lender in customer experience in the country followed by regional giant NCBA.
• The results show that the respondents had an overwhelmingly positive view of their banks.

The competition within Kenya’s banking sector is driving an increasing number of customers to diversify their relationships, opting to hold accounts with multiple institutions, a practice commonly referred to as multi-banking, in order to tap into a range of benefits.

In a 2023 survey, the Kenya Bankers Association (KBA) says 53 per cent of bank customers maintain more than one bank, in a trend that highlights a growing desire for customized convenience in services and products among bank customers.

Growth of multi-banking in Kenya

According to the Banking Industry Customer Satisfaction Survey…

• In 2023, a significant investor sell-off led to a $15.5 million (KSh4.2 billion) decline in the Kenya stock market.
• During the review period, Safaricom’s market valuation declined, attributed in part to prolonged and price-agnostic portfolio outflows by foreign investors in favor of dollar-denominated assets.
• Utility Umeme Limited recorded the highest valuation gains throughout 2023, registering an impressive 115.6 percent return.

Nairobi Securities Exchange-listed firms, including Safaricom PLC, British American Tobacco (BAT), and Cooperative Bank, emerged among the top counters experiencing the highest investor sell-off in 2023, a new trading report reveals.

Over the past year, a consistent trend of investor flight led to the Nairobi Securities Exchange (NSE) witnessing a drop of $15.5 million (KSh4.2 billion) in the value of shares traded on the bourse

The 2024 outlook report by AIB-AXYS Africa Investment indicates that despite some firms, such as Safaricom, recording improvements in share prices towards the end …

Based in Ethiopia’s capital of Addis Ababa, Coop Bank is growing by leaps and bounds, with profits up 29 percent in the 2018/19 financial year closing the year with USD 20.4 million under lock and key.

More than profit, the Bank also enjoyed huge growth if it’s total assets which shot up by 40 percent, a sector high for Ethiopia’s banking industry. Likewise, its loans and advances also went up an impressive 56 percent representing more than double its performance in the previous year.

The bank has credited the asset growth to deposit mobilisation which pushed up loans and advances. The bank had yet an impressive growth this time in deposits which increased 40 percent.

Coop Bank mustered its investment in NBE bonds which it increased to more than double (53%) of what it had in the previous financial year. Further still, this immense investment represents 20 percent of its …