NCBA Group disbursed KES 751 billion in digital loans in the third quarter of 2024, an 8% increase compared to the same period in 2023.
NCBA revealed this during the release of its Q3 2024 financial results on Wednesday.
The bank attributed this achievement to its partnerships with telcos, which have enabled the delivery of organised mobile lending solutions to its over 60 million customers across Sub-Saharan Africa.
In Kenya, NCBA’s digital platforms include M-Shwari which was created in partnership with Safaricom’s M-Pesa. M-Shwari allows customers to save and borrow money through their phones while earning interest on money saved. You can open and operate an M-Shwari bank account through your mobile phone via M-Pesa, without visiting a bank or filling out any forms.
Additionally, NCBA offers Fuliza, an overdraft service on M-Pesa that lets users complete transactions even when their account balance is insufficient.
According to NCBA Group, these figures are part of its continued efforts to expand its digital lending services and cater to the evolving needs of its customers.
”Through organized mobile lending solutions in partnership with Telcos, the Group`s investment in digital financial inclusion services has enabled disbursement of KES 751 billion to its more than 60 million customers across Sub-Saharan Africa. ” the group said in a statement.
Overall, the Group has reported a profit before tax of KES 18.4 billion with the Kenya Bank business remaining a key driver contributing 83 per cent of this profit.
The Group`s focus on enhancing subsidiary contribution saw regional businesses in Uganda, Tanzania and Rwanda deliver a combined KES 2.4 billion profit representing 13 per cent of the Group PBT.
All non-banking subsidiaries including the Investment Bank, Bancassurance, Leasing and NCBA Insurance (formerly AIG Kenya) closed with positive profitability contributing 4 per cent of the Group PBT.
Commenting on the results, NCBA Group Managing Director, John Gachora said “We are pleased to announce continued strong performance in the third quarter of 2024. The underlying trends of our P&L remained solid against an exceedingly volatile operating environment which has impacted our cost of funding and put pressure on our Net Interest Income.”
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