Kenya Bankers Association (KBA) has today unveiled a new look to reposition itself and keep the pace in the fast-changing financial industry.
This comes as the umbrella body for all 43 registered banks and one mortgage provider prepares to mark its 50th anniversary, and as the Association plans to seek a more enhanced engagement with stakeholders and also its member banks.
KBA CEO Mr Habil Olaka told journalists during the event at Hilton Hotel that the new KBA is now better positioned to effectively realign its functions within four strategic pillars.
“We have anchored our engagement approach on four strategic pillars; policy and research, industry development, public education and social philanthropy,” said Olaka, adding that KBA will continue to play an active role in matters of regulation as well as innovation in the industry, which will ensure customers make maximum returns from their banking experience.
KBA Chairman Mr Richard Etemesi outlined the role of the banking sector in economic development saying that the new look will amplify the positive impact banks leave in the society.
He noted that the vibrancy in banking in Kenya is thrilling and KBA was striving to position Kenya in the global arena, coupled with the diversity of the products offered by the banking sector. This has heightened customer confidence in banking services, increasing Kenya’s banking population.
“Initially, the Association strived to realize member banks’ interests in terms of union negotiations and later industry regulation. Today, I am proud to say that we have redefined what banks stand for and there is a sector wide resolve to work together to make banking better for Kenya. This will reposition the banking sector in the global scope,” said Etemesi, who is also the CEO, Standard Chartered Bank.
He added that with Kenya being at the tipping point due to political temperatures rising as the country gears up for next year’s general election, there should be no panic in the banking sector.
The new look comes with a vibrant website (www.kba.co.ke) which will be playing host to a bank’s CEO every week who will be holding an online chat on the interest rates charged by the bank, as well as providing information to the public from a focal point.
“The website will avail information from a central point regarding how banks operate in Kenya and will be the medium of communication with the public,” said Ms Nuru Mugambi, KBA’s director communications and public affairs.
Following Central Bank’s move in lowering interest rates, Mr Olaka expressed confidence saying that all the banks will comply with the CBKs move to lower their base rates.
He added that KBA has plans to open branches in Ethiopia and Somalia as a way of integrating Eastern and Central Africa.
On CBK’s plan to disclose information on interest rates, KBA will filter the information and only give to the public what can be useful to them.
