Cooperative Bank of Kenya
The Cooperative Bank of Kenya was incorporated in Kenya under the Cooperative Societies Act in 1965 – with the Government contributing an interest fee loan of Kshs 214, 000 to meet the capital requirements for a bank to be licensed. It opened its doors for business in 1968. In 2008, out of a need to recapitalize to sustain speedy growth, the bank converted its legal status to a public limited liability company so as to meet the legal requirements for listing and raising capital through an initial public offer at the Nairobi Securities Exchange.
To safeguard the cooperative identity of the bank, the conversion to a limited liability company was such that the strategic and majority shareholder is Co-op Holdings Cooperative Society Limited, with 65 per cent shareholding in the bank. The society is in turn owned by the over 3,800 cooperative societies that were direct shareholders of the bank. Cooperative Bank of Kenya is currently the fourth largest in Kenya in terms of asset base. It has undergone a tremendous transformation over the past decade years. In 1998, it was devastated by the August 7th terrorist bomb attack that destroyed its headquarters.
In 2001, the bank posted a loss of Kshs2.3 billion, which triggered a critical strategic business and operational restructuring and change of senior management that has seen to the transformation and turn— around. Between 2009 and 2010, profit ability grew from Kshs3.74 billion to Kshs5.77 billion. Over the same period, the total assets grew from Kshs111 billion to Kshs154 billion, loans from Kshs62 billion to Kshs87 billion and deposits from Kshs93 to 129 billion. The bank has a network of over 90 branches, with 32 in Nairobi and 60 spread in other regions. It has over 420 ATMs.
Cooperative Bank of Kenya Subsidiaries
The bank’s three subsidiary companies are Kingdom Securities Limited, which is a stock broking firm; Cooperative Trust Investment Services Limited, a fund management subsidiary which manages more than Kshs30 billion in investment assets; and Cooperative Consultancy & Insurance Agency Limited, the corporate ﬁnance, financial advisory and capacity-building subsidiary, which is now venturing into bancassurance.
Cooperative Bank of Kenya Milestones
1972: The bank puts up the ultramodern Cooperative House building.
1994: Converts to become a commercial bank offering complete range of ﬁnancial services to all sectors of the economy. Previously the bank’s chosen customer segment was cooperative societies only.
1994: Appointed by the Government as a partner in the disbursement of the donor funds in various sectors of the economy.
1998: Destruction of Cooperative Bank House by the terrorist bomb attack.
2000: Makes key ICT investment in connecting all branches countrywide.
2002: Re-occupies Cooperative Bank House
2004: Develops and launches its 5 year strategic corporate plan
2004: Successfully recapitalizes with a major additional capital of Kshs1.1 billion from the cooperative movement
2005: Successfully concludes the Kshs5.2 billion coffee debt Write-off, which provides signiﬁcant relief to coffee farmers and opportunity to spur coffee production.
2006: Launches Saccolink, an ICT platform that enables members of Saccos to get access to banking services from all outlets of the bank.
2007: Registers a complete turnaround, recording a profit before tax of Kshs2.3 billion.
2008: Transforms into a public limited liability company, lists its shares at the NSE and raises additional Kshs5.4 billion capital.
The Bank has been recognized internationally and awarded the “The Best Bank in Kenya” award in ‘The Banker Awards 2010 and 2011 by the Financial Times of London for two years running, i.e. 2010 and 2011.
The bank is affiliated to the CAK, the International Cooperative Alliance (ICA), World Council of Credit Unions (WOCCU) and African Rural and Agricultural Credit Association (AFRACA).
Requirements for Opening Personal Account
- An identity card or passport (both original and copy)
- Minimum opening balance where applicable
The Requirements for Opening a Current Account
Identity card (both original and copy)
Minimum opening balance of Ksh 5,000 for individuals
How to Get a Personal Loan
- Minimum requirements include:
- Identity card (both original and copy)
- PIN Certificate (both original and copy)
- Salary pay slips for the last 3 months
The Maximum Amount of Money One can Withdraw Daily from the ATM
The maximum amount one can withdraw daily is Ksh 40,000 but it depends on the account limit the customer has chosen.
MCo-op Cash and how It Works
MCo-op Cash is a mobile banking service which enables you to access a variety of banking, money transfer and payment services.
All you need is an ID card and a registered mobile phone number; it doesn’t matter which mobile phone network you are on. You may register for the service by dialing *667# on your mobile phone or download the app from the Play Store or App Store. Follow the menu and receive an SMS confirming registration.
For pin registration, you can also reach out to us by calling 0703 027 000, 020 277 6000.
Cooperative Bank of Kenya Contacts
Bank Name: Co-operative Bank of Kenya
Physical Location: Physical Location: Co-operative House,Haile Selassie Avenue
Postal Address: 48231 – 00100, Nairobi
Telephone: 020 327 6000,020-2776000, 0703027000