First Community Bank (FCB) and PostBank have signed a branch-use agreement deal.
Clients of the Shariah-compliant financier FCB can now transact at Postbank’s 98 branches across the country.
In the agreement, FCB clients will be able to make cash deposits and withdrawals, obtain mini statements and make balance inquiries through Postbank.
Speaking yesterday during the signing of the partnership in Nairobi, FCB Chief Executive Officer Hussein Hassan said the partnership is in tandem with the bank’s growth plans.
“As a bank, we are expanding our distribution network throughout the country by opening more branches and deploying a full range of non-branch channels such as agency banking and mobile banking to the meet our customers’ needs,” he said.
Postbank Managing Director Anne Karanja said dynamism in the banking sector has forced banks to change tack to meet the needs of different market segments.
“Moreover, this will allow FCB customers access banking services in areas where it has not set base but is already serviced by Postbank, therefore overcoming proximity challenges,” said Ms Karanja.
First Community Bank is the first fully-fledged Shari’ah compliant bank to be approved by the Central Bank of Kenya (CBK) offering banking services on a complete Shari’ah system.
Postbank is one of Kenya’s oldest banks that started as the Kenya Post Office Savings Bank established in 1910. Unlike other commercial banks in Kenya that are licensed and regulated by the Central Bank of Kenya, PostBank is regulated by the Kenya Post Office Savings Bank Act.
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