Absa Bank Kenya has unveiled an ambitious plan to expand its agency network. Within the next two years, it aims to establish over 17,000 service outlets nationwide.
The bank intends to grow its agency network from 600 to over 3,000 outlets in the initial phase. This expansion is designed to enhance the accessibility of essential financial services for individuals and businesses nationwide, offering the convenience of cash deposits, withdrawals, and other banking transactions through third-party outlets.
This strategic move aligns with Absa's long-term financial inclusion and growth goals. The expansion also reflects the bank's customer-centric approach, encapsulated in its new brand promise, "Your Story Matters." By extending its reach through a network of general shops and convenience stores, Absa aims to bridge the gap for underserved communities, ensuring that more people have access to vital financial services.
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Absa Bank Kenya’s Managing Director and CEO, Abdi Mohamed, emphasized its dedication to supporting customers’ financial journeys by offering innovative solutions that meet their daily needs.
He highlighted the agency network as a critical component of Absa’s service delivery, catering to a diverse customer base. “We are committed to demystifying banking for all and growing our footprint over time,” Mohamed stated, underscoring the bank’s focus on efficiency and economic growth through empowering individuals and businesses.
The expansion is in response to the growing demand for alternative banking channels, which offer greater convenience through the agency model.
According to the Central Bank of Kenya's 2022/23 Annual Report, the agency banking model is increasingly popular. By June 2023, 1.3 billion transactions had been recorded, up from 1.1 billion the previous year. The value of these transactions also increased significantly, rising from KES 9.0 trillion to KES 10.8 trillion.
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