Home » Led by Kenya’s richest families, NCBA Group plans expansion into eight African countries

Led by Kenya’s richest families, NCBA Group plans expansion into eight African countries

by Omokolade Ajayi
Uhuru Kenyatta

NCBA Group, a financial services conglomerate owned by Kenya’s wealthiest families, has announced plans to expand into eight African markets as part of its diversification strategy through mobile and digital banking.

John Gachora, NCBA’s group CEO, revealed during the presentation of the bank’s third-quarter financial results that the group plans a strategic expansion into eight African markets to strengthen its reach on the continent through digital banking.

“We’re developing the technology, which should be ready fairly soon, and the plan is to roll it out in the mid-next year with our partners in Ghana and other countries on the continent,” Gachora said, revealing that NCBA is in talks with Ghanaian lenders to expand its operations in West Africa.

According to Gachora, funding the expansion will be less expensive than starting a traditional bank. “There will be licensing costs because it’s digital, it’s a fintech, and licenses are relatively cheap,” he said.

Aside from Ghana, NCBA is looking to expand into the mineral-rich Democratic Republic of the Congo and Ethiopia as the country opens up its financial industry to foreign investors.

NCBA Group is a Nairobi-based financial services conglomerate that operates as a non-operating holding through its extensive network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The Kenyan banking firm, established in 2019 by the merger of NIC Bank Group and Commercial Bank of Africa Group, now has 109 branches in five countries — Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast — and is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

The bank’s profit rose from Ksh6.52 billion ($53.3 million) to Ksh12.8 billion ($104.7 million) at the end of the first nine months of its 2022 fiscal year thanks to a double-digit increase in interest and non-interest income during the period under review.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.