Stanbic Bank Kenya Plans to Double Retail Footprint by 2029

Stanbic Bank Kenya, the Kenyan unit of Standard Bank Group Ltd., plans to double its retail footprint by 2029. The expansion involves increasing its 40 existing outlets while broadening its agent banking channels and digital distribution tools.

This strategy marks a shift from the bank's traditional focus on corporate and investment banking toward high-growth segments, including small enterprises, high-net-worth portfolios, and mass-market consumer loans. The lender aims to increase non-interest revenue through remittances and wealth management, while growing deposits to reduce its reliance on wholesale corporate funding.

The initiative is part of a broader medium-term strategy by Standard Bank to diversify revenue away from the sluggish economic growth in South Africa. The bank targets a return on equity of 25% by 2028, rising from 16%, and intends to become the top private bank in Kenya by that year.