NAIROBI, Kenya – Absa Bank Kenya has unveiled plans to roll out over 17,000 agency service outlets within the next two years.
This ambitious expansion, set to begin with a surge in the bank’s current agency network from 600 to over 3,000 in the first phase, underscores Absa’s commitment to reaching underserved communities and enhancing service delivery at the grassroots level.
The strategic initiative aims to bring essential banking services closer to individuals and businesses, offering them the convenience of conducting transactions such as cash deposits, withdrawals, and more, all within their localities.
These services will be accessible through third-party outlets like general shops and convenience stores, ensuring that even those in the most remote areas have access to financial tools that empower their growth.
Absa’s expansion drive is part of a broader strategy to meet its long-term growth and financial inclusion goals, aligning perfectly with its new customer-centric brand promise, “Your Story Matters.”
This initiative is not just about increasing the bank’s footprint; it is about bridging the gap for underserved communities and empowering them to thrive.
Speaking on this transformative project, Absa Bank Kenya Managing Director and CEO, Abdi Mohamed, emphasized the bank’s dedication to supporting customers’ growth journeys through innovation and tailored solutions.
“As a full-service bank, we cater to customers from all walks of life. Our expanding agency network is a crucial element in our mission to demystify banking and serve our customers, whether they prefer digital interaction or in-person reassurance. Our footprint will continue to grow, and we are focused on making banking accessible for all,” he stated.
Mohamed further highlighted the economic impact of this distribution model, noting that it will not only drive efficiency within the bank’s operations but also contribute to the growth of Kenya’s economy by facilitating essential financial services in areas that have been historically underserved.
The Central Bank of Kenya’s latest annual report reflects the growing importance of agency banking in the country.
As of June 2023, there were 85,328 active agents across 21 commercial banks, handling 1.3 billion transactions, with the value of these transactions rising to Ksh.10.8 trillion.
Absa’s aggressive expansion is poised to tap into this increasing demand, reinforcing the agency model as a cornerstone of modern banking in Kenya.
This ambitious expansion, set to begin with a surge in the bank’s current agency network from 600 to over 3,000 in the first phase, underscores Absa’s commitment to reaching underserved communities and enhancing service delivery at the grassroots level.
The strategic initiative aims to bring essential banking services closer to individuals and businesses, offering them the convenience of conducting transactions such as cash deposits, withdrawals, and more, all within their localities.
These services will be accessible through third-party outlets like general shops and convenience stores, ensuring that even those in the most remote areas have access to financial tools that empower their growth.
Absa’s expansion drive is part of a broader strategy to meet its long-term growth and financial inclusion goals, aligning perfectly with its new customer-centric brand promise, “Your Story Matters.”
This initiative is not just about increasing the bank’s footprint; it is about bridging the gap for underserved communities and empowering them to thrive.
Speaking on this transformative project, Absa Bank Kenya Managing Director and CEO, Abdi Mohamed, emphasized the bank’s dedication to supporting customers’ growth journeys through innovation and tailored solutions.
“As a full-service bank, we cater to customers from all walks of life. Our expanding agency network is a crucial element in our mission to demystify banking and serve our customers, whether they prefer digital interaction or in-person reassurance. Our footprint will continue to grow, and we are focused on making banking accessible for all,” he stated.
Mohamed further highlighted the economic impact of this distribution model, noting that it will not only drive efficiency within the bank’s operations but also contribute to the growth of Kenya’s economy by facilitating essential financial services in areas that have been historically underserved.
The Central Bank of Kenya’s latest annual report reflects the growing importance of agency banking in the country.
As of June 2023, there were 85,328 active agents across 21 commercial banks, handling 1.3 billion transactions, with the value of these transactions rising to Ksh.10.8 trillion.
Absa’s aggressive expansion is poised to tap into this increasing demand, reinforcing the agency model as a cornerstone of modern banking in Kenya.
