In a move to have part of that cake, Transnational Bank has appointed Justus Kittony as the General Manager, in-charge of business .This is part of the bank’s SME growth strategy, focused on innovative value chain financing.
Justus Kittony is an astute Banker, with over 12 Years banking experience in retail banking, business advisory, strategic planning and business process reengineering. A career banker, Justus Kittony has previously worked with Family Bank as a Regional Manager, Cooperative Bank and Cooperative Bank Consultancy services Ltd. He holds a bachelors and master’s degree in Economics from the University of Nairobi.
For the bank to grow, it has to lend to the masses who run SMEs in Kenya and who are frequent borrowers and savers themselves. The World Bank Report indicated that Kenya’s financial sector has expanded rapidly over the last decade and lending to businesses and SMEs have played a huge role.
“As the Kenyan economy is enjoying a period of relatively high growth, the financial sector’s ongoing ability to channel credit affordably and efficiently to SMEs will be needed to underpin inclusive and sustained economic development,” the report said.
According to the report, the total SME lending portfolio in December 2013 stood at KSh332 billion, representing 23.4% of the banks’ total loan portfolios. The report also added that in the context of general growth of the financial sector, SME financing is a growing share of the commercial banks’ lending portfolios with the total SME portfolio represented 19.5% and 20.9% of overall lending in 2009 and 2011.
Transnational Bank cannot be left out.