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Co-op Bank Scraps Balance Enquiry Charges

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The Co-operative Bank has announced that it is scrapping all balance inquiry charges to its customers.

In a statement posted on it social media pages, Co-op Bank said the move was as a result of customers’ request, and would be effected with immediate effect.

[PHOTO/ COURTESY]

“Dear Customers, we’ve heard you. We’re with immediate effect scrapping the balance enquiry charge. Keep talking to us, it can only make us better,” read the statement.

NOTICE
Dear Customers, we’ve heard you. We’re with immediate effect scrapping the MCo-opCash balance enquiry charge. Keep talking to us, it can only make us better.

The moves comes at a time when Kenyans spend a lot during the festivities, and will help in tracking expenditures where they can check they balance(s) without worrying about charges.

The development will apply across all platforms including USSD code (*667#) and the MCoop mobile app.

Previously, the Bank charged between Ksh5 and Ksh35 for balance enquiries, depending on the platform used.

By November 2019, group chief executive Gideon Muriuki said the bank was successfully processing 89 percent of all customer transactions via mobile banking, a 24-hour contact centre, ATMs, internet banking and thousands of Co-op Kwa Jirani banking agents.

Recently, Co-op Bank announced a Ksh10.9 billion profit after tax compared to Ksh10.3 billion in the previous year.

Kevin Spahlet

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