The Kingdom Bank, a subsidiary branch of the Cooperative Bank of Kenya officially opened its branch in Kisumu city.
Governor Anyang’ Nyong’o while officiating the ceremony on Wednesday said the new institution is set to contribute towards financial empowerment to residents of the county.
“The arrival of the Kingdom bank in Kisumu is a strong statement that Kisumu’s county economy is on the upward trajectory despite challenges that were worsened by the covid-19 pandemic,” said the governor.
The County boss added that his administration will form a strong partnership with the bank to boost economic growth in the area.
The bank boasts of a strong liquidity position of about 240% with a consistent quarterly profit of about Sh.600 million in the last financial year.
It has established over 1000 banking relationships with a loan book of over Sh.194 million to the residents of Kisumu targeting to drive micro-economies through loans to small and medium enterprises.
“The opening of this branch is geared towards enhancing financial growth, especially those at the end of the ladder to grow economically,” said Antony Mburu, the Managing Director.
The bank comes to Kisumu at a time when the county government is receiving partnerships with financial institutions to help drive microeconomics through loans to small and medium enterprises.
The new entrant of the banking institution brings the number of licensed financial institutions in the lakeside city to more than 30.