Co-op Bank Transforming The Lives Of Millions

Co-operative Bank of Kenya (Co-op Bank) in 2013, selected Aurionpro’s iCashPro Internet Banking Suite as a platform for its online banking. This internet banking suite provides superior online services for its customers.Online statements, reporting capabilities, fund transfers, and electronic payments all allow members of Co-op Bank to access services through multiple channels, making banking easier and more convenient than ever before. This change proved the bank’s commitment to bringing banking closer to Kenya and its people.The Misys BankFusion banking platform came into effect in 2013 as well. This banking platform allows Co-op Bank’s clients to access mobile banking and all the latest banking technology. The platform also supports the bank’s rapid growth, allowing it to continue branch expansion, thereby providing more effective customer service. During the first quarter after Misys BankFusion’s implementation, the bank’s profits grew 31%, its end-of-day processing improved by 40%, and transaction processing throughput doubled.Dr. Gideon Muriuki’s contribution to the growth and success of Co-op Bank is undeniable. Dr. Muriuki was, in fact, awarded the Honourary Degree of Doctor of Business Leadership for the successful turnaround of the bank and entrenching the unique co-operative model in Kenya’s financial market. Under his watch, the bank not only recovered from an adverse non-performing loan record, it has also greatly increased its customer base.Since Dr. Muriuki’s appointment as CEO, the bank has seen customers increase from 125,000 to 4 million. Its branch network also grew from 30 branches to over 130, thanks to his exemplary performance as a business leader. Dr. Muriuki also contributed to the bank’s reforms that led to its listing in the Nairobi Stock Exchange.Perhaps what is most touching, though, is Dr. Muriuki’s attitude towards the bank’s progress. During the awards ceremony where he was honoured for his business accomplishments, he expressed that while he was happy to see the good financial performance of the bank, he was even happier to be able to work with an institution that contributes to improving the welfare of the majority of the Kenyan people.Sudan has recently emerged as one of East Africa’s most lucrative markets for Kenyan banks looking to expand. This is due to a very low presence of financial services available in the area. In September of 2013, Co-op Bank began operations in South Sudan. The bank opened its central office in Juba. The bank now operates as the Co-operative Bank of South Sudan. The Co-operative Bank has plans to set up branches in all of the country’s ten states. The Co-operative Bank of South Sudan was established as a Joint Venture between Co-op Bank – who hold a 51% stake – and the government of South Sudan, holding the other 49%. The bank will transfer the 49% to Sudan’s co-operative movement in a three-year period. Co-op Bank has also gone to great lengths to reach out to Kenya’s underprivileged students.CEO Dr. Muriuki mentioned that education is one of the most costly expenses for families, while at the same time is the means that is most likely to liberate them from poverty. In 2014, Co-op Bank increased its secondary school scholarships to just over 2,800 students in the next four years. Bright but financially disadvantaged children from all over Kenya can receive the scholarships. Co-operative societies identify the children that qualify for the programme and take their names to a regional forum where delegates decide which children are most deserving of a scholarship. In each region, the four students who perform the best during their secondary school education are awarded full scholarships for their university education.The Co-operative Bank Foundation, which funds the scholarship programme, began in 2007. As of 2014, the programme has helped over 5,000 bright children to receive an education that would not have otherwise received.