Bank of Africa-Kenya today signed a Kshs2 billion (US$25 million) loan agreement with Dutch Development Bank, FMO. The loan will be disbursed in two tranches over a 12-month period to support Bank of Africa’s foray into the retail market segment.
“The loan comes at an opportune time when the bank is actively introducing new products for the retail market, with five retail products being launched recently. The banking industry in Kenya is experiencing interesting times when financial access is on the increase through the many banking institutions. Bank of Africa-Kenya will utilize the loan to finance medium and long term loans for eligible customers,” said Ambassador Dennis Awori, Bank of Africa chairman.
FMO, the Dutch Development Finance Company based in Netherlands, is an institutional partner at Bank of Africa-Kenya, holding a 20 per cent share in the bank. Mr Jorim Schraven, the FMO Manager-Financial Institutions for Africa, said that FMO is confident in the bank’s ability to steer business in the right direction where good corporate governance increases investor confidence which is important in an increasingly integrated world.
BOA-K is continuously improving its services to meet customer needs while following market trends very closely. “We have expanded our branch network to 27 branches in Kenya with a strategic plan to add five branches this year. This will help us serve our growing portfolio of customers better, as we work towards meeting the vision 2030 goal to create a globally competitive and prosperous. We are optimistic about Kenya’s economic and social development,” said Mr Kwame Ahadzi, the bank’s Managing Director.
Bank of Africa-Kenya has 27 branches around the country and will be opening its newest branch along Kenyatta Avenue this month in a bid to bring its service closer to its customers. The bank launched B-mobile earlier this year and expanded their personal banking with five new products in a bid to make banking easier for its customers. It has also one an extra mile by acquiring new IT systems to provide an efficient and superior customer experience.
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