@CapitalFMNews

 KCB issued Sh8b in mobile loans to 13m customers from Jan – March

3 months ago, 16 Maý 17:15

By: Ken Macharia

, NAIROBI, Kenya, May 16 – KCB Group issued Sh8 billion in mobile loans in the first quarter of 2018.

While announcing its Q1 results, where the group declared a profit of Sh5.18 billion, the lender issued the loans to 13 million customers through its KCB M-Pesa platform.

Chief Executive Officer Joshua Oigara said the Group is keen on further bolstering non-interest income with a continued investment in new technology-based financial solutions focused on enhancing the customer journey, “by providing convenient access to a host of products and services.”

However, Non-interest income remained relatively flat due to a drop in forex earnings largely attributable to low transaction volumes in South Sudan.

Transactional activity continued to shift away from branches, with non-branch transactions standing at over 85pc of the total volumes.

At least 57pc of transactions were handled on mobile, 20pc were done through the Bank’s agents and point of sale terminals and 10pc via the ATM network.

Fees and commissions growing by 5pc from Sh3.4 billion to Sh3.5 billion while interest income grew by 11pc from Sh14.1 billion to Sh15.7 billion as a result of growth in the loan book which climbed 6pc to Sh418.6 billion.

The Group foresees a strong growth for the year 2018.

“We are focused on delivery of our key strategic initiatives around excellent customer experience, growth in our digital financial service offering, strong business growth, operational efficiency, talent management and driving shareholder value,” said the Group CEO.


Read More


Category: business finance

Suggested

5 hours ago, 22:16
@BusinessDaily - By: James Kariuki
Scandal-hit NYS made parastatal with board

Parliament cut funding for the NYS after the two corruption scandals there. ...

Category: business economy news
9 hours ago, 18:23
@CITIZENTV - By: Dennis Otieno
Maize farmers call for state support to stabilize prices

Maize farmers call for state support to stabilize prices ...

Category: topnews news business
10 hours ago, 17:46
@BusinessDaily - By: John Mutua
Appliance maker Bosch picks Nairobi as regional hub

Bosch Appliances, however, did not disclose the cost of setting up the Oval House showroom which currently has three workers. ...

Category: business news corporate
9 hours ago, 18:23
@CITIZENTV - By: Citizen
Superior Homes to open tourist lodge

Superior Homes to open tourist lodge ...

Category: topnews news business
15 hours ago, 12:52
@TheEastAfrican - By: Bernard Busuulwa
Uganda keeps key lending rate unchanged at 9pc

Bank of Uganda keep central bank rate at 9pc to spur credit growth. ...

Category: topnews news business
11 hours ago, 16:18
@BusinessDaily - By: Geoffrey Irungu
Low State expenditure pushes up interbank lending rates

The highest amount of Sh14.72 billion was transacted on Wednesday when the rate reached a high of 9.5 per cent at some point, but averaged 8.14 per cent for the whole day. ...

Category: business news economy lifestyle markets opinion corporate

@CapitalFMNews

 KCB issued Sh8b in mobile loans to 13m customers from Jan – March

3 months ago, 16 Maý 17:15

By: Ken Macharia

, NAIROBI, Kenya, May 16 – KCB Group issued Sh8 billion in mobile loans in the first quarter of 2018.

While announcing its Q1 results, where the group declared a profit of Sh5.18 billion, the lender issued the loans to 13 million customers through its KCB M-Pesa platform.

Chief Executive Officer Joshua Oigara said the Group is keen on further bolstering non-interest income with a continued investment in new technology-based financial solutions focused on enhancing the customer journey, “by providing convenient access to a host of products and services.”

However, Non-interest income remained relatively flat due to a drop in forex earnings largely attributable to low transaction volumes in South Sudan.

Transactional activity continued to shift away from branches, with non-branch transactions standing at over 85pc of the total volumes.

At least 57pc of transactions were handled on mobile, 20pc were done through the Bank’s agents and point of sale terminals and 10pc via the ATM network.

Fees and commissions growing by 5pc from Sh3.4 billion to Sh3.5 billion while interest income grew by 11pc from Sh14.1 billion to Sh15.7 billion as a result of growth in the loan book which climbed 6pc to Sh418.6 billion.

The Group foresees a strong growth for the year 2018.

“We are focused on delivery of our key strategic initiatives around excellent customer experience, growth in our digital financial service offering, strong business growth, operational efficiency, talent management and driving shareholder value,” said the Group CEO.


Read More

Category: business finance

Suggested

5 hours ago, 22:16
@BusinessDaily - By: James Kariuki
Scandal-hit NYS made parastatal with board

Parliament cut funding for the NYS after the two corruption scandals there. ...

Category: business economy news
9 hours ago, 18:23
@CITIZENTV - By: Dennis Otieno
Maize farmers call for state support to stabilize prices

Maize farmers call for state support to stabilize prices ...

Category: topnews news business
10 hours ago, 17:46
@BusinessDaily - By: John Mutua
Appliance maker Bosch picks Nairobi as regional hub

Bosch Appliances, however, did not disclose the cost of setting up the Oval House showroom which currently has three workers. ...

Category: business news corporate
9 hours ago, 18:23
@CITIZENTV - By: Citizen
Superior Homes to open tourist lodge

Superior Homes to open tourist lodge ...

Category: topnews news business
15 hours ago, 12:52
@TheEastAfrican - By: Bernard Busuulwa
Uganda keeps key lending rate unchanged at 9pc

Bank of Uganda keep central bank rate at 9pc to spur credit growth. ...

Category: topnews news business
11 hours ago, 16:18
@BusinessDaily - By: Geoffrey Irungu
Low State expenditure pushes up interbank lending rates

The highest amount of Sh14.72 billion was transacted on Wednesday when the rate reached a high of 9.5 per cent at some point, but averaged 8.14 per cent for the whole day. ...

Category: business news economy lifestyle markets opinion corporate
Our App