The Tier 3 Bank, Equatorial Commercial Bank (ECB), says it has applied for a licence to operate agency business in at least 9 Mwalimu Sacco branches. The bank, is set to partner with its 75% (majority) shareholder i.e. Mwalimu National Savings and Credit Society which infused shs. 750 million in its venture to launch agency banking. The application has already been submitted to Central Bank of Kenya.
The bank is set to start mid next month.
ECB’s chief executive officer Tim Gitonga said, “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,we will do the same for them.”
He went on to say that the agency partnership would allow both parties to extend the reach of our services without spending heavily on brick and mortar branches.
The move comes barely three months after the bank put Mr. Tim Gitonga as the new CEO.