Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

KWFT to roll out banking service

NAIROBI, October 25 – The Kenya Women Finance Trust (KWFT) expects to roll out banking operations three months after the after Central Bank of Kenya gives licensing approval.

Speaking on Saturday during the institution\’s Annual General Meeting at the Kenyatta International Conference Centre, KWFT Chief Executive Officer Jennifer Riria said they had lodged an application with the CBK and were awaiting a response.

"We are right on course.  We applied for the license to operate as a one stop-shop for our clients, and we are ready to start when we get the license," she said.

The institution applied for the License last November.

KWFT Finance and Administration General Manager Mwangi Githaiga also said they already had rolled out a strategy for the banking outfit to ensure its success.

He said they were branding their offices as well as placing them at accessible places for their clients.

In a move to strengthen its clientele, Mr Githaiga announced that KWFT was targeting more people and placed the projected number at 2.5 million clients.

Recruitment of new staff with knowledge in banking was also part of the organisation\’s early preparation.

"The clientele at the moment has grown to over 200,000 by the end of the 5th year we should be having between 2 to 2.5 million clients, we have also started recruiting staff whose capacity we don\’t have in house," he said.

Advertisement. Scroll to continue reading.

He expressed confidence that their plan will work considering the reliable clientele they already have.

NEW PLAN

KWFT also announced plans to extend its products to the northern part of Kenya with General Manager (Operations) Pauline Ngari saying, "we are trying to come up with a product that suits the northern frontier and which suits most of the clients in the area."

Garissa and Lodwar are some of the entry towns that they have chosen to begin within in their expansion to Northern Kenya from.

She said they would later move to Mandera and expand to the rest of the towns.

During the AGM it was disclosed that the institution had made a profit of Sh227 million for the year 2007 attributing the positive progress to the economic growth last year.

The CEO acknowledged that women repaid loans at a 100 percent rate, saying it boosted the institution\’s balance sheet since women were their core clients and had proven to be credit worthy.

KWFT currently does not take deposits but acts as a lending organisation, but this will change after the CBK grants them the license to operate as a fully-fledged bank.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...