KEYIR NEWS:- Siinqee Bank has declared that it remains undeterred by the imminent entry of foreign banks into the financial sector, asserting confidence in its grassroots foundation and rural market dominance.
In a statement made this week, the bank’s president, Nway Megersa, dismissed suggestions that international banking giants would pose an existential threat to the institution, which has been in operation for three years.
“We do not expect the entry of foreign banks to flood the market,” he remarked. “If anything, it will be more difficult for them than it is for us.”
Megersa underscored that Siinqee Bank’s strength lies in its strategic rural focus, a segment largely underserved by the financial sector.
He noted that an overwhelming 81per cent of the bank’s 588 branches are located in rural areas, giving it a unique advantage in local outreach and customer loyalty.
“Our base is rural. If foreign banks are ready to compete outside urban centres, we welcome them,” he said, adding that the bank would support such moves as a means of broadening access to financial services.
While the recent economic reforms have paved the way for international lenders to enter the market, domestic banks like Siinqee are positioning themselves as resilient and well-adapted to the local terrain.
The government’s push for increased competition is part of broader liberalisation efforts aimed at revitalising the financial landscape.
Siinqee Bank’s leadership maintains that its community-rooted approach, tailored products, and proximity to underserved populations provide a strong buffer against potential external disruption.
As the sector prepares for global engagement, the bank is keen to leverage its rural strategy as both a defensive asset and a growth opportunity.