The Central Bank of Kenya (CBK) is set to open the country’s fourth currency centre in Kisii in an effort to ease the circulation of monies to local banks.
The facility will also be tasked with issuing clean notes to customers and improving the quality of currency in circulation in the region.
Once set up, Kisii will join Nyeri, Nakuru and Meru to become the only towns in the country that play home to CBK money hubs. The CBK’s main branches are however set up in Mombasa, Kisumu and Eldoret.
According to a news report by Business Daily the unit will be opened in partnership with Barclays Bank of Kenya which will act as an agent for CBK. The partnership is also expected to reduce transport cost for the banks in the region which relied on the Kisumu branch to feed them with currency. Ferrying currency between Kisumu and Kisii brought with it risks such as robberies during transit.
The move by Central Bank comes in the wake of Kisii town being recognized as a county which contributed 2.1 per cent of Kenya’s gross domestic product in 2017.
Reacting to the scheduled establishment of the unit in Kisii, the County’s Governor James Ongwae, insisted the move will solidify the county’s position as an up and coming player in the region.
“Kisii is a cash-rich area since it controls 60 percent of the money market in Nyanza region. This centre will mean bringing services closer home. It is all about devolving services to reach the targeted groups,” Mr. Ongwae is quoted as saying by the Business Daily.