CIC insurance can now begin operations in South Sudan after the government gave their approval.
According to the Business Daily, the expansion will cost the firm Sh500 million, to be funded through internal cash reserves and proceeds of the upcoming bond issue.
“We started our operations yesterday given we had already set up everything waiting for the approval. We have a workforce of four employees but the number is set to go up as we strengthen our numbers,” said Mr Nelson Kuria the insurance group’s Chief Executive Officer.
CIC is the latest Kenyan company to enter the South Sudan market and now joins companies such as KCB, Equity, CfC Stanbic, Co-operative Bank, Britam, UAP and Resolution Insurance in serving the citizens in various fields.
