Kenya Commercial Bank (KCB) has marked 10 years on the Ugandan market, growing its asset base to Shs717 billion.
Speaking at a dinner for customers held at Kampala Serena Hotel the Deputy Bank of Uganda Governor Dr. Louis Kasekende, commended KCB for supporting development in the country over the years.
“We at the central bank are conscious of the role of financial intermediation provided by the banks like KCB in this market and we don’t take it for granted. In order for business to grow it needs financing and KCB has played that role so well financing some of the most outstanding projects in the market,” Kasekende told guests including the KCB Group CEO, Mr Joshua Oigara and the Bank Board of Directors.
Kasekende also noted that KCB has grown its asset base to Shs717 billion, from Shs59 billion ten years ago with gross loans of up to Shs231 billion issued to date, and reiterated the impact of technology in the financial services sector.
“Financial services providers need to innovate continuously for them to remain competitive in the face of technological advancement,” in the next decade, the whole sector is going to be characterized by adoption of new technologies,” noted Kasekende.
On his part Joram Kiarie, the KCB Bank Uganda MD said: “Today marks a major milestone for us as KCB Bank Uganda as we mark ten years in this market and 120 years since we started out in East Africa. It is a journey that has provided wonderful memories and witnessed the building of useful and lifelong business relationships with our customers.”
KCB Bank Uganda opened its first branch on Commercial Plaza, Kampala Road in November 2007 and has since opened a total of 16 branches, eight of them in Kampala and eight others in major towns around Uganda in Jinja, Mbale, Lira, Gulu, Arua, Hoima, Fort Portal and Mbarara.
The KCB Board Chairman Aga Sekalala Jr said the next ten years will see heavy investment in agency banking as a way of deepening the bank’s presence and relevance in Uganda.
“The next years will see heavy investment in digital platforms as we increasingly create more convenience for our customers but also equally purposeful growth in our retail space through agent banking which we will be launching any time now,” Mr. Sekalala said.
On his part KCB Group CEO Joshua Oigara spoke about the vibrancy of the Uganda market and the bank’s commitment to change lives for a long time to come.
“The financial sector is at the nexus of enabling real transformation of most of our people and the generation to come, as a bank we want to enable and create opportunities, resources and jobs for the next generation,” noted Oigara.
KCB Bank is one of the lenders that have already secured the regulator’s license to carry out Agent banking in Uganda, and has also carried out successful agent banking in Rwanda, Tanzania, Burundi and Kenya.
Meanwhile, KCB Bank Uganda has invested over Shs2.5 billion shillings in communities through its Corporate Social Responsibility arm, the KCB Foundation, which focuses on enterprise development, education, health, environment and humanitarian aid.