Kenya's NIC Bank eyes cheaper deposits to boost margins

Kenya's NIC Bank is doubling its branch network to 50 by the end of next year to recruit new customers, particularly in the small business sector, allowing it to cut its deposit costs and boost margins, its chief executive said.

John Gachora told Reuters the mid-tier lender which is known for asset financing has a net interest margin of 6.5 percent, below the industry trend of 7-10 percent.