Bomet: The Sidian Bank has opened a branch in Bomet Town marking a significant step in its expansion strategy aimed at enhancing access to financial services in business potential regions.
According to Kenya News Agency, the newly launched branch, located along Bomet town's Kipchamba Street, raises the bank's outlets to 47 countrywide. It is expected to play a vital role in the economic development of the area.
The opening ceremony was graced by top officials from Sidian Bank, led by CEO Chege Thumbi, who highlighted their services and the carefully considered decision to set up their branch in Bomet. 'This new branch is part of our broader strategy to reach more customers in underbanked areas and to support sectors driving economic growth. Our Bomet branch will offer a wide range of financial products and services, including personal and business accounts, loans, supply chain financing, mortgages, and investment opportunities,' said Thumbi.
Thumbi emphasized that Sidian Bank currently has a capital base of Sh8 billion with a favorable balance sheet, hence their commitment in supporting local entrepreneurs and farmers through timely affordable credit facilities and financial advice. 'With our current capital base we are okay and our customers will benefit from our digital banking channels, allowing them to access services anytime and from anywhere,' he added.
He said the bank aims to cater to the financial needs of individuals, SMEs, and larger enterprises, aligning with the county's efforts to create a more robust economic environment.
Bomet Governor Dr. Hillary Barchok welcomed and lauded the bank's expansion into the region, terming the move a milestone in the county's journey toward economic empowerment. 'Banking institutions like Sidian have been instrumental in promoting economic empowerment and facilitating sustainable development. Their dedication to assisting local traders to achieve their financial goals is commendable,' said Barchok.
The Governor further urged small and medium-sized enterprises (SMEs) in Bomet to seize the opportunity presented by the new bank's branch and seek financial assistance to grow their businesses. 'I call upon SMEs to utilize the availability of Sidian Bank in boosting their businesses through accessible loans. This bank is not only bringing jobs to our people but is also going to boost business activities in the area,' he said.
Governor Barchok also assured investors of the county government's support in creating a business-friendly environment. 'My government is ready to support all business partners. We are committed to providing a conducive environment and investor confidence to ensure Bomet county remains competitive and afloat economically,' he added.
The governor applauded Sidian Bank's focus on supporting tea farmers through low-interest loans, noting that financial constraints have been a persistent challenge that impeded growth in the agricultural sector. With the launch, Sidian Bank becomes the eighth banking institution to establish a presence in Bomet town.