Plans by the Central Bank of Kenya to set up a money clearing centre in Kisii town by January are almost complete.
Speaking in Kisii when she paid a courtesy call to Kisii county governor James Ongwae, the Regional head of the Bank Ann Mufira said the money centre will be housed at the ground and second floor of the Barclays Kisii branch.
“Work at the site are due to begin in June and end in December ahead of the flagging of operations in January next year”, Mufira said.
The new unit will become the fourth currency centre after Nyeri, Nakuru and Meru on top of CBK main branches in Mombasa, Kisumu and Eldoret.
According to Governor Ongwae, Kisii county has more than 25 bank branches and hence the warehouse comes at the right time as he had requested the President to consider other financial institutions.
“I had written to the government requesting the center and its establishment is a prayer answered. We hope it will go a long way to help not just the banks but also boost the economy,,” said Ongwae.
He further said that Kisii region currently accounts for the more than 60 percent of money circulation in Nyanza region and thus the need for the money clearing center.
This comes amid increased economic activity in Kisii, which saw it ranked the 15th largest county with a 2.1 per cent of Kenya’s gross domestic product in 2017. Nairobi had 21.7 per cent.
Ms Mufiria said the the branch will be housed at the Kisii Barclays Bank branch offices as Currently CBK’s Kisumu branch serves the whole of western Kenya.
The bank is going to serve Migori, Homabay, Nyamira, Bomet and Kehancha counties .