GTBank Kenya has rolled out 46 agency banking outlets in partnership with Posta Kenya, in a push to expand beyond its modest brick-and-mortar presence.
The lender, which operates just 12 branches in Kenya, said the first phase of its agency banking service—branded GTExpress—is now operational in partnership with Posta Kenya, a state-owned national postal service. The outlets, located in towns including Nairobi, Kisumu, Mombasa, Kisii, Nyeri, Nakuru, and Nanyuki, allow customers to deposit and withdraw cash, open accounts, and access basic services through Posta counters at costs the bank says are below prevailing market rates.
“Our priority is to make banking easier and more accessible for our customers, wherever they are,” Jubril Adeniji, GTBank Kenya’s managing director, told . “Through GTExpress, someone in Kisii, Nanyuki, or Kitengela can walk into a Posta outlet and carry out their transactions quickly, safely, and at a fair cost.”
Agency banking — which allows customers to deposit and withdraw cash, pay bills and even open accounts at third-party locations such as kiosks, petrol stations or, in this case, post offices — has become the backbone of Kenya’s retail banking system. Equity Bank, the pioneer of the model, has more than 60,000 agents processing transactions worth over KES 2.4 billion ($18.4 million) annually. KCB operates over 15,000 agents.
GTBank’s 46 outlets look modest. But the lender is banking on Posta Kenya’s reach, which extends to all 47 Kenyan counties with multiple locations, to scale quickly. The state postal corporation has been searching for new revenue streams as mail volumes dwindle, and partnerships with banks could offer a lifeline.
GTBank Kenya has avoided the high overheads of branch expansion by focusing on corporate clients and selective retail products. Its move into agency banking suggests a pivot to more retail competition, but one that is asset-light and tightly costed.
The bank remains the only Nigerian lender with operations in Kenya to have turned a profit in the last five years, according to Central Bank of Kenya (CBK) disclosures and annual reports.
Phase two of GTExpress will add 54 more outlets before the end of the year, bringing the total to 100. The bank is also testing USSD-based deposits and digital account onboarding through the network, an approach it hopes will attract unbanked and underbanked customers.
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