NCBA Group, a financial services conglomerate led by Kenya’s wealthiest families, has announced plans to collaborate with Chinese multinational technology conglomerate Huawei Technologies as part of a strategic effort to roll out its digital banking products and expand its reach in the financial services industry.
The collaboration comes as the Nairobi-based financial services group expands its digital banking partnerships, which already include M-Shwari, Fuliza, Mpawa, Mokash, and Momokash, to provide much-needed financial relief to many families and small businesses.
While explaining the motive behind the decision, NCBA Group Managing Director John Gachora stated that the collaboration will result in a digital bank with a global payments platform aimed at improving client experience.
He went on to state that the Chinese company is able to develop digital mobile applications that will enable financial transactions to take place between local and most major foreign currencies.
The strategic agreement will expedite the bank’s digital banking push as it will help the lender improve operational efficiencies by allowing clients to access financial services at any time and from any location.
The move is expected to complement the group’s retail expansion plan and improve the bank’s ability to service the expanding Chinese community in East Africa by providing seamless settlement of financial transactions between East Africa and China.
NCBA Group is a Nairobi-based financial services conglomerate that functions as a non-operating holding through its vast network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.
The group is led by the rich Kenyatta, Merali, and Ndegwa families, who received a total dividend of Ksh1.02 billion ($8.89 million) from their shareholdings in the Kenyan lender earlier this year.
In recent years, the bank has embarked on numerous measures to enhance its revenues and earnings. These measures include plans to establish seven new branches by the end of the year as it prepares to extend its operations in East Africa in line with its retail expansion goals, bringing its total branch count to 115 from 104 at the start of the year.
