Equatorial Commercial Bank (ECB) is set to launch agency banking in partnership with its majority (75%) shareholder Mwalimu National Savings and Credit Society which last week injected Ksh 750 Million.
Read; Mwalimu Sacco & Sameer Investment to inject Kshs 1Billion into Equatorial Bank
The bank says it has applied to the Central Bank of Kenya for a licence to operate agency business in at least nine Mwalimu Sacco branches.The Tier 3 Bank says it expects its agency network to start beginning mid next month.
“We have entered into an agency agreement with our top shareholder to give us an ECB-branded counter at the branches where the bank has not ventured,” said ECB’s chief executive officer Tim Gitonga, “We will do the same for them. This agency partnership will allow both parties to extend the reach of our services without spending heavily on brick and mortar branches.”
