UBA to invest sh360b in Kenya
Publish Date: Nov 23, 2008
Newvision Archive
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By Vision Reporter

UNITED Bank for Africa (UBA) is to invest Ksh15b (sh360b) in Kenya, Manz Denga, the regional chief executive officer (CEO) for East Africa, has announced.

The announcement comes days after the bank secured a licence to operate in east Africa’s largest economy.

Denga said although the Kenyan banking laws stipulate a minimum capital of Ksh1b (sh24.1b), the group had lined up Ksh15b to show its strength and commitment.

“The Kenyan market is tough, but this investment reflects our preparedness to meet the challenges and also take advantage of the opportunities.”

Denga said UBA joins the Kenyan market aware of the tough competition ahead, especially from big players, but said they would focus on the un-banked public.

“UBA seeks to develop the continent using our homegrown and time-tested solutions.

“It is our conviction that we cannot develop mother Africa unless we bring in as many of our brothers and sisters into the formal banking sector,” Denga said.

According to the Central Bank of Kenya 10.1 million (about 27%) Kenyans have bank accounts.

Denga said UBA would focus on for untapped opportunities because the unbanked majorities hold the future of banking in Africa.

Rasheed Olaoluwa, the UBA International CEO, said the group was pursuing for operating licenses in Zambia, Burundi and Mozambique.

The group also secured a commercial banking license in Tanzania last month.

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