Kenyan lender NCBA Group intends to expand into eight markets in Africa, leveraging mobile and digital banking, reported Bloomberg.

NCBA Group CEO John Gachora in an interview said that it has teamed up with a financial institution in Ghana where it is awaiting a license to begin banking.

About ten years, the firm launched a mobile-phone based savings and credit product, called Mshwari.

Gachora said: “We’re developing the technology that should be ready fairly soon, and the idea is to roll-out mid next year with our partners in Ghana.”

NCBA Group plans to foray into Democratic Republic of Congo, and Ethiopia, which is the second most populous nation in Africa and is opening up its financial sector to overseas investors.

Its assessments show that mineral-rich Congo is “ripe for digital solutions.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to Gachora, funding the expansion will not be capital intensive as a conventional bank.

“It’s going to be licensing costs because it’s digital, it’s a fintech and the licenses are fairly cheap.”

According to Nairobi-based Standard Investment Bank, the company’s profit for nine-month of fiscal year 2022 grew to $105m, due to a 162.9% surge in foreign-exchange income.

In March, Bloomberg reported that NCBA was looking to expand its operations in the West African market.

NCBA was formed after the merger of NIC Group and Commercial Bank of Africa.