NAIROBI, Kenya
Kenya Commercial Bank Group (KCB) and Postal Corporation of Kenya (PCK) have entered into a strategic partnership to share payment infrastructure to capitalise on their expansive branch networks locally in deepening the penetration of financial services.
In the deal, KCB will provide the back office service since PCK is not registered as a commercial bank. KCB, for its part, will be the official settlement bank of Posta in agency banking in a deal that includes other financial institutions including Credit Bank, ABC Bank, Cooperative Bank and Faulu Kenya. PCK has an extensive network of more than 600 offices while KCB has a wide branch network of 175 branches in the country.
This will increase the bank’s number of access points to over 7,000(over 240 branches, 1000 ATMs and now 6000 agents). “We have enjoyed a close relationship with PCK for over 20 years and today we are happy to take this partnership a notch higher in a bid to reach out and offer financial services to the majority of the Kenyans in the country,” said KCB Managing Director, Mr Sam Makome.
In 2011, KCB was the first bank to offer agency banking services in the PCK premises. Such partnerships in banking and telecommunication sector have enabled rapid growth in the financial services and reshaped the parameters of banking operations.
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