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SBM Bank opens Gikomba, Eastleigh branches where Sh2b changes hands daily

Eastleigh continues to attract investment with the number of shopping malls growing from 24 in 2013 to over 59 malls this year.

NAIROBI, Kenya, Mar 12 – SBM Bank has opened two branches in Nairobi’s Eastleigh and Gikomba areas as part of a plan to serve Small and Medium Enterprises.

SBM Bank Kenya Deputy Chief Executive Officer Jotham Mutoka said the opening of the Eastleigh branch on General Waruinge Street and Gikomba branch in Gikomba market has been informed by the vibrant local economy that sees about Sh2 billion exchange hands daily.

“The economic dynamism of Eastleigh and Gikomba areas as business centers in Nairobi, informed our decision to set up branches not only to increase convenience for our customers in the regions. Our focus in the SME space is real and the establishment of the two branches is a strong testimony to this,” said Mutoka.

Kamukunji MP Yusuf Hassan, who was the chief guest at the opening of the Eastleigh branch, welcomed the investment made by SBM noting that Eastleigh continues to attract investment with the number of shopping malls growing from 24 in 2013 to over 59 malls this year.

“We are currently investing in infrastructure to enable the growth of business within Eastleigh and the wider Kamukunji Constituency. We have already finished works on General Waruingi Street and are moving on to First Avenue. For the wider constituency there are plans to dual Juja Road to increase access with additional resources dedicated to widening Muratina Road creating a direct link to Thika Road so that traders do not have to go back into town,” Yusuf added.

Mutoka added that SBM Bank is leveraging on its banking model via the mobile app, agency banking, card business and internet banking to complement its 52-branch network.

The bank, which took over former beleaguered Chase Bank, has also opened an additional branch in Mombasa based at Jubilee Arcade.

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