Kenyan Banks Dominate Regional Contest

The East Africa Bank Award for 2014 that was dominated by Kenyan banks seems to have been taken lightly in Tanzania and therefore may not give a true picture of banks performance in the country, according to the organiser of the award.

The Chief Executive Officer of the Think Business Limited which organised a survey leading to the award, Mr Ochieng Oloo, said banks in Tanzania were not enthusiastic about the whole exercise compared to their counterparts in Kenya.

“The response was not positive…may be because it was new to them,” he told the Business Standard in Nairobi last week after the award giving ceremony to winners of this year’s edition.

Equity Bank of Kenya was ranked the best bank in East Africa region in the awards that attracted participation from other commercial banks and microfinance institutions in the East African Community (EAC) member states for the first time.

Kenya Commercial Bank and the Diamond Trust Bank of Kenya held the first and second runner up position respectively. The National Microfinance Bank (NMB) was ranked the best bank in Tanzania for 2014, ahead of Stanbic Bank which was named the second best and Bank M the third.

FBME Bank scooped the best award in customer satisfaction in Tanzania, with Diamond Trust Bank topping in the same category in Kenya, Bank of Kigali in Rwanda, and Centenary Bank in Uganda.

Mr Oloo said, however, that although the awards may not give a true picture of the bank’s performance in Tanzania, it is a pointer to the potential of the institutions in extending quality financial services to the people.

He said the annual awards had enhanced competition among banks and microfinance institutions in Kenya and promoted provision of quality financial services to customers.

The awards also provide a clear representation of the performance of banks and microfinance institutions in Kenya. “This awards give a very good understanding of what happens in Kenya’s banking sector,” he said.

He said he was of the view that the banks in Tanzania would take the next survey for the 2015 East Africa Bank award more seriously after learning from the experience of this year.

“We need to instill competitive elements among these banks. You make them start to compete against themselves. Here in Kenya these banks compete seriously,” he said.

Originally Published on Daily News Tanzania.