The East Africa Bank has initiated an ambitious expansion plan.
The bank, which seeks to become one of the top financial institutions in the east African region, is targeting to venture into Ethiopia and other countries in the region.
EAB Chief Executive Officer Ibrahim Rashid Jaffar says the bank, which has 15 branches in Djibouti, is out to diversify its products and services.
PRODUCTS
“East Africa Bank brings products that meet the people’s needs. We are offering Islamic financial services solutions to clients in Djibouti and in the East Africa region,” Mr Jaffar said during an interview after the bank opened its new headquarters in Djibouti on Thursday.
He said the bank is focused on being the leading force in commodity trading in the next five years.
As part of the long term expansion plan, the bank, which is a subsidiary of Dahabshiil Group, has built a new headquarters in Djibouti City.

Dahabshiil operates in Africa, the Middle East, America and Australia.
Dahabshiil International Group Chief Executive Officer Abdirashid Duale said the expansion of East Africa Bank will not only create jobs but will also increase financial access to communities across the region.
MOBILE MONEY
“East African Bank is a leading commercial bank in Djibouti and we aim to grow beyond Djibouti. Ours is to offer cutting edge, inclusive financial services to the unbanked community. We will increase access through remittances, mobile money and other tailored products,” Mr Duale said.
Djibouti President Ismail Omar Guelleh who inaugurated the official opening of the East African Bank tower on Thursday morning, said the positive effects of the bank were already being felt in the country.
