- Market Watch
- March 4, 2022
- 3 minutes read
Co-op Bank Drops All Mobile Charges
The Co-operative Bank of Kenya has announced the dropping of all mobile transfer charges and reversed all the money related…
The Co-operative Bank of Kenya has announced the dropping of all mobile transfer charges and reversed all the money related to the charge to their customers. The bank says the charges, 42 shillings, were deducted from some accounts transacting through the 400200 PayBill.
“The 42 shilling charge we had placed on money transfers from M-Pesa to some of our accounts using PayBill 400200 have been reversed,” said the bank in a statement. “We appreciate that you raised the concern with us,” it added in a statement.
According to the lender, all customers can now transfer money from M-Pesa to their accounts for free without the fear of their cash being deducted in line with the directive given by the Central Bank of Kenya (CBK).
Early this year, the Co-operative Bank of Kenya went against the norm by setting up 7 new physical branches. This was contrary to other industry players who have been shutting down physical branches to concentrate on mobile banking. The 7 new branches brought the total number of Co-operative Bank branches to 180 in Kenya.
According to a statement from Co-op, the expansion of brick and mortar presence will complement the bank’s robust Digital Banking channels that continue to grow in popularity to now handle over 90 percent of customer transactions.
Currently, Mco-opCash mobile wallet has registered 5.3 million users and disbursed 51.3 billion shillings in loans at the close of the third quarter of last year, averaging 5.7 Billion shillings per month. The decision to determine the need and location of new branches is determined through rigorous market research.
The new branches do not typically increase staff headcount as they are usually staffed from existing teams, following the branch transformation and digitization program implemented under the Soaring Eagle project that has enabled agile resourcing of the business.
The bank says it is committed to serving its customers with great products and services.
— Co-op Bank Kenya (@Coopbankenya) March 3, 2022