An agreement that will increase access to financial services in the country is signed by the National Bank of
NBK MD Munir Sheikh Ahmed stated that under the agreement all his bank customers will have access to 1, 200 Kenswitch ATM s services across east and central
He said, The deal will also reduce the cost of banking services through sharing of infrastructure. The pact hopes to leverage technology so as reduce the number of Kenyans that are excluded from formal financial services .
Ahmed added that there is a limitation on how much money the firm can spend on infrastructure.
Ahmed said, Instead of spending on physical infrastructure, we will pay commissions to our partners in order for our customers to have access to us . We are now able to have presence even in areas that it does not make economic sense .
Infrastructure investments remain one of the biggest costs for the financial institution.
The bank at present has 70 branches and 110 agents.
The deal now takes
He said, We have an ambitious plant to have over 120 branches and 5,000 agents in the next five years .
He said, However, in order to attract more clients we need to have our own outlets as agents only offer limited services such as depositing and withdrawing .
Ahmed mentioned that the agreement is in tandem with the bank s growth strategy of achieving tier one bank status by end of 2017.
Post Bank Managing Director Dr
She added that
She said, It will allow
Koigi said, One of our mandates is to mobilize funds in
She mentioned that dynamism in the banking sector has allowed for innovation and collaborations as banks seek ways to meet the needs of different market segments.
She said that the agreement will push the total banks using
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