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NCBA Bank Enters Utawala With Eye On Property And SMEs

Utawala is one of the fastest growing areas in Nairobi County characterized by development of residential and commercial properties

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NCBA Bank has today opened a new branch in Utawala, Nairobi County. This brings to 86 the total number of NCBA Bank branches countrywide and part of the bank’s ambitious expansion agenda of its retail business.

Utawala is one of the fastest growing areas in Nairobi County characterized by infrastructural development, ranging from residential to commercial properties and with a growing urban population.

“This was a strategic decision to bring our services closer to the people of Utawala as this area continues to hold great potential to continue being a property development hub,” Speaking during the official opening of the branch,” says Ms Pauline Ndote, Group Director, Credit Management at NCBA Group.

Ms Ndote says NCBA is looking to lend to customers seeking to acquire, construct or finance property. NCBA offers mortgages (home loans) of up to 105% of the value of the property. “Through this offering we have made home ownership easy and we are ready to make people’s dream of owning a home a reality. With this offering, Utawala serves to be a strategic area to tap into,” she says.

Kenya’s housing demand is expected to dramatically shift in the next few years and with it, a growing demand for innovative financing solutions to bridge the widening housing gap. The current outlook of the property market in Kenya shows housing as one of the fastest growing sectors, at an annul rate of 4.2%. This is a pointer to the need for adequate housing in the country.

Ms Ndote noted that this branch will be key to supporting the local businesses in the area through offering personalized banking solutions. “At NCBA we understand the significance of SMEs to economic growth, innovation, job formation and to social cohesion. We recognize that SME lending is not only one of the most economically important but also one of the most profitable contributors to banking revenues,” she adds.

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NCBA Utawala branch will provide different banking solutions including credit to grow businesses, asset finance, corporate, business and retail banking. “Our goal is to improve SMEs’ access to finance and find innovative solutions to unlock sources of capital for them to ensure their financial success.”

NCBA bank is the leading bank in asset financing and digital business, with a market share of more than 35% in this segment. The Group plans to open 11 more branches by the end of this year, as it strives to bring its services closer to customers.

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KALU MENGOhttp://www.businesstoday.co.ke
Kalu Mengo is a Senior Reporter With Business Today. Email: [email protected]
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