BANKING : Fina Bank in regional expansion

Currently, the bank has 17 branches across the region including 10 in Kenya, 5 in Rwanda and 2 in Uganda. Fina Bank, a Kenyan-based commercial firm has launched a regional expansion programe with operations in three of the five partner states of the East African Community (EAC). This follows the bank’s inauguration of operations in Uganda, with two branches. The financial institution has plans to enter Burundi and Tanzania as well. According to Fina bank Group Executive Officer, Robert Warlow, the bank sees East African regional as a single market which is well placed for service. He explained that the expanding network is a way of further facilitating trade between EAC partner states, while hunting for regional presence. While speaking at the Fina Bank Uganda launch in Rwanda on Monday, Warlow also said that keen on increasing its visibility and customer base, the bank plans more branches in Uganda, Kenya and Rwanda. Currently, the bank has 17 branches across the region including 10 in Kenya, 5 in Rwanda and 2 in Uganda. Despite two weeks of operation, the Uganda branch will be officially launched today in Kampala. Five branches are expected to be launched later with two expected along the Northern Corridor on the Kampala to Kigali road (in Mbarara and Kabale). Kenneth Agaba, the Fina Bank Rwanda Executive Director, explained that the new branches will be established where Small and Medium Enterprises (SMEs) are concentrated. This will keep the bank’s focus on serving developing businesses. The move is believed to have come when Fina Bank was facing pressure from some of its clients doing business in Uganda, Rwanda and Kenya, to expand in their markets. The bank, which was established in 1986 has for the past few years been working on its goal of becoming East Africa’s premium small business bank. Traders say that the bank’s expansion which completely concentrates on serving small businesses and entrepreneurs is expected to cut off a piece of the big bank’s SME pie. In Rwanda, it is reportedly to have drawn more SMEs customers with specific interest in the bank’s transfer service branded Fina Direct. This service enables the bank’s customers to transfer money from one East African country to another, within 30 minutes. Ugandan Ambassador to Rwanda, Richard Kabonero said that the bank plans to align to regional efforts. The bank is owned by four shareholders, from the United Kingdom and Kenya. In Uganda it will be the third Kenyan Bank to enter the Ugandan market, after Kenya Commercial Bank (KCB) and Equity Bank which currently operating as Uganda Microfinance Limited. Ends

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BANKING : Fina Bank in regional expansion