Fina Bank, a Kenyan-based commercial firm will be expanding its branches into Uganda starting October 2008. This decision by the bank comes as part of a larger regional expansion which began when they first ventured outside of Kenya into Rwanda in 2004. Since then Fina Bank has expanded upon this strategy and plans to open five branches within Uganda within five months. It is also on a domestic expansion, as 12 new branches will be opened in Kenya by the end of 2008. Branches in Rwanda will be renovated and placed in areas where more microenterprises have been established.
The bank, which was established in 1986 has for the past few years been working on its goal of becoming East Africa’s premier small business bank. Its Kenya base (Fina Bank Ltd.) holds a total of USD 148.3 million in assets and has 125 employees. In Rwanda (Fina Bank S.A.) the bank holds USD 50.3 million in assets and employs 156 staff members. Fina Bank does not report on the MIX – microfinance information exchange. It offers an array of financial products, which include loans starting at KES 300,000 (approx. USD 4,124). These include asset finance, insurance and trade finance.
By Yrenilsa Lopez, Research Assistant
ADDITIONAL SOURCES:
Were, Emmanuel. “Fina eyes regional trade with new product.” Aug. 2008.
Ayieko, Francis. “Kenya: Fina Bank in Regional Expansion Blitz.” Aug. 2008.
Wafula, Walter. “Fina Bank postpones opening to October.” Sept. 2008.
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