Post Bank spreads wings

The Post bank has opened a branch in Marsabit town boosting Marsabit County’s desire to be an investment destination center.

Governor Ukur Yattani said the entry of the banking institution in the county reflects the financial potential for private and public business enterprises.

He urged investors to exploit the immense business opportunities existing in the county.

Presiding over the opening ceremony on Wednesday governor Yattani said his government appreciates financial services offered by the bank especially micro-credit facilities.

The governor noted that the county was ready for more investments which could assist in uplifting economic and living standards for Marsabit residents in line with vision 2030 programme.

He appealed to banks and other financial institutions to reduce interest rates to enable small traders to access funds for business. He said his government had availed Kshs.30 million in support of the county enterprise fund which will be raised to Kshs.50 million next financial year.

“High interest rates by commercial banks and other lending institutions dampen the county’s prospects for a better business environment” he observed.

The Bank’s acting Managing Director, Ms Ann Karanja said the bank was keen to help people of Marsabit in wealth creation through savings and mobilization of funds.

Ms Karanja said the opening of the branch now brings to 104 the number of branches in the country adding that the move aims at having its presence felt in the counties.

She said the bank has been seeking regulatory approvals to be a fully-fledged commercial bank.

The acting MD said the bank will explore the possibility of venturing to other potential areas in the county such as North Horr and Moyale towns.

The opening of the bank brings to five the number of banking institutions in Marsabit county. These include, Kenya Commercial Bank, Cooperative, Kenya Women Finance Trust and Equity banks.

Source: Kenya News Agency