Nile Commercial Bank in Full Swing

Gurtong Current News (February 13-20, 2005)

Nile Commercial Bank in Full Swing

Rumbek, 5th Feb. 2005

The Nile Commercial Bank is transforming itself from a simple entity that provides savings and current accounts to its customers to a fully-fledged institution that provides all banking activities.

It was formed in January 2003 in Yambio where its headquarters are currently based. It opened its second branch in Yei on May 30, 2004 to the public and it now boasts of attracting a good portion of public interest.

Since it is the only bank, which currently provides banking facilities in the SPLM/A liberated areas, the Nile Commercial Bank enjoys a monopoly. Before other Institutions spring up, this bank would then have gone miles ahead and the inclusion of good banking strategies would make it one of the best sought after bank in South Sudan.

Talking to the Customer Service Officer of the Rumbek Nile Commercial Bank, Mr. Herity Vole, Gurtong learned that the bank has a connection and partnership with a reputable international Bank.

This is the Stanbic Bank and all the transactions are sent to Nairobi to be inspected before final assent. This is one way that they identify fake currencies and detects fraudulence. Passbooks are offered at $25 and the loans are given at an interest of 5 %.

Now the Rumbek branch, which was opened in May 2004, has opened its doors to the public through purchase of shares. And that is one of the criteria of becoming a bank member.

Long-term account is not available at the moment but the current and savings accounts are there, depending on the individual choice. The main customers of the bank are the NGOs, government, companies and individuals.

 

Posted in: Business
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