Kenya: Stanbic Bank plans to double its branch network by 2029.

Stanbic Bank Kenya plans to double the number of its branches in the country over the coming years, announced Joshua Oigara, regional CEO of Standard Bank for East Africa. The bank intends to expand its network, currently composed of 40 branches, to approximately 80 locations by 2029.

This strategy reflects a shift towards retail banking. Stanbic Bank Kenya aims to attract more individuals and small businesses, two segments considered essential for increasing the number of accounts and diversifying the deposit base.

A strategy focused on retail deposits

The institution seeks to mobilize less expensive resources than financing obtained from markets or large corporations. Deposits from individuals and small companies can indeed provide a more stable funding base to support credit activity while reducing dependence on wholesale resources.

Expanding the network should allow Stanbic Bank Kenya to get closer to new clients, especially in areas where access to banking services remains limited. However, the bank has not disclosed the amount of the planned investment nor the detailed timeline for opening the new branches.

Stanbic Bank Kenya is a subsidiary of Standard Bank Group, a South African banking group presented as the largest African banking institution by asset size. The group is present in several markets across the continent and seeks to strengthen its activities with both businesses and individual clients.