Kenyan lenders are expanding beyond the cities to populous towns and urban centers in a bid to harness the banking industry’s potential and Absa Bank has joined in by opening a new branch in Rupa’s Mall, Eldoret.
This move marks Absa’s 85th branch, furthering its commitment to reach underserved rural areas.
“We are happy to open our doors to the people of Eldoret and the larger Rift region with our second branch in Eldoret. This is part of our ongoing commitment to enhancing customer experience and expanding our footprint to serve the underbanked,” said Absa Bank MD & CEO Abdi Mohamed.
Mohamed emphasized the bank’s strategy to support the growing business community in the region, providing enhanced customer experiences and empowering Africa’s future.
“The bank aims to empower Africa’s tomorrow together, one story at a time,” he added.
Absa Bank Partner to Cover Small Businesses
This move comes barely two weeks after Absa Bank Kenya partnered with Old Mutual Group to provide a comprehensive insurance solution for Small and Medium-Sized Enterprises (SMEs).
The small business owners can now access affordable insurance services that will offer extensive protection for business assets, risk mitigation, employee health coverage, and seamless business continuity.
In a statement dated July 17, Absa Kenya said the innovative bundled insurance, dubbed Linda Biz, will offer asset, medical, and life insurance in a holistic solution.
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“Linda Biz, a first-of-its-kind comprehensive insurance product in the market addressing specific risks faced by SMEs, ensuring they can build resilience and continue thriving in today’s dynamic business landscape,” Absa said in a statement.
Linda Biz will offer insurance for losses due to fire, political violence, riots and strikes, floods, business interruption, burglary, loss of money, and theft by employees. It will also provide coverage for business employees against injury, disablement, or death (WIBA).
World Bank Report
According to the Central Bank of Kenya’s 2023 annual report, while 15 new branches opened in Nairobi, there’s a notable trend towards growth in emerging areas.
Despite Kenya’s high level of digital financial inclusion, rural regions still lack the comprehensive services that physical banks provide.
Absa Bank is spearheading its expansion with innovative, localized solutions.
Customers in Eldoret will benefit from a variety of services, including transactional accounts, savings accounts, deposit accounts, Shari’ah-compliant options, and financial advisory services.
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Role of Absa Branch in Eldoret
Eldoret, known for its significant economic contributions through agriculture, trade, commerce, manufacturing, hospitality, and tourism, offers banks like Absa lucrative opportunities.
The new branch in Rupa’s Mall, a major business hub, will cater to the growing local market.
It aims to serve the growing consumer and business markets in Eldoret and its surroundings, offering services such as forex exchange, money transfers, bill payments, and digital services.
This expansion reflects Absa’s customer-centric approach, combining increased physical presence with digital capabilities to drive financial inclusion and ensure uninterrupted service delivery.
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