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ABC Bank joins the fray, goes to Uganda

Updated Tuesday, October 26th 2010 at 00:00 GMT +3
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by Luke Anami

A local medium sized bank has joined the rush to go regional by opening two branches in Kampala.

ABC Bank is on the move to consolidate its position both locally and regionally as it seeks to take advantage of the East African Community Common Market protocol that came into effect in July this year.

"Most of our customers in Kenya are moving to other capitals, including Kampala. We want to facilitate smooth financial transactions for our customers, and we found it convenient to spread our branches across the borders," Shamaz Savani, CEO of ABC Bank said during a media briefing on the bank’s activities in the past financial year.

Beyond borders

Savani said customers in Nairobi would like to transact business with the same financial institution beyond the borders, since this reduces expenditure on issues like tax and money transfer.

"Most Kenyan products are found in the EAC, occasioning the expansion and relocation of local companies in the region," Savani explained.

"We identified Uganda as it is the gateway to Rwanda, Burundi and Congo."

ABC joins other well locally established banks such as Equity and Kenya Commercial Bank in a rush for a share of the EAC market.

The expansion of the banking sector bodes well for the growth of Uganda and Rwanda, as banking underpins all other sectors in the economy.

"We hope to become the financial services hub of Eastern and Central Africa region, as the CMP progresses towards being implemented," Savani said.

ABC bank has curved a niche for itself by providing focused services and solutions for SMEs, are out to raise their game in the regional market.

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