Absa Bank Kenya to Boost Agency Network with 2,400 New Locations

Absa Bank Kenya has unveiled plans to expand its agency network by 2,400 locations, enhancing the accessibility of financial services across the country.

In a statement, the lender said that it will expand the number from 600 to 3,000.

According to the Bank’s Managing Director Abdi Mohamed, the increase will be fundamental in not only empowering individuals and businesses but also boosting the country’s economic metamorphosis.

As of June 2023, the Central Bank of Kenya’s Annual Report for the financial year 2022/23 showed that there were 21 commercial banks and three microfinance banks engaged in agency banking in the country.

Over the last three years, clients’ preference for agency banking transactions and services has increased noticeably.

This growth has been attributed to the convenience afforded by the agency model.

According to the report, there was a significant increase in banking transactions through agents, with 1.3 billion transactions compared to 1.1 billion in June of the previous year.

Furthermore, the value of agency banking transactions had gone up from Sh9 trillion to Sh10.8 trillion.

“As we embrace the evolving landscape, the 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,” he said.