The funds are meant to fund the growth and expansion of the bank, both locally and regionally. "We expect that the right issue will be concluded by the third quarter of 2012," said Macharia.
NIC Bank adopted an agency-banking model recently to widen financial inclusion among the unbanked.
It partners with Postbank to facilitate cash collection services to customers through Postbankâs network of over 100 branches nationwide.
The bank is implementing a new core banking system, T24, provided by the Temenos group.