The commencement of operations will be under the leadership of Gloria Nyabok, follows months of preparation that commenced in 2011 when the KCB Group officially wrote to the Central Bank of Burundi applying for a license to operate in the country.
Speaking during the ceremony, the KCB Group Chairman, Peter W. Muthoka, said that the Burundi operation would be run as a KCB subsidiary business similar to those in other countries outside Kenya. “This is a momentous time for KCB as we make history by being the first local bank to have a complete presence in all the countries that make up the East African Community,” said Muthoka.
With an investment estimated to be US$ 10 million, the KCB Burundi operation includes two start-up branches in the capital Bujumbura with the main one located at the latest city landmark.
The KCB Group Chairman said that KCB Burundi subsidiary was set to catalyze economic development by offering modern banking solutions to the local businesses and individuals. “In addition we intend to offer employment opportunities and human capital development by exposing the staff here to the latest training modules that will make them better people,” he said.
Initially, the Burundi operation has started with 20 employees, a number that is expected to grow as the business grows and expands. KCB will focus on strengthening the subsidiaries in Uganda, Rwanda, South Sudan and Tanzania. “In all these markets, KCB successfully spearheaded green-fields establishments in the four markets, and today each of them is registering profits,” he said.
He pointed out that KCB was also the first bank in the region to offer a one-branch real time banking concept where a customer was guaranteed service in any of the countries and an instant update on the account after the transaction.
The KCB Burundi Subsidiary will be headed by Gloria Nyambok who was given the green light to do so by both the Central banks of Kenya and Burundi.
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