Absa Bank has inaugurated a new branch in Eldoret, signaling a focused effort to tap into the burgeoning economic potential of smaller towns. This expansion aligns with the bank’s broader strategy of decentralizing its operations to reach a more diverse customer base. Absa now operates 85 branches across the country, with the latest addition being at Rupa’s Mall in Eldoret.
The new Absa Bank Eldoret branch , located in the heart of Eldoret’s business district, highlights Absa’s commitment to enhancing financial inclusion and supporting local businesses and communities. This initiative is part of the bank’s ongoing efforts to extend its services beyond major urban centers, addressing the financial needs of underbanked populations in smaller towns and rural areas.
Absa Bank Managing Director and Chief Executive Officer (CEO) Abdi Mohamed emphasized that the bank’s strategy involves expanding banking services to the thriving business community in the Rift Valley region, aiming to improve customer experience for the underserved population in rural areas.
“We are happy to open our doors to the people of Eldoret and the larger Rift region with our second branch in Eldoret. This is part of our ongoing commitment to enhancing customer experience and expanding our footprint to serve the underbanked,” said Mohamed Absa Bank CEO.
Mohamed highlighted that the lender will provide customers with access to transactional accounts, savings accounts, deposit accounts, Shari’ah-compliant solutions, and financial advisory services. This approach positions the lender as a one-stop shop for investment, banking, and trading needs in the region, offering a comprehensive range of services across retail banking, corporate and investment banking, and business banking.
Eldoret, the headquarters of Uasin Gishu County, has taken a significant step towards becoming Kenya’s fifth city. State House, in a letter addressed to Uasin Gishu Governor Jonathan Bii, announced that the municipality has met all statutory conditions outlined in the Urban Areas and Cities Act, culminating in Senate approval for city status.
Kenya has four towns with the city status which include Nairobi, Mombasa, Kisumu and Nakuru Eldoret is gearing to be the country’s fifth city and is banking on its vibrancy, growing population and business, athletics and tourism might. The installation ceremony is scheduled to take place in Eldoret on August 8, 2024, a significant occasion for the residents of Eldoret, symbolizing enhanced municipal status and potential for accelerated development.
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