Rumors engrossed the Kenyan financial markets as Barclays parent company of London and owner of Barclays Kenya plans to exit Kenyan market in 2years time. The planned exit has sent shock waves in the local money market with bank MD Jeremy Awori saying the move would be momentous as the Barclays brand in Africa has operated over 100years now.
In his statement, Jeremy said that “The value of its brand is so huge having cut identities across several generations. This is quite a shocker,” But he insisted that it is simply a change in shareholding and the fundamentals of the bank will remain the same. He assured the customers to redouble the banks focus on SMEs, women, youth and innovation to strengthen banks foothold in the local market.
This stated move is however not limiting Barclays Bank Kenya market to explore may other opportunities coming its way. Barclays Bank Kenya has launched agency banking with Posta Kenya which will extend services to their customers. This move will robust ICT infrastructures for both institutions which is a more secure banking platform to serve Kenyans.
BBK services are now expected to extend to far flung areas such as Marsabit, Funyula Moyale via Posta outlets.