NAIROBI, KENYA: Access Bank has hit the Kenyan market following the official launch of a subsidiary on Monday.
The bank said entry into the Kenya market is a key gateway to East Africa and the African continent at large.
Lender’s entry into the Kenyan market follows the acquisition of Transnational Bank.
The Central Bank of Kenya (CBK) approved the transaction on December 24, 2019, under Section 13 (4) of the Banking Act. The National Treasury Cabinet Secretary, National Treasury also approved acquisition under Section 9 of the Banking Act.
Transnational Bank which was opened in December 1985 has twenty-eight (28) branches across the country.
Access Bank Kenya earlier indicated that it will be tapping on Transnational’s direct connection and relationship with farmers to help them realize even higher dreams.
“We are excited to have successfully entered into the Kenyan market. Kenya has been recognized as a market leader in mobile money transfers in the financial industry, and we believe that Access Bank can leverage the Kenyan model and replicate the same to achieve success across other African markets”, he said.
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According to Wigwe, the launch of Access Bank Kenya did not only bring the banking group closer to its vision but will also enable customers and other stakeholders to tap into the bank’s extensive global network.
“We are indeed grateful to the people of Kenya for the confidence reposed in us and we promise exciting and cutting-edge innovations that will change the way they see banking,” Wigwe added.
Commenting on the launch, the Country Managing Director, Access Bank Kenya, David Aluko said “Access Bank’s entry into the Kenyan market holds great significance for the growth and improvement of the banking sector and for the Kenyan economy. It is a welcome development that all stakeholders are happy with.
“Access bank has always been known to be at the forefront of setting standards for sustainable business practices, delivering superior services to its customers as well as providing innovative solutions for the markets and communities it operates and the bank is bringing the same model into the Kenyan financial industry,” Aluko said.