Elgeyo Marakwet has once again attracted a big player in the banking sector after Co-operative Bank opened its first branch in the county in Iten Town.
Governor Eng. Alex Tolgos on Thursday, May 5, 2022, presided over the launch of the branch which is the 29th of Cooperative Bank in the Rift Valley region.
The Bank’s Director of Retail and Business Banking, William Ndumia, said the decision to open the branch in Iten was informed by the fast-growing nature of the local economy in Elgeyo Marakwet.
“We have noted the fast-paced growth of this County in various sectors and we decided to come and offer our customer-friendly services to the people of this region,” Ndumia said.
This was echoed by the Bank’s Board of Directors in charge of the North Rift, Julius Sitienei, who said Cooperative Bank will consider having a second branch in the Marakwet region.
“We know you are industrious and hardworking people and we have no doubt the branch in Iten will break even within a short time to enable us to open a second branch in Marakwet,” he said.
Ndumia thanked Governor Tolgos for prevailing upon the bank to open a branch in Iten.
“We met when we were opening another branch in Nairobi and he requested us to come to Iten. Following the request, we did research and confirmed indeed that it was viable to open the branch here,” he said.
Tolgos thanked the Co-operative Bank for the gesture and assured the Directors that the branch will attract business, especially in the Cooperative sector.
“As a County, we have gone big on cooperatives and your coming now heralds a new beginning for the cooperative movement in this County,” the county boss said.
His sentiments were supported by Deputy Governor Wisley Rotich who recalled that during his tenure as County Director of Cooperatives, they revived and re-structured Cooperatives that had collapsed and others dormant.
“As we speak, all of them are up and running and we have started new ones like the Elgeyo Marakwet Dairy Farmers Cooperatives and Potato farmers Cooperatives. So you have come at the right time,” said Rotich, who requested the branch to set up a team to sensitize farmers on financial literacy, savings, and investment to boost the capacity of the Cooperatives to do sustainable business.
Tolgos also thanked the bank for the numerous scholarships they have awarded to students in Elgeyo Marakwet in the past despite not having a branch in the County.
