NAIROBI, Kenya, July 21 – Eight Kenyan banks have significantly expanded their number of branches in the East African Community (EAC) Partner States and also in the Democratic Republic of Congo (DRC) between the years 2022 and 2023.
According to a report released by the Central Bank of Kenya, these banks, which include KCB, Diamond Trust, NCBA, Guaranty Trust Bank, Equity, I&M, African Banking Corporation, and the Cooperative Bank, have increased their branches from 552 branches as of December 31, 2022, to 654 branches as of December 31, 2023, thus accounting for 11.7 percent increase.
According to CBK, the growth was mainly driven by the opening of new branches by KCB Group’s Trust Merchant Bank in the Democratic Republic of Congo.
“The total number of branches of Kenyan banks subsidiaries in EAC Partner states and DRC grew by 11.7 percent from 552 branches recorded as at December 31, 2022 to 654 branches recorded as at December 31, 2023. The growth was mainly driven by the opening of new branches by KCB Group’s, Trust Merchant Bank in The Democratic Republic of Congo,” it stated.
Likewise, CBK has noted that some banks, including I&M Holdings Plc and Prime Bank Limited, have expanded to other countries beyond the EAC jurisdiction, including Malawi, Mauritius, Gaborone, Botswana, and Zambia.
According to CBK, this step has in turn strengthened customer relationships, delivery of products and services, and also utilization of host country capital and human resources, which has in turn catalyzed market development and social economics.
“They have positioned themselves to capitalize on the growing cross-border trade flows. This has in turn not only contributed to the deepening of customer relationships, delivery of products andservicesbut alsoutilizationofhost country resources, both capital and human that have positively impacted market development and social economics,” it stated.
