Barclays opens 24-hr branch at Mombasa port

KCB South Sudan’s banking hall in Juba. The bank was forced to close three branches in the country after violence broke out. Photo/FILE  Nation Media Grou

 

By DAVID HERBLING

In Summary

• Barclays is seeking to tap the billions of shillings that change hands at the port through Kenya Revenue Authority, importers, exporters, and their agents.

Barclays Bank of Kenya has joined National Bank in opening a 24-hour branch at Mombasa port to tap deposits and transactional income from the harbour’s round-the-clock operations.

Kenya Ports Authority (KPA) started operating day and night from last year to boost efficiency in cargo clearance.

Barclays is seeking to tap the billions of shillings that change hands at the port through Kenya Revenue Authority, importers, exporters, and their agents.

“The new branch will allow us to deliver … convenient banking services at the East African gateway,” said Jeremy Awori, Barclays’ chief executive.

The new unit brings Barclays’ total network to 121 branches in Kenya and will offer services such as deposits, loans, and withdrawals on a 24-hour basis, boosting the bank’s liquidity and fees from the import and export transactions among others.

The bank earned Sh6.8 billion in fees and commissions in the nine months to September 2013, accounting for a third of its total operating income of Sh20.8 billion in the same period.

Its net profit dropped 10.2 per cent to Sh5.6 billion during that period compared to Sh6.2 billion a year earlier. Equity Bank is also putting up a branch at the Mombasa port, seeking a piece of the customs action.