In the past three years, Nyahururu Town has experienced a mushrooming of banks despite lacking basic industries to support local economic growth.

Agricultural activities that surround the town are the biggest driver of the town’s economy. Approximately 40,000 residents of Nyandarua depend on agriculture for livelihoods, according to the 2019 national census.

For a long time Nyahururu Town was served by only three banks – Cooperative, KCB and Barclays now known as Absa. However, recently Commercial Bank of Africa (NCBA) emerged then followed by DTB and last week I&M bank also joined the growing number of financial institutions in Nyahururu.

According to I&M Banking Director Shameer Patel, the commissioning of the tenth branch bank in Nyahururu town will benefit the farmers in the agricultural rich regions surrounding Nyahururu town.

Patel said the bank targets low-income earners and business people as well as those in the hospitality industry since the town is a tourism corridor.

“This is an area that we have been requested to open a branch. For example, the farmers require feed for their livestock even when they do not have money. We are always there for them at any particular time at cheaper rates,” Patel explained.

The I&M Bank Director added that their bank is the only one that has no charges on mobile phone money transfers. “We do not charge any fee on mobile phone transfers. This is one of the unique banks that is assisting small scale traders and farmers,” he added.

Stanley Gachino, I&M bank Head of Distribution noted that the bank intends to employ an agriculture specialist to always advise farmers on their needs.

“Agri-business is one of our priorities.  We will employ a specialist in this region to assist our farmers on their needs and how to invest,” added Gachino.

• A Tell Media / KNA report / By Kimani Tirus