United Bank of Africa which is the largest in West Africa is set to start its operations in Nairobi by the end of this month. According to press report in Nairobi, Kenya, as the competition in East Africa’s banking sector intensifies, UBA’s Managing Director Manasseh Manz Denga, told journalists that UBA will put in more than $15 million (Rwf8.6 billion) as initial investment in Kenya and with a wide range of competitive products. “We are coming up with competitive products. Our customers will open accounts free of charge. We will also not have minimum balance requirements. Our solid financial base will of course play a critical role in this quest,” he said. UBA is already in operations in Uganda with 10 branches and is set to open in Tanzania next month. According to the Kenyan press, UBA is said to have applied for operating licenses in Rwanda and Burundi. UBA becomes the second bank from West Africa to venture into the Kenyan market after Ecobank which entered last year after buying 75per cent stake in East Africa Building Society (EABS bank). With the target of the un-banked public, UBA is entering the East Africa banking system with the stiff competition in mind. Ends
