The Co-operative Bank of Kenya has joined the list of Africa’s 25 largest banks after a period of rapid growth, it has been reported.
A report in the Financial Times says the bank is the second fastest growing lender in Africa with an expansion of 39.2%, putting it at no 22 in the list of the continent’s banks by size.
The bank followed up the news with a Ksh1.2bn investment in the tea industry, announcing a platinum sponsorship earlier this month at the inaugural Kenya Tea Development Agency (KTDA) Magazine launch in Nairobi.
With the investment, the bank, which reported 6.8% growth in the first quarter of the year, with a pre-tax profit of Ksh9.63bn, is building on its work to support smallholder tea farmers, which includes a partnership with Greenland Fedha to improve access to credit via their mobile phones.
It is hoped the deal with KTDA will help farmers overcome traditional barriers to agricultural financing and enable investment in inputs, tools, and farm improvements.
“We have a long-standing history of supporting the co-operative sector in Kenya, including extensive engagement with the tea industry,” CEO Gideon Muriuki told the Kenya Times.
“Through our comprehensive financial solutions, we continue to empower the more than 260,000 smallholder tea farmers who form the backbone of Kenya’s tea industry, a key contributor to our national economy.”
KTDA Magazine will magazine offer farmers, partners, and stakeholders with deeper insights into Kenya’s tea industry and opportunities for active participation in its growth.
