Absa Bank Kenya, a Nairobi-based institution partly controlled by Kenyan businessman Baloobhai Patel, has launched a huge expansion plan to open 17,000 agency service locations in Kenya over the next two years. This project intends to strengthen the bank’s market presence and increase access to financial services across the country.
The first phase of this ambitious implementation will see Absa’s agency network expand from 600 to over 3,000 sites, greatly improving access to key banking services in local areas. Customers will soon be able to make cash deposits, withdrawals, and other transactions from neighboring third-party locations, making banking easier for people who have limited access to traditional financial institutions.
Abdi Mohamed, Managing Director and CEO of Absa Bank Kenya PLC, emphasized the importance of this development in serving the bank’s customers. “We are committed to delivering tailored solutions that meet our customers’ needs, whether through digital platforms or in-person services,” Mohamed told me. “Our expanded agency network is a cornerstone of our strategy to deepen our market presence and drive financial inclusion.”
The expansion coincides with Absa’s updated customer-centric brand promise, ‘Your Story Matters,’ and strives to bridge financial access gaps in marginalized regions. By collaborating with local businesses, convenience stores, and other outlets, the bank seeks to promote economic growth and operational efficiency.
Absa Bank Kenya, formerly known as Barclays Bank Kenya Limited, is a prominent player in Kenya’s banking sector, providing retail, corporate, treasury, and card services. It also promotes local businesses and SMEs through strategic collaborations.
Baloobhai Patel, a major Kenyan businessman and Absa’s 1.03 percent shareholder, continues to play an important role in the banking sector. His purchases in blue-chip stocks have solidified his place among Kenya’s wealthiest people.
Absa opened its 85th branch to support local companies. In 2023, the bank secured a $50 million subordinated loan from its parent firm, further strengthening its financial position.
In Q1 2024, Absa reported a 35.4 percent growth in post-tax profit to Ksh5.59 billion ($42.45 million), up from Ksh4.13 billion ($31.31 million) the previous year.