Central Bank of Kenya has opened a new branch in Kisii to ease the distribution of cash to counties in Nyanza region.
CBK Governor, Dr. Patrick Njroge said the currency center – one of the most modern facilities in the country, would spare economic growth in the region through the provision of services to residents, commercial banks, and county governments.
“This branch will offer currency and technology services to county governments and banks, thus support the economic growth of this region,” Dr. Njoroge said.
President Uhuru Kenyatta who officiated the opening of the CBK Kisii branch said the presence of the branch would also ease access to money sent from overseas.
“This currency center will ensure that the costs you incurred getting the money sent to you from your relatives abroad go down,” President Kenyatta said.
The President further stated that: “I believe that the people of this region also have a reason to not only be proud but also that going forward it would be much easier for government institutions including county governments and our banks to operate in a much smoother and economical manner as a result of the work the central bank has done here.”
The new center is the fourth to be opened after Nyeri, Nakuru, and Meru in addition to the CBK main branches in Kisumu, Mombasa, and Eldoret.
The new center is expected to minimize cash theft in transit as well as reduce transport costs for the banks in the region – which depended on the Kisumu branch to feed them with currency.
The center is also expected to have other benefits including clean noted to customers, improve the quality of currency circulating in the region.
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CBK together with commercial banks through the Kenya Bankers Association (KBA) came together to establish the currency center.
President Kenyatta encouraged public-private partnerships noting that they make service delivery cheaper.
The President also championed the use of Huduma Namba cards, which he unveiled on Tuesday during the Mashujaa Day celebration in Kisii. President Kenyatta said the cards would ease service delivery for banks, by ensuring people’s personal details are captured in only one card.
