CBK opens new currency branch in Kisii

President Uhuru Kenyatta officially opens the Central Bank of Kenya currency centre in Kisii on October 21, 2020. PHOTO | ONDARI OGEGA | NMG

By PETER MBURU
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Summary

• CBK Governor Patrick Njoroge said the currency centre, one of the most modern in the country, would support economic growth in the counties through the provision of services to residents, county governments, and commercial banks.
• The new unit is the fourth currency centre after Nyeri, Nakuru, and Meru on top of CBK main branches in Mombasa, Kisumu, and Eldoret.

The Central Bank of Kenya has opened a new office in Kisii town easing the distribution of cash to counties in Nyanza region.

CBK Governor Patrick Njoroge said the currency centre, one of the most modern in the country, would support economic growth in the counties through the provision of services to residents, county governments, and commercial banks.

“This branch will offer currency and technology services to county governments and banks, thus support the economic growth of this region,” Dr Njoroge said on Wednesday.

President Uhuru Kenyatta, who officiated the opening of the CBK Kisii branch, said its presence would also ease access to money sent from outside the country.

“This currency centre will ensure that the costs you incurred getting the money sent to you from your relatives abroad go down,” President Kenyatta told residents.

“I believe that the people of this region also have a reason to not only be proud but also that going forward it would be much easier for government institutions including county governments and our banks to operate in a much smoother and economical manner as a result of the work the central bank has done here,” he added.

The new unit is the fourth currency centre after Nyeri, Nakuru, and Meru on top of CBK main branches in Mombasa, Kisumu, and Eldoret.

It is expected minimise theft of cash in transit and also reduce transport costs for the banks in the region — which relied on the Kisumu branch to feed them with currency.

The facility will also have other benefits such as issuing clean notes to customers, improving the quality of currency in circulation in the region.

CBK collaborated with commercial banks through the Kenya Bankers Association (KBA) to establish the currency centre.

The head of State encouraged public-private partnerships (PPPs) saying they make the delivery of services cheaper.

Mr Kenyatta also championed the use Huduma Namba cards, which he unveiled on Tuesday, saying they will ease service delivery for banks, by ensuring people’s personal details are captured in only one card.

- Additional reporting by Ruth Mbula.