, NAIROBI, Kenya, Nov 25 – The Kenya Commercial Bank has opened its 203rd branch, KCB Elgon-Masaba in Uganda, making it the sixth office in Uganda and joining others in Kampala, Arua, Fort Portal, Gulu, Lira and Mbarara.
Speaking during the launch, the KCB Uganda Director Samwiri Njuki, said the branch expansion represents the bank’s desire to bring financial solutions closer to the marketplace and support the realisation of East Africa’s socio-economic integration dream.
“The choice of Elgon-Masaba, as with our other branches in this country, recognizes the strategic importance of KCB’s regional platform in supporting the socio-economic integration of East African states and are located appropriately to facilitate intra-regional financial transactions and economic activities”, he said.
KCB is one of the largest commercial banks in the region with operations in Kenya, Tanzania, Southern Sudan, Rwanda and Uganda.
The Managing Director of KCB Uganda James Agin noted that across the region KCB had spread its presence to capture key business locations, making it easier for customers to carry out business transactions anywhere in the region without having to carry cash.
“With our ATM network operating on one platform, our customers are now able to access their cash anywhere in East Africa in local currency without having to visit a bank or exchange bureau, making their banking life convenient and efficient,” Mr Agin said.
He reiterated that the new KCB Elgon Masaba branch is the ideal solution for customers and government agencies on either side of the Kenya-Uganda border because of its proximity to KCB Mbale branch on the Kenyan side.
“It is ideal because both governments can now utilise our network to collect and process duty and other sovereign taxes and individuals doing business on either side of the border and can meet their banking requirements using one platform, KCB,” he added.
Also speaking during the opening of the new branch, KCB Group Chief Executive Martin Oduor-Otieno highlighted that the signing of the common market protocol would open up trade, property development, labour movement and capital mobility as well as transport and telecommunications.
“KCB which is already a leader in integrating the region financially, will be there to support you with your financial and banking needs due to our wide network,” Mr Oduor-Otieno said.
“Going forward we want to put the entire KCB regional network on an online real-time information technology system that will facilitate financial transactions across East Africa much more efficiently,” he said.
This system has already been rolled out in Kenya and will be operational in Uganda and other markets by mid 2010.
The system will also enable the bank to extend mobile telephone and internet banking services among other high-technology products and services to its customers in the region.