Nigeria headquartered lender Guaranty Trust (GT) Bank is set to close its Ngong Road branch next month in line with its restructuring exercise that seeks to reduce the operational costs of the financier by shutting down non-performing branches.
According to a news report by Business Today, the bank’s management is similarly analyzing the performances of the financier’s remaining seven branches in the country as it contemplates on whether or not to shut down some of the branches.
“In a bid to re-strategize our operations and continue to offer excellent and efficient service, we hereby advise that we shall be closing our Ngong Road branch on 30th September 2019,” the bank said in a circular to customers according to Business Today.
The bank however reassured customers who frequented the Ngong Road branch that they can access its services across the bank’s remaining seven local branches and mobile money platform.
“For our Ngong Road branches customers, kindly be advised your account will remain as is,” Further to this, you will be able to access your usual banking services at our Karen Branch or any of our other branches,” said the circular, signed by GT Bank Executive Director Victor Egaza and Settlements Manager Charles Kirimi.
The move by GT Bank adds on to a growing trend in the banking industry that has seen traditional lenders shut down some of their physical branches as they transition to offer banking services on digital platforms.
The Pan African lender entered the Kenyan market in 2014 after acquiring a 70 percent stake in Fina Bank in a deal worth Ksh. 10 billion (US$ 100 million). Following the acquisition, GT Bank rebranded all Fina Bank branches in Kenya, Uganda and Rwanda.