Commercial Bank of Africa (CBA) has set out on a vibrant expansion programme which would see it spread its footprint locally and in Africa.
The financial institution intends to spread its business tentacles to between 10 and 16 countries in Africa and has already opened Nanyuki branch as part of the local expansion plan. At the moment, the bank has 23 branches in Kenya in Kenya, Uganda and Tanzania.
Speaking during the official opening of the Nanyuki branch, CBA Chief Executive Officer Jeremy Ngunze said the bank is set to open the second branch in Uganda by the end of this year.
"We are also set to open three other branches in Yaya Centre, Lavington Mall and in Machakos County," he disclosed. He said the expansion programme is linked to the bank's closeness to customers and to be the best financial institution in the region.
Mr Ngunze noted that the institution is also venturing into the insurance industry, noting that they have already acquired a brokerage licence.
"We want to give Kenyans and others where we have branches a chance to make money through unit trusts," he said. At the moment, CBA boasts of an eight million clientele who are subscribed to mobile phone money facility, M-Shwari, which is a credit facility product offered in partnership with Safaricom.
Ngunze said the facility is being developed to include more features so as to acquire utmost customer satisfaction. "We are adding more features that will include customer feedback and other customer friendly products in M-Shwari. We always want to keep in touch with our customers and that is where we are investing significantly," said Ngunze.
Mr Joel Wamichwe, the Laikipia County Finance Executive said the area has attracted a bulk of investors, especially in the banking sector. Currently, Nanyuki has about 20 banks, with Wamichwe attributing this to a conducive business environment.
