The banking sector in Kisumu has been handed a major boost after The State Bank of Mauritius Ltd(SBM) opened its 54th branch located at the Tuffoam mall.
The new branch comes as an inspiration given the major role played by financial institutions in spurring development in the counties.
With a strong capital base in financing the Mauritian based banker is making great strides in Kisumu’s ever-growing business prospects.
Speaking during the launch, Deputy Governor Dr. Mathew Owili lauded SBM for choosing Kisumu as their ideal destination in its quest to be the regional finance capital.
“Over the last few months, the County government have rolled development projects with the 2021 Africities summit in the horizon.
Most notably is the ongoing rehabilitation and expansion of the Kisumu port by the national government.
Once completed the port will serve as the largest trade inland dry port and revive maritime transport within the Lakefront”, said Owili.
According to SBM CEO Mr. Moez Mir, the bank has posted tremendous returns since its inception in May 2017 in the country.
In December last year, the bank held deposits of over Ksh 491B and assets worth Ksh 656B.
SBM joins financial giants, KCB, DTB, COOP, Barclays and Equity( bank)’s among other players in the county’s rapidly growing banking sector.
By Collins Owuor
The government has announced plans to support operations in research centres in a bid to empower SME’s in the industrial sector.
According to Trade and Industrialization CS Peter Munya the developments will go a long way in opening markets to strengthen the county’s economy.
Speaking at the Kenya Industrial Research and Development Institute in Kisumu the CS lauded the county government for its commitment towards SME’s development.
The establishment in Kibos has been at the forefront in promoting innovation through research and product development.
“Kisumu alone has seven industrial development centres spread across constituencies and plans are already underway to increase their numbers”, said Deputy Governor Dr Mathew Owili.
In an earlier visit at the Kenya Breweries plant in Kisumu the CS expressed confidence that the government was willing to involve counties in efforts to spur economic growth.
The ksh15 billion plant is expected to transforms the livelihoods of residents ahead of its anticipated opening later this year.
By Collins Owuor