Chase Bank to open new unit at port

Chase Bank General Manager, Mr Parmain ole Narikae. He said the bank will open a branch at the Port of Mombasa, in order to help ease clearance of goods at the facility. PHOTO|LABAN WALLOGA.   NATION

In Summary

• General manager, Mr Parmain ole Narikae, says the institution is in consultations with the relevant authority to secure a place for the bank to offer services to its customers.
• The bank’s move comes in the wake of President Uhuru Kenyatta’s order that the port should operate for 24 hours.
• Mr Narikae added that the new product comes with other benefits, besides concessionary rates, including speedy documentation.

By Nation Correspondent
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Chase Bank Kenya Ltd will open a branch at the Port of Mombasa, in a move intended to ease clearance of goods at the facility.

The bank’s general manager, Mr Parmain ole Narikae, says the institution is in consultations with the relevant authority to secure a place for the bank to offer services to its customers.

“As you are aware, the government has been undertaking measures geared towards enhancing efficiency at the port.

Chase Bank customers will, among other things, enjoy significantly reduced cash handling charges and invoice discounting rates, thus making it easier and cheaper to clear goods at the port,” he said.

Mr Narikae made the remarks during the launch of a new product – Bandari Current Account.

The product targets businesses in import and export sector and is designed to facilitate faster cargo clearance at the port.

The bank’s move comes in the wake of President Uhuru Kenyatta’s order that the port should operate for 24 hours.

But operators have cited insecurity as the major hindrance to the initiative.

Mr Narikae added that the new product comes with other benefits, besides concessionary rates, including speedy documentation, support as well as enabling customers to make payments using a variety of currencies.

Clearing and forwarding firms are the main targets of the bank as it was noted that one of the challenges facing the industry was accessing financial resources to facilitate movement of goods, thus affecting their ability to sustain healthy working capital.

Kenya Transport Association CEO Wellington Kiverenge, while welcoming the idea, said it would support and supplement government efforts to fast track movement of goods through the port and the entire East African region.

He said it was a fact that business at the port was yet to grow following the inception of Berth 19 last month.

He termed the product launch as timely and said  that targeting clearing and forwarding companies would help open a window of opportunity for small and medium enterprises seeking to grow their businesses.