KTN Prime: Inflation leading to various banks scaling down physical branches, 3/11/16

Business | Thursday 3 Nov 2016 11:54 pm

Equity bank has hinted at scaling up it’s digital banking division even as the lender seeks to grow her customer base into the last quarter of the year. The bank which announced a net profit of 15.1 billion shillings in its quarter three results says it remains optimistic of better prospects in it’s full year results despite the sector facing major headwinds. The bank’s ceo James Mwangi noted that the bank was no longer keen in expanding her branch network but instead build on it’s ICT platform. The bank is eyeing at doubling it’s agency business operations to offer consumers convenience at a time the country’s banking sector is undergoing major developments. The industry is now experiencing a transition following the enactment into law of the law capping interest rates at 14%. So far three banks namely family, Sidian and Nigerian owned eco bank have downsized in staff and branch size. Eco bank has disclosed it plans to close down seven branches w