Economy on Kisumu
Kisumu County is the main commercial center of Kenya’s economy. The infrastructure is well developed compared to other cities within the East Africa region. Kisumu city has the most modern industrial, financial, Health and telecommunications systems. The banking sector is dominated by the Leading domestic banks, Kenya Commercial Bank, equity bank, co-operative bank and international banks such as Barclays Bank, Citibank, Standard Chartered Bank among others. However the banks operations are extended to other towns out of Kisumu.
Being the largest industrial center, Kisumu County’s main industrial products includes; processed food, beer, vehicles, soaps, construction material, engineering, textiles, metal works, furniture products, vehicle repairmen, and chemicals industrial products. Kisumu is the center for many companies both local and international operating in Kenya. The accommodation in Kisumu City comprise of hotels and apartments ranging from low cost budget to luxury and offer good value and excellent service.
The Kisumu Stock Exchange (NSE)
The Kisumu Stock Exchange is located within Kisumu County where securities and stock exchange takes place.The Stock Exchange has the highest traded securities in East and Central Africa in terms of volumes. The Kisumu Stock Exchange plays a great role in the Kisumu economy by mobilizing funds for investment to Public limited companies. It is the fourth largest in Africa in trading. It offers securities and stocks listing and trading for major companies doing business in all parts of Kenya as well as other business entities in East and Central Africa.
The Kisumu Trade Show Exhibition
Kisumu Trade Exhibition exhibits the latest products and services offered by different companies in Kenya. The trade exhibition attracts participants and guests from all over the world interested with Kenyan business products and investments.
The Kenyatta International Conference Centre (KICC)
, KICC is located at the centre of Kisumu Central Business District (CBD) plays host to most of these international fairs and shows. KICC has tight security and its appealing and convenient to all targeted by the exhibitions. Its Kisumu most preferred. Some of the regular trade shows include: BuildExpo, Kenya Travel and Tourism Kenya, Hortec, Agriflor East Africa, Auto Expo, Food and Pack, Kenya Fashion, AfricaMedi and Pharm Kenya, Digital Kenya, Kenya International Trade Expo, Medexpo Kenya, and Kenya International Education Fair among other local and international exhibitors.
Some of the products showcased at Kisumu Trade Show Exhibition include; horticultural products, travel and tourism products in Kenya, food industries, infrustrural developments and products, automobiles, pharmaceutical products and companies, and fashion and textiles designs, technological products, service industries and other products and services available in the Kenyan market.
Banks in Kisumu
Some of the local banks available in Kisumu includes:
- National Bank
- Kenya Commercial Bank:
- Co-operative Bank,
- Equity Bank of Kenya
- Family Bank
Some of the international banks includes:
- Barclays Bank,
- Standard Chartered Bank
- CFC Stanbic Bank, e.t.c
Most of the banks in Kisumu operate for five days a week from 8am to 3pm while operating half a day on Saturday. There is an upcoming trend in some of the banks operating even during the weekend. However Kisumu County has a well distributed network of 24-hour Automatic Teller Machines (ATM) service to cater for the bank’s clients.
Kisumu County houses the highest number of microfinance sector which provides financial services to various un-banked and under-served segments of the Kisumu population, including the poor and low-income households, informal sector traders and micro-entrepreneurs.
The Mobile Money Transfer services in Kenya is having a great impact to the banking sector in Kenya. Most of the un-banked and informal sector use MPESA to transfer money in Kisumu, Kenya. This has forced other commercial banks integrate MPESA to their products and services.
Real Estate in Kisumu
The legal system in Kenya allows anyone to own or lease property in Kisumu. There has been a very high growth in Real Estate business in Kisumu since 2007. This is because of population increase and ease of access to credit to the property developers. The Property prices in Kisumu County vary based on location and proximity to the Kisumu city center, with property close to the central business district (CBD) costing more to buy or rent. Real estate in Kisumu can be purchased directly from property dealers or through real estate brokers. Individuals, corporations, institutions, foreign investors and agencies can acquire property for commercial or residential purposes.