NCBA Group, a leading financial services conglomerate controlled by some of Kenya’s wealthiest families, has announced plans to establish ten more branches within the country by the end of this year.
The move comes as the firm seeks to solidify its position as a top player in the region’s financial services industry. This strategic expansion follows the recent opening of a new branch in Kahawa Sukari, Kiambu County, earlier this week, bringing the total number of outlets countrywide to 90.
The planned launch of these 10 additional branches is expected to bolster NCBA’s retail business in Kenya significantly, enhancing the lender’s coverage and providing better financial services convenience for its customers.
Tirus Mwithiga, NCBA Bank retail banking group director, emphasized the importance of the new branch in supporting local businesses through personalized banking solutions. He stated: “We recognize that SME lending is one of the most economically important and profitable contributors to banking revenues.”
NCBA Group, headquartered in Nairobi, operates as a non-operating holding company and has a vast network of subsidiaries across several African nations, including Tanzania, Rwanda, Uganda, and Côte d’Ivoire.
The leading Kenyan banking group, 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 Cote d’Ivoire — and is partially owned by some of Kenya’s richest families, Kenyatta, Merali, and Ndegwa families.
Apart from its focus on strengthening operations within Kenya, the financial conglomerate has also made significant investments outside the country, in line with its goal of becoming a key player in the East African region.
During the 2022 fiscal year, NCBA Group invested an additional Ksh3.47 billion ($26 million) in its regional subsidiaries, demonstrating its dedication to increasing profitability beyond Kenya’s borders. One such investment involved Ksh2 billion ($15 million) being allocated to NCBA Bank Tanzania, a subsidiary in Tanzania.
As NCBA Group continues to make strides in Kenya and beyond, its planned expansion of ten new branches within the country is expected to bolster further its position as a major player in the East African financial services industry.