Building Societies Move into Banking

Two months ago, Equity Building Society converted into a Bank. And now there are more moves in the same direction:

East African Building Society
According to the East African newspaper, East African Building Society (EABS) will merge with Akiba Bank to form EABS Bank Limited. The new bank will have assets in excess of 10 billion shillings and 11 branches that operate Kenswitch ATM’s and Western Union money transfer locations.

Family Finance Building Society
In a rush to keep up with Equity Bank, FFBS has announced that they will not sell out to foreign investors who are keen to buy them. They also intend to convert into a Bank and float their shares on the stock exchange.