Kenyan Bank KCB to Boost Mobile Payment Service as Profit Flattens
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.