NIC defies trend, opens 4 branches at the Coast

NIC Bank is set to open four new branches at the Kenyan coast in the near term as part of its effort to grow its customer base.

The new branches will be established in Malindi, Watamu, Kilifi and Diani, doubling its network at the coast region to eight.

The expansion also pushes NIC’s branch network in Kenya to 41.

NIC Bank group chief executive officer John Gachora said the bank plans to focus on key sectors across the counties adding the bank will open 10 branches over the next few years to expand its reach.

“We have acquired a significant customer base in the coastal region over the years and we see the potential of expanding our network by opening these fully-fledged branches. This is a region that has a lot of fast-growing businesses operating in various sectors,” Mr Gachora said.

NIC will be using is expanded network at the coast to tap deposits, asset finance, corporate and SME banking business from the tourism sector.

The bank’s expansion comes at a time players in the banking sector have shelved brick and motor expansion, favoring to use agency, internet and mobile banking to reach customers.

“As NIC Bank we will not shy away from rolling out our expansion plan despite some of the industry trends we have seen. We are ambitious and are looking at opening 10 plus new branches in the next couple of years, focusing on key centres across the country,” he said.