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BoU’s Kasekende Challenges Uganda Banks As KCB Marks 10 Years

Uganda’s Central Bank Deputy Governor, Dr Louis Kasekende has challenged Uganda banks to borrow a leaf from KCB Bank and expand their operations in the region.

Kasekende made these remarks while delivering his address at a Customer Dinner held at Serena Hotel Kampala on Friday as KCB Bank Uganda marked 10 years of operation.

“KCB now talks of border-less banking, we must be challenged to go across the border. I want to see more banks from Uganda going to Kenya,” Kasekende who represented Bank Of Uganda Governor at the colorful event said.

Kasekende reiterated the impact of technology in the financial sector services

“Financial services providers need to innovate continuously for them to remain competitive in the face of technological advancement,” he said before adding that, “In the next decade, the whole sector is going to be characterized by adoption of new technologies.”

KCB Bank Uganda opened its first branch on Commercial Plaza, Kampala Road in Novemebr 2007 and has since opened a total of 16 branches, eight of them in Kampala and eight others in major towns around Uganda in Jinja, Mbale, Lira, Gulu, Hoima, Fort Portal and Mbarara.

The deputy governor also commended KCB for supporting community development in the country.

“We at the Central Bank are conscious of the role of financial inter mediation provided by the banks like KCB in this markets and we don’t take it for granted. In order for business to grow it needs financing and KCB has played that role so well financing some of the most outstanding projects in the market,” Kasekende said.

Speaking at the event, Joram Kiarie, the KCB Bank Uganda MD said, “Today marks a major milestone for us as KCB Bank Uganda as we mark ten years in this market and 120 years since we started out in East Africa. It is a journey that has provided wonderful memories and witnessed the building of useful and lifelong business relationships with our customers.”

Some of the guests arrive for the dinner at Serena Hotel on Friday evening

KCB has grown its asset base to Shs717bn, from Shs59bn ten years ago with gross loans of up to Shs231bn issued to date.

The KCB Board Chairman Aga Sekalala Jr said the next ten years will see heavy investment in agency banking as a way of deepening the bank’s presence and relevance in Uganda.

“The next years will see heavy investment in digital platforms as we increasingly create more convenience for our customers but also equally purposeful growth in our retail space through agent banking which we will be launching any time now,” he revealed.

KCB Bank is one of the lenders that have already secured the regulator’s license to carry out Agent Banking in Uganda. The bank has carried out successful agent banking in Rwanda, Tanzania, Burundi and Kenya.

On his part, KCB CEO, Joshua Oigara spoke about the vibrancy of the Uganda market and the bank’s commitment to change lives for a long time to come.

“The financial sector is at the nexus of enabling real transformation of most of our people and the generation to come, as a bank we want to enable and create opportunities, resources and jobs for the next generation,” noted Oigara.

KCB Bank Uganda has invested over shs2.5bn in the communities through its Corporate Social Responsibility arm the KCB Foundation in areas of enterprise development education, health, environment and humanitarian aid.

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