Absa, linked to Kenyan tycoon Baloobhai Patel, to open 17,000 agency service points

Timilehin Adejumobi -

Key Points

  • Absa Bank Kenya plans to establish 17,000 agency service points across Kenya in two years to boost market presence and accessibility.
  • The initial phase will expand Absa’s agency network from 600 to over 3,000 points, enhancing access to essential banking services.
  • Absa’s expansion supports financial inclusion and aligns with its brand promise, ‘Your Story Matters,’ by partnering with local businesses.

Absa Bank Kenya, a Nairobi-based lender partly owned by Kenyan businessman Baloobhai Patel, has announced a major expansion plan to establish 17,000 agency service points across Kenya within the next two years. This initiative aims to enhance the bank’s market presence and improve accessibility to financial services throughout the country.

The first phase of this ambitious rollout will see Absa’s agency network grow from 600 to over 3,000 points, significantly increasing the availability of essential banking services in local communities. Customers will soon be able to perform cash deposits, withdrawals, and other transactions at nearby third-party outlets, making banking more convenient for those with limited access to traditional financial institutions.

Absa expands to serve more customers

Abdi Mohamed, Managing Director and CEO of Absa Bank Kenya PLC, underscored the importance of this expansion in supporting the bank’s customer base. “We are committed to delivering tailored solutions that meet our customers’ needs, whether through digital platforms or in-person services,” Mohamed said. “Our expanded agency network is a cornerstone of our strategy to deepen our market presence and drive financial inclusion.”

The expansion aligns with Absa’s refreshed customer-centric brand promise, ‘Your Story Matters,’ and aims to bridge gaps in financial access for underserved communities. By partnering with local shops, convenience stores, and other outlets, the bank hopes to foster economic growth and operational efficiency.

Baloobhai Patel’s influence in banking

Formerly Barclays Bank Kenya Limited, Absa Bank Kenya plays a key role in the Kenyan banking sector, offering retail, corporate, treasury, and card services. It also fosters local enterprises and SMEs through strategic partnerships.

Baloobhai Patel, a major Kenyan businessman and partial owner of Absa with a 1.03 percent stake, continues to play a vital role in the banking sector. His investments in blue-chip stocks have cemented his position among Kenya’s wealthiest individuals.

Absa’s 85th branch boosts local biz

Absa has expanded its agency network with the opening of its 85th branch, aimed at supporting local businesses. The bank strengthened its financial position with a $50 million subordinated loan from its parent company in 2023. 

In the first quarter of 2024, Absa reported a 35.4 percent increase in post-tax profit, reaching Ksh5.59 billion ($42.45 million), up from Ksh4.13 billion ($31.31 million) a year prior.