• April 20, 2024
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Banking sector on a steady growth rate in Mombasa

Banking sector on a steady growth rate in Mombasa


Saturday, March 23, 2024

KNA by Andrew Hinga

The banking sector is shaping up progressively in Mombasa with the entry of new franchises sprouting across the Port City.

This is a testament to the sustained investor confidence the Port City has developed, attracting new and established institutions to set up thriving businesses.

Speaking during the launch of the fourth Premium Bank branch in Nyali, the bank’s Head of Business Yayha Dahir said that Mombasa’s significance to the sector could not be overlooked due to many important factors as it was the gateway to the East African region.

Dahir added that key financial players in the industry were developing tailored specific banking solutions and morphing into technology to keep up to speed with the fast-changing global dynamics.As such, Dahir noted that financial institutions created a niche.

In Mombasa’s case, priority areas such as the blue economy were some sectors the bank earmarked to delve into to provide sustainable solutions.

“The blue economy is a strategic area for the government and as a bank, we will be providing the requisite financial solutions to assist in the growth of the sector especially from a microfinance perspective,” said Dahir.

He went on: “Incentivized business modules will go a long way in inculcating smart investments and a saving culture,” added Dahir.

On his part, Kenya National Chamber of Commerce and Industry (KNCCI) Mombasa Chapter Chairperson Abud Jamal said that deliberate steps by the government and the private sector to streamline the business environment in Mombasa were gradually paying off.

Jamal said that investor confidence was the key to any region’s financial prosperity and the setting up of such critical institutions would revitalize the County’s economic prospects.

“Increased investments such as setting up of key financial institutions means more capital flow in our County and a flourishing economy,” said Jamal.

Courtesy; KNA

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