Isiolo gets eighth commercial bank

Isiolo County is gradually rivaling Garissa as a major economic hub in northern Kenya following the launch of the National Bank yesterday. This brings the number of commercial banks in the county to eight.

Other banks include KCB, Barclays Bank, Equity Bank, K-Rep, Consolidated Bank, Co-operative Bank and Post Bank. The town also enjoys commercial services of Kenya Women Finance Trust and co-operatives societies. The opening of the National Bank branch seeks to increase its customer base within the county, while tapping into its economic growth potential based on the Lamu Port South Sudan Ethiopia Transport (Lapsset) corridor.

The bank will be offering its services to customers in the region widely known for pastoralism; farming based on irrigation, tourism and travellers en route to Samburu, Marsabit and Wajir counties. National Bank Chief Executive Officer Munir Sheikh Ahmed said the move to open a branch in Isiolo was strategic and aimed at tapping into the county's economic potential.

"As a bank, we are aware that Isiolo County is set to become a major part of Kenya's economic development plan. The plan calls for Isiolo to become a tourist centre that will include casinos, hotels, upscale retail outlets, a modern airport and a transport hub which includes the Lapsset project and we would like to tap into the county's economic growth," said Mr Ahmed.

The launch of Isiolo branch is part of the bank's five-year strategic growth plan aimed at expanding its distribution channels. "Our aim is to increase our branch network to 120 from the current 75 and to boost the agency banking network to 2,000 agents by 2017," said Munir. The occasion was also graced by Isiolo Governor Godana Doyo who said the entry of the eight commercial bank into county shows its potential.