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FLUID ENVIRONMENT

Be innovative or risk being driven out of business, banks told

Garissa deputy governor urges banks to increase financial inclusion to net more customers

In Summary

'Financial institutions must re-examine what their customers want. Customers are the lifeline of the financial system and so institutions must redefine banking operations and align banking practices to meet the evolving needs of customers'

Garissa Deputy Governor Abdi Dagane during the opening of Gulf African Bank branch at Lilac Towers in the town on Saturday, February 8, 2020
BANKING: Garissa Deputy Governor Abdi Dagane during the opening of Gulf African Bank branch at Lilac Towers in the town on Saturday, February 8, 2020
Image: STEPHEN ASTARIKO

 

Banks have been urged to offer innovative services that address the needs of customers of risk being driven out of business.

Garissa Deputy Governor Abdi Dagane on Saturday said the financial world was quickly changing and urged banks to increase financial inclusion.

He said banks thrive in the trust of the customers and must, therefore, learn to network, share perspectives and continually innovate new products that address challenges faced by customers.

"Financial institutions must re-examine what their customers want. Customers are the lifeline of the financial system and so institutions must redefine banking operations and align banking practices to meet the evolving needs of customers," Dagane said.

He was speaking during the opening of the Gulf African Bank's new branch at Lilac Towers in Garissa town.

The former bank worker asked residents to adopt the culture of saving money in banks as opposed to keeping it at home.

He said banks should strive to bring more people, especially youth and children, into the formal banking sector in order to enhance savings and financial inclusion.

Dagane said the county government recognises the contribution of Sharia compliant banks in the region in providing financial inter-mediation for residents.

“I want to pledge that the county will continue to create an enabling environment for the financial institutions to operate as we continue to partner with them by entrusting them with the disbursement of various county credit schemes for small farmers and entrepreneurs as well as bursaries," he said.

He commended Gulf African Bank for their continued service t the people and wished them well.

The deputy governor was with county secretary Abdi Muhumed Ali, trade chief officer Mahat Salah, Investment Authority director Mohamed Amin and Revolving Fund Manager Ismail Sait.

 

Edited by p. obuya