Plans to open a Central Bank of Kenya clearing house in Kisii are complete.
The project manager, Ann Omufuria said the unit will be housed at the Barclays Bank, Kisii branch in a collaboration between the two institutions.
This will be a relieve for banks in Kisii, Nyamira, Kilgoris, Migori and Homabay which have been incurring challenges getting the CBK services in the bank’s Kisumu branch.
Speaking at Governor James Ongwae’s office during a courtesy call, Ms Omufuria said that the bank will be officially opened on January next year.
“We are going to furnish the house from June and it will be complete and ready in December,” said Ms Omufuria.
Ms Omufuria said that the clearing house will reduce travelling costs and other expenses which the member financial institutions were incurring moving to Kisumu to seek services.
Ms Omufuria said that the iniatitive will see the increase of customers and better services.
“As the CBK , we have improved the platform,” she said.
Governor Ongwae said that he had earlier requested President Uhuru Kenyatta to allow for the opening of a CBK branch or clearing house in Kisii.
Mr Ongwae stated that Kisii County controls about 60% of the money market in the South Nyanza region.
“We support the iniatitive since it will be for the convenience of banks serving our people,” Mr Ongwae said.
There are over 25 banks and other financial institutions operating in Kisii.
The governor noted that efficiency in banking will improve the capital base, reduce operational costs and contribute to economic growth.
CAPTION: CBK project manager, Ann Omufuria and govenor James Ongwae in his office when she paid him a courtesy call. PHOTO/Brighton Makori.