Browsing: KCB

• Central Bank of Kenya says active mobile subscriptions hit 66.8 million by December 2023 compared to 65.7 million a year earlier.
• Increasing usage of mobile money saw the banking industry in Kenya experience a drop in the value of banking transactions via bank agents to $10.5 billion.
• Kenya is a trailblazer in the adoption and usage of mobile money across Africa.

A steady rise in the use of cashless transactions as well as the opening of 8,555 new mobile money agent shops in Kenya drove the value of mobile money transactions up by 13.8 percent to record KSh788.35 billion or $6 billion in 2023.

Kenya has been a trailblazer in the adoption and usage of mobile money across Africa since the launch of pioneer cash transfer platform M-PESA by Safaricom PLC in 2007.

“Amidst the increasing adoption of technology and the widespread use of mobile phones in daily life, coupled …

• The latest Nairobi Securities Exchange monthly Barometer shows month-on-month growth comparing January this year and December last year, with prospects looking much better after a bear run last year.
• Market capitalisation increased by 0.08 per cent in January to $9.11 billion from $9.05 billion in December 2023.
• The NSE 20 and NSE 25 Share Index recorded increases in activity of 0.89 per cent and 1.32 per cent, respectively, while the All-Share Index experienced a 0.08 per cent increase.

Nairobi Securities Exchange showing recovery signs

Kenya’s capital market is showing a sign of recovery this year, with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

This is despite interest rates in advanced economies remaining high into 2024, a trend that has seen foreign investors focus on home markets, mainly the United States.

The latest NSE monthly Barometer shows month-on-month growth comparing January …

• Tanzania-based CRDB bank has recognized the potential for growth opportunities in regional economies.
• CRDB Bank has established a presence in Burundi, Rwanda, Uganda, and DRC, following in the footsteps of Kenya’s Equity and KCB.
• CRDB Bank’s regional expansion aims to facilitate cross-border trade and enhance financial inclusion.

CRDB Bank is evolving into a partner for growth for East Africa’s entrepreneurs by seeking to replicate its success story in Tanzania across the regional markets. The bank has recognized the potential for growth and opportunities in neighboring countries and is strategically expanding its operations in East Africa.

In Tanzania, entrepreneurs are tapping into the lender’s range of products to scale into new growth horizons. Take Diana Tarimo for instance. When Diana received about $21,000 in business loans from CRDB, this became the catalyst she needed to expand her water distribution investments in suburban Dar es Salaam.

Diana is one of over 10,000 …

• Telco giant Safaricom is the most valuable Kenyan brand, estimated at $648 million. It also has the highest Sustainability Perceptions Value at $93 million.
• Equity Bank and Kenya Commercial Bank rank second and third most valuable brands and top-two strongest brands with impressive AAA+ ratings.
• Crown Paints Kenya is the fastest-growing Kenyan brand, up 70 percent 

Safaricom’s value went up by 14 per cent to $648 million over the past year maintaining its position as Kenya’s most valued brand even as lenders Equity and KCB regional expansion drive also paid dividends as measured by consultancy Brand Finance.

Brand Finance East Africa Regional Director Walter Serem says Safaricom has shown considerable resilience during difficult operating conditions over the past year. In the period under review, East Africa’s most profitable telco registered significant revenue growth, while successfully completing the first two years of its five-year strategy.

This strategy is guided by the …

• The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director.
• The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.
• Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda.

The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director. The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.

Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda. He was the immediate former MD, KCB Bank Rwanda Plc and joined KCB in 2009 as Head, Business Analytics, KCB …

The University Scholarship Programme will facilitate a smooth transition for the top performers who attain a mean grade of A and A- and the best 2 students living with disabilities each year, from the KCB Foundation High School programme.

“The laptops are part of a deliberate effort by the Foundation to enable the scholars to effectively undertake their schoolwork as well as access their virtual class lessons” said Rosalind.

“We want our Scholars to have an equitable opportunity by continuing to access their class courses and complete their assignments on time. With many of them coming from marginalized communities, access to a laptop for purposes of following the classroom lessons or undertaking assignments was going to be a big challenge,” she added.…

• KCB Group PLC has reported a 28.4 per cent rise in its net earnings to reach KSh 19.6 billion for the six months ending June 30, 2022
• KCB said the growth from KSh 15.3 billion was driven by improvement in both the funded and non-funded income streams
• Group businesses increased their profit contribution to 16.8 per cent, driven by new business growth and the impact of BPR Bank

KCB Group PLC has reported a net earning of KSh 19.6 billion for the six months ending June 30, 2022, to mark a 28.4 per cent rise from last year.

The growth from KSh 15.3 billion was driven by improvement in both the funded and non-funded income streams.

Additionally, the international subsidiaries increased their overall contribution to the Group’s performance.

Total operating income increased by 16.8 per cent, mainly driven by a 29.9 per cent growth in Non- Funded Income.

Group businesses …