KCB Bank Kenya Limited has entered into an agreement with Attijariwafa Bank Group, Morocco’s royal family-owned lender in a move to drive cross-border trade and deepen financial inclusion.
The memorandum of understanding (MoU) which was signed on the sidelines of the 6th International Forum Africa Development (FIAD 2019) held last month in Casablanca will see both banks share best practices in the banking sector in East and North Africa.
According to Mohamed El Kettani, the Chairman and Chief Executive Officer of Attijariwafa, the MoU is important for the Attijariwafa Bank group.
“It will help us to offer our economic operators in all the countries where we are present, access to the Kenyan market as well as to all the markets covered by KCB in East Africa,” he said.
On the other hand, Samuel Makome, KCB Group chief operating officer said the collaboration between the two banks will be anchored in the crucial digital and mobile banking. This will also see the establishment of a correspondent banking relationship to enable cross border trade flows.
The agreement, he added, will also help in supporting the housing and infrastructure sectors by undertaking projects, providing technical support and sharing best practice.
“As we undertake cooperation in each area, both Banks will agree on the investment required for each specific initiative,” he said.
The partnership is expected to bring new market opportunities for clients of both banks especially SMEs, which include women entrepreneurs and local corporates. The banks also look to establish a cooperation mechanism in the human resources sector.
Both banks hope to use the collaboration to expand in facilitating business in Africa. Currently, KCB group has presence in Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia while Attijariwafa, which is controlled by the royal family through its Al Mada holding company, already has subsidiaries in Cameroon, Congo Republic, Egypt, Gabon, Ivory Coast, Mali, Mauritania, Senegal, Tunisia and Togo. It also has branches in Europe and the Gulf.