Co-op bank to expand its diapora market share

By Ronald Owili

Due to the growing Diaspora remittance to the country, Cooperative Bank is looking to expand its market share by tapping into SACCOs and individuals outside the country.

Speaking during the launch of the Co-op Bank Diaspora Center, Retail and Business Banking Director Maurice Matumo said through the initiative, the bank will also link its clients on the segment with investments in real estate and the securities.

Last year the bank accounted for 45 billion shillings out of 160 billion shillings sent home.

As of last year, Kenyans living abroad sent home a whopping 1.6 billion dollars, only third to Nigeria which received Diaspora remittances amounting to 20 billion dollars and Ghana which received 2 billion dollars.

As of January this year according to CBK, Kenyans abroad sent home 13.8 billion, a 19.9% increase compared to the same period last year.

Through the channel, the bank also seeks to link its customers abroad to various investment options and boost revenue from the growing list of customers currently pegged at 20,000 customers.

The bank is also looking to expand its agent in new markets which have shown potential in growth.

North America accounts for 49.65% of inflows, followed by Europe at 32.2% while the rest of the world accounts for 18.2% of inflows.

 

 

  

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