Kenyan Bank KCB to Boost Mo­bile Pay­ment Ser­vice as Profit Flat­tens

Africa Outlook - - News -

Kenyan bank, KCB Group plans to set up its own mo­bile pay­ment plat­form this year to han­dle the jump in trans­ac­tions via phones, its CEO said af­ter re­port­ing 2017 re­sults.

Kenya’s big­gest lender by as­sets posted flat pre­tax profit of 29.1 bil­lion shillings ($287.55 mil­lion), with growth hav­ing slid from the 10 per­cent achieved the pre­vi­ous year.

Chief Ex­ec­u­tive, Joshua Oi­gara said KCB planned to spend $9 mil­lion on its mo­bile pay­ments plat­form to help it to in­crease the number of trans­ac­tions it can han­dle.

The bank said that 57 per­cent of its trans­ac­tions were via mo­bile phone last year, up from 53 per­cent a year ear­lier.

KCB al­ready has mo­bile bank­ing ser­vices and col­lab­o­rates with tele­coms com­pany Sa­fari­com for use of its M-Pesa mo­bile pay­ments ser­vice.

KCB, which also op­er­ates in neigh­bour­ing Uganda, Tan­za­nia, Rwanda, Bu­rundi and South Su­dan, said net in­ter­est in­come rose to 48.4 bil­lion shillings from 47.03 bil­lion shillings in 2016.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.