SBM Bank merges branches in cost-cutting plan
An SBM Bank branch.
SBM Kenya has announced plans to consolidate three of its bank branches in a cost-cutting plan as customers flock to digital banking tools.
The Covid-19 pandemic has seen banking halls register reduced foot traffic, which has seen lenders cut back on in-person banking by closing and merging branches.
The lender will merge its Lavington, Buru Buru and Kimathi branches with existing ones alongside its two express units, namely, Limuru Xpress and Ngong Rd Xpress.
“Currently, 82 per cent of our customers transact through alternate channels which include cards and mobile transactions enabled by digitisation. In the present day, amidst the pandemic, more people are embracing technology and the use of hand-held devices for day-to-day activities,” said SBM Bank chief executive Moezz Mir.
“As a result, the rising demand for convenient financial services is inevitable, hence at SBM Bank Kenya we plan to leverage on the growing mobile usage in the country to offer digital products that will make banking for our customers more efficient and convenient,” he said.
SBM said the merger targeted branches that were in close proximity to each other and those with lower footprint due to migration of transactions to digital platforms.
