KCB Group in executive shake-up, top managers exit

KENYA – Financial services holding KCB Group is restructuring its executive team, marking the second major reorganization of its top leadership since 2011. The Kenyan lender has let go of four top executives, changed responsibilities for others and created new roles in a move it says will lead to better management. Those who recently left the lender’s top management are Apollo Ongara who was the director of credit, Judith Sidi Odhiambo (head of corporate and regulatory affairs), Joseph Kania (company secretary) and Jane Mwangi (managing director of KCB Foundation). Benard Okello…

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KCB Group to spend US$56m in buying two Atlas Mara banks in Rwanda and Tanzania

KENYA – Financial services holding company KCB Group will spend a total of US$56 million to acquire two banks in Rwanda and Tanzania from London-listed Atlas Mara limited. The Nairobi Securities Exchange-listed lender had earlier estimated it would acquire a 62 percent stake in Banque Populaire du Rwanda Plc (BPR) and a 100 percent ownership in African Banking Corporation Tanzania Limited at a cost of US$40 million. The amount has increased after KCB sought to make a full buyout of the Rwandan bank by making an offer to its minority…

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KCB injects US$28m capital in its subsidiary National Bank

KENYA – Financial services group KCB,  has given the National Bank of Kenya a US$28 million long-term loan to help the subsidiary meet minimum capital requirements. The Nairobi Securities Exchange-listed lender made the disclosure in its latest annual report. “In Kenya, the group injected US$47 million into National Bank of Kenya, the subsidiary the group acquired in 2019. In 2021, KCB has increased the capital in NBK via tier-II debt of approximately US$28 million to enable the subsidiary to meet the capital adequacy requirements and also to bolster its resources,” the…

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KCB Bank Group voted best in Kenya by Global Finance Magazine

KENYA – KCB Bank Group has been recognized as the best bank in Kenya by the respected Global Finance Magazine during their 28th annual awards for the World’s Best Banks.  KCB Bank has now won this award for three successive years.  This recognition was awarded to the bank for its robust market presence in the East African region, and its digital innovation to drive financial inclusion especially during a pandemic.  KCB Group CEO and MD Joshua Oibaras said they are delighted to receive the award for the third year in a row. “With…

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Namyalo Mayanja appointed Executive Director, KCB Bank Uganda

UGANDA – KCB Bank Uganda Limited has appointed Agnes Namyalo Mayanja as an Executive Director. In her role, she will deputize and support the Bank’s Managing Director in the overall strategy formulation and implementation of astute leadership and management in line with the bank’s vision, mission, and values. Prior to joining KCB Bank Uganda, Agnes Mayanja worked as the Chief Risk Officer for dfcu Bank Limited where she was responsible for the Bank’s risk management operations and strategies. She is a seasoned banker with 22 years of working experience in…

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KCB Group to inject US$27.3m additional capital in subsidiary National Bank

KENYA – KCB Group is planning to provide an additional capital injection of US$27.3 million to its subsidiary National Bank of Kenya (NBK) in the coming days, with the cash going to help the subsidiary comply with minimum capital requirements. National Bank of Kenya has continued to breach statutory capital levels despite receiving the initial capital support of US$45.5 million from KCB in December 2019. T The breaches have constrained National Bank’s capacity to take more deposits and expand its loan book. “We will put US$27.3 million [into NBK] before the…

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KCB Bank secures US$150m credit for SMEs and green projects

KENYA – Kenya Commercial Bank has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. US$101.7 million of the money will come from the International Finance Corporation (IFC) while Belgian Investment Company for Developing Countries (BIO) will provide US$22 million and Sanad fund, which finances SMEs in the Middle East and sub-Saharan Africa, and Symbiotics, the investment platform targeting companies in emerging markets, will contribute US$15 million and US$11.2 million respectively. “This support from IFC and our…

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KCB Bank and Huawei partner to unveil new mobile banking product, Vooma

KENYA – Kenya Commercial Bank (KCB) is set to officially launch its Vooma loan product, a platform it developed jointly with Chinese telco giant Huawei. Vooma, a Swahili word for speed, a payments and settlements platform, is expected to be launched in March 2020. East Africa’s biggest bank by assets pulled the plug on its Mobiloan product on 23rd December 2020 and  replaced it with Vooma, which has since been on a test run ahead of its launch. “The platform is owned as a revenue share between us and Huawei.…

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Fintech enabler Ukheshe Technologies on global expansion

SOUTH AFRICA – Leading South African digital fintech enablement provider, Ukheshe Technologies has confirmed it is expanding its operations globally. Having established itself as a formidable payment technology specialist within the B2B sector, the company has set its sights on the Middle East, Europe, and Asia Pacific.  The move comes on the back of several successful high-profile projects and partnerships in various African countries including Kenya, Zimbabwe, Zambia, Namibia, Nigeria, Malawi, Botswana, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Mozambique, and Ghana. In addition to collaborating with numerous blue-chip banks, telcos and…

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Fintech Ukheshe and KCB Bank ink deal to boost payment services in East Africa

KENYA – South African leading digital fintech platform provider, Ukheshe, Ukeshe has announced the conclusion of a new agreement with the Kenya-based lender KCB Bank Kenya, an initiative that will see the growth and development of payment services within the East Africa region,  Through the agreement, KCB will sponsor Ukheshe’s Bank Identification Number (BIN) number, which will allow Ukheshe to immediately issue both physical and virtual cards across East Africa where KCB has an extensive footprint.  According to Victor Ndlovu, Vice President of Ukheshe Africa, the deal will include other innovative digital products…

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