Between 2022 and 2023, eight Kenyan banks have significantly expanded their footprint across the East African Community (EAC) Partner States and the Democratic Republic of Congo (DRC). A report from the Central Bank of Kenya (CBK) shows that the number of branches for these banks increased from 552 to 654, marking an 11.7 percent growth over the period.
The expansion is largely attributed to KCB Group’s Trust Merchant Bank, which has been opening new branches in the DRC. This strategic growth underscores the bank’s commitment to tapping into the burgeoning market opportunities within the Central African nation.
Additionally, other Kenyan banks like I&M Holdings Plc and Prime Bank Limited have extended their reach beyond the EAC, setting up operations in countries such as Malawi, Mauritius, Gaborone (Botswana), and Zambia. This broader expansion reflects a robust strategy to enhance customer relationships, service delivery, and the effective use of local capital and human resources.
The CBK report highlights that these expansions have contributed to market development and socio-economic progress by deepening customer engagement and leveraging host country resources. This growth aligns with the banks’ goals of capitalizing on increasing cross-border trade flows and regional market opportunities.
The expansion efforts are part of a larger trend of Kenyan banks strengthening their regional presence and diversifying their operations across borders. This strategic move not only enhances their competitive edge but also supports broader economic integration within the region.
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