Isiolo County is gradually rivaling Garissa as a major economic hub in northern Kenya as different banks set their branches in the county. Recent launch of National bank in Isiolo brings the number of commercial banks in the county to eight.
Other banks include KCB, Barclays Bank, Equity Bank, K-Rep, Consolidated Bank, Co-operative Bank and Post Bank. The town also enjoys commercial services of Kenya Women Finance Trust and co-operatives societies. The opening of the National Bank branch seeks to increase its customer base within the county, while tapping into its economic growth potential based on the Lamu Port South Sudan Ethiopia Transport (Lapsset) corridor.
The bank will be offering its services to customers in the region widely known for pastoralism; farming based on irrigation, tourism and travellers en route to Samburu, Marsabit and Wajir counties. The move to open banks in Isiolo is strategic and aimed at tapping into the county's economic potential.
Players in financial industry are aware that Isiolo County is set to become a major part of Kenya's economic development plan. The plan calls for Isiolo to become a tourist centre that will include casinos, hotels, upscale retail outlets, a modern airport and a transport hub which includes the Lapsset project and different financial institutions would like to tap into the county's economic growth.
The launch of branches by different banks is a long term strategic growth plan aimed at expanding their respective distribution channels.
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