Absa Bank has announced plans to expand its agency banking network from 600 outlets to over 17,000 outlets in the next 2 years. The bank’s agency network stands at 600 at the moment and will be expanded in two phases. The first phase will expand the network to 3000 outlets.
Through this expansion, Absa hopes to expand accessibility to essential financial services for individuals and businesses within their localities. Customers can use the agency network for cash deposits, withdrawals, and other transactions. This is inline with the bank’s long-term goal of financial inclusion. 17,000 outlets is a good start but is still small compared to the over 42,000 agents equity bank has at the moment.
Speaking about this development, Absa Bank Kenya PLC Managing Director and CEO, Abdi Mohamed, emphasized the Bank’s commitment to supporting customers’ growth stories, innovating, and offering solutions that enable them to meet their daily financial needs while living its purpose of ‘Empowering Africa’s tomorrow together, one story at a time’.
“As a full-service Bank, we cater to customers from all walks of life – from clients who only interact with us digitally, to those who prefer the reassurance of talking to one of our colleagues in-branch or through a third party, we are a Bank for all seasons. As we embrace the evolving landscape, agency network is a critical piece of how we serve our customers, and we are keen on it. Our footprint will continue to grow over time, and we are focused on demystifying banking for all,” said Mr. Mohamed.
“This distribution model will not only drive efficiency in our business as we empower individuals and businesses to thrive but also contribute to the growth of our economy by facilitating essential financial services in underserved areas”, added Mr. Mohamed.
Read: Absa Bank and Old Mutual Partner to Unveil Linda Biz, A Bundled Insurance Product for SMEs