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The African Development Bank (AfDB) has inked a massive grant agreement to the tune of $400,000 to modernize the regional financial market infrastructure in West Africa.
The funding is to be extended via the West African Monetary Union (WAMU) and among other things is meant to fund the creation of a digital platform to automate securities issuance for the regional financial market.
In a press release, the AfDB said the funding will also help reduce the holding period preceding subscription allocations and registration on the said digital platform.
The most recent expansion by Kenya’s KCB was in Tanzania where the bank launched a mini-branch, at the EAC Secretariat Headquarters in Arusha, Tanzania late last year. This expansion speaks volumes to the merit of Kenya banking sector.
Overall speaking, Kenya’s banking industry as exemplified by KCB’s good performance is symbolic of the resilience of Kenya’s economy. The country’s economy has remained strong even in the face of recent economic shock waves wrought by Covid-19 and even regional conflict like the ongoing demonstrations in Sudan.
Actually, according to the Africa Development Bank (AfDB), Kenya’s economy is well on its way towards a full recovery, if no other Ovid waves emerge that is. However, it is not all sugar and candy, the AfDB does acknowledge that “…nearly 2 million people are estimated to have fallen into poverty, and nearly 900,000 lost their jobs,” over the cause of the pandemic.
