- Following the government directive to observe strict Covid-19 regulations, majority of the banks’ foot traffic opted for digital options, cutting back physical transactions.
- Currently, 82 per cent of SBM's customers transact through alternate channels.
SBM Kenya has announced plans to consolidate three of its branches and two Express Units as it sharpens its focus towards digital banking.
Following the government directive to observe strict Covid-19 regulations at the onset of the pandemic, majority of the banks’ foot traffic opted for digital options, cutting back physical transactions.
Currently, 82 per cent of SBM's customers transact through alternate channels which include cards and mobile transactions enabled by digitization.
“In the present day, amidst the pandemic, more people are embracing technology and the use of hand-held devices for day-to-day activities,” said Moezz Mir, CEO ,SBM Bank Kenya.
Mir said the rising demand for convenient financial services saw SBM Bank leverage on the growing mobile usage in the country to offer digital products that make banking for its customers more efficient and convenient.
The merger follows an internal assessment where the bank reviewed its locations and identified branches that were in close proximity to each other.
They also reviewed others where branch footprint was lower due to the migration of transactions to digital platforms.
“Our customers are increasingly leveraging our digital capabilities. By optimizing the strategic placement of our physical branch network, we are ensuring appropriate resource allocation to our growing market area,” added Mir.
The three branches earmarked for merging are Lavington, Buru Buru and Kimathi alongside two Express units namely Limuru Xpress and Ngong Rd Xpress.
However, each closing branch will be merged into an existing branch, ensuring continuity for customers.
SBM Bank’s consolidation mirrors global trends, as a majority of banks opt for alternative banking channels such as mobile and internet banking in response to the changing customer needs.