KCB establishes financial platform to boost regional trade

By Julius N. Uma

December 7, 2011 (JUBA) – Kenya Commercial Bank (KCB), East Africa’s largest commercial bank has established a cross-border financial platform as a mechanism to facilitate regional trade and ensure its clients access easy banking services, John Kimanthi, KCB Sudan’s managing director said.

Under the new initiative, he exclusively told Sudan Tribune, the bank’s operation will be supported by one information technology system to facilitate transactions for KCB customers across the region, currently comprising of Uganda, Kenya, Tanzania, Rwanda and South Sudan.

“With the cross-border platform in place, we shall be able to facilitate any kind of trade, including the process of importing goods into South Sudan,” said Kimanthi.

The bank, which was officially licensed in April 2006, but began full operations in South Sudan a month later with just two branches, now boasts of 19 branches spread all over the 10 states of Africa’s newest nation. It currently has over 70,000 clients.

KCB has announced plans to sponsor 30 secondary school girls, three from each of South Sudan’s 10 states, as part of the campaign to promote the girls education. The selection criteria, the bank’s managing director said, will be performance-based, but targeting needy students.

“To select the girls for the scholarship, we shall use our state branches and the education ministry in the respective states,” Kimanthi said, while adding that will also the bank will also train 50 teachers.

The education programme, he noted, is a component of the bank’s foundation fund
partnership; a broad-based initiative that focuses on five thematic areas of enterprise development, health, environment and humanitarian assistance.

In South Sudan, for instance, KCB has reportedly provided materials, facilitating teachers’ training and constructing schools.

(ST)