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November 25, 2022

Kenyan lender NCBA plans expansion in Africa

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.”

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

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