Business

New franchises boost banking sector's growth in Mombasa

Premier Bank launched its fourth branch in Nyali on March 22, 2024. (Photo: Farhiya Hussein)

By Farhiya Hussein | Sunday, March 24, 2024

The banking sector in Mombasa is experiencing gradual growth with the arrival of new franchises expanding across the Port City.

The banking sector in Mombasa is experiencing gradual growth with the arrival of new franchises expanding across the Port City.

This demonstrates the sustained investor confidence in Mombasa, which is attracting both new and established institutions to establish successful operations.

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During the Friday evening launch of the fourth Premier Bank Kenya branch in Nyali, the Head of Business Yahya Dahir, stressed the significance of Mombasa to the sector, emphasising its pivotal role as the gateway to the East African region.

Yahya emphasised that key players in finance were innovating bespoke banking solutions and embracing technology to keep pace with global shifts.

Premier Bank's Head of Business Yahya Dahir during the launch in Nyali, Mombasa County on March 22, 2024. (Photo: Farhiya Hussein)

This has led financial institutions to specialise their operations, with areas like the blue economy identified in Mombasa for offering sustainable solutions.

“We would offer financial solutions to support sector growth, particularly from a microfinance standpoint,” Yayha said as he emphasised the strategic importance of the blue economy to the government.

He further highlighted the significance of incentivised business models in fostering smart investments and promoting a saving culture.

The Kenya National Chamber of Commerce and Industry (KNCCI) Mombasa Chapter Chairperson, Abud Jamal highlighted the ongoing efforts by both the government and the private sector to streamline the business environment in Mombasa, noting their gradual positive impact.

Some of the leaders present during the Premier Bank branch launch in Nyali on March 22, 2024. (Photo: Farhiya Hussein)

He emphasised the importance of investor confidence in driving regional financial prosperity and stressed that the establishment of critical institutions would reinvigorate the county's economic potential.

“Heightened investments, including the establishment of pivotal financial institutions, lead to increased capital flow within our county and foster economic prosperity,” said Abud.

Mombasa Governor Abdulswamad Shariff Nassir noted the County Government consistently promotes and supports investors to thrive in the port city