Co-op Bank of Kenya Feted as Best Retail & SME Bank in East Africa

Co-operative Bank of Kenya has been recognized as the best retail bank in Kenya at the fourth edition of the Banker Africa- East African Banking Awards 2018 which was hosted at Radisson Blu Hotel Nairobi. Co-operative Bank shinned at the awards, scooping three key awards, namely The Best Retail Bank in Kenya, The Best SME Bank in Kenya and the Best Investment Institution in Kenya.

Speaking after the awards,the Group Managing Director and CEO Co-operative Bank Gideon Muriuki alluded this award to hard work and resilience the bank has employed for longtime “We have over the years worked hard to build a model that enables us to stay close to the customer, listen to their needs and glean insights on their long-term goals that we can confidently say we are offering the most competitive value proposition that SMEs and Retail clients can expect to ever get in this market.”said Mr.Muriuki.

On his part Kenya Bankers Association Chief Executive Officer Habil Olaka thanked all partners for making the banking sector in the East African region a glowing success. Acknowledging the achievements made in the industry over the years.

On issues security,Mr.Olaka urged banks to improve their cyber-security to conform with changing needs in banking globally “As we invest in technology to increase the speed and convenience of our services, we recognize that innovation and technology is a double-edged sword. The other end being increased tech-enabled fraud. In light of the rising challenge of cyber-security, I urge banks to invest in securing their systems and enhancing staff capacity” Habil said.

The judging panel said that Co-op Bank was considered and awarded among peers in the region for its innovative approach they place on the unique funding needs of SMEs that the bank negotiated and secured long-term funding from international development finance institutions essentially to fund SMEs. Most lately, the bank recently secured a substantial Sh15.2 billion (US$150 Million) line of credit from the International Finance Corporation (IFC) for on-lending mostly to SMEs in favorable terms. The winners of the Banker Africa Awards are selected by registered readers of CPI financial products and services, who are peers in financial services.


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