Kenyan banks are increasingly targeting underserved urban centres as growth opportunities. Absa Bank Kenya is the latest lender to expand its footprint, opening a new branch in Eldoret.
“We are happy to open our doors to the people of Eldoret and the larger Rift region with our second branch in Eldoret. This is part of our ongoing commitment to enhancing customer experience and expanding our footprint to serve the underbanked,” said Absa Bank MD & CEO Abdi Mohamed.
While digital banking has made significant strides in Kenya, physical bank branches remain essential in many regions. Eldoret, a thriving commercial hub, exemplifies the potential of these emerging markets.
The new branch offers a comprehensive range of banking services, including retail, corporate, and investment banking.
According to Cytonn Investments’ Kenya Retail Report 2024, Eldoret exhibited the lowest average rental yield of 7.1% compared to the national average of 7.6%.
While this represents a 0.4% increase from the previous year’s 6.7%, occupancy rates declined by 0.4% to 85.8% in 2024 from 86.2% in 2023.
Absa aims to capitalize on the region’s growing consumer and business base, providing convenient access to financial products and services.
