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Kenyan entrepreneur Kageni Wilson’s Finplus crosses $1-billion transaction value mark

Kenyan entrepreneurs Kageni Wilson and Bernard Banta founded Finplus Group in 2017.

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Kageni Wilson.

Finplus, a Nairobi-based fintech startup led by Kenyan entrepreneur Kageni Wilson, has revealed that its software has now processed more than $1 billion in combined transaction value across its markets in East and Southern Africa in just five years of operation.

“Today, Finplus software helps an individual or business in Africa transact or access credit every 10 seconds, it has already processed over $1 billion in transaction value across five emerging markets – Kenya, Uganda, Tanzania, Eswatini, South Africa,” Kageni Wilson, Finplus’ CEO, said.

“It’s an enormous responsibility and one that gives us pride as an African company building in Africa for Africans,” he added, explaining that the startup has helped more than 3 million SMEs and individuals on the continent gain access to credit and saved business customers over a million man-hours through automation.

The latest announcement comes more than a year after the fintech startup, which is constructing a new credit and commerce infrastructure for emerging markets, announced that its software had processed more than $500 million in total transaction value.

Finplus’ recent milestone, as it continues to provide white-label digital finance and vertical e-commerce software while creating financing opportunities for SMEs, is consistent with its goal of assisting in closing the massive $5-trillion credit deficit faced by SMEs in developing countries each year.

Wilson and Bernard Banta founded Finplus in 2017 to develop and provide fully managed software to help financial services providers operate efficiently and scale cost-effectively in any market.

Over $1 billion in transactions, including more than $750 million in loan disbursements and over $250 million in allocated deposits, have been processed as a result of its Software-as-a-Service (SaaS) platform, which makes it simple to create, launch quickly, and manage digital deposit, loan, and insurance products.

This achievement follows the opening of a Johannesburg office to guide the startup’s entry into Southern Africa. As part of this move, the startup expanded its operations from South Africa to Swaziland and is now further entrenching itself in the region.

East Africa

Controlled by Kenya’s richest families, NCBA Group eyes entry in Ethiopia, DRC, Ghana

NCBA Group is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

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Uhuru Kenyatta.

NCBA Group, a financial services conglomerate controlled by Kenya’s wealthiest families, is preparing to launch operations in Ghana, Ethiopia, and the Democratic Republic of the Congo (DRC) through partnerships led by its mobile phone banking service, M-Shwari.

The move, which aligns with the group’s strategic expansion plans and diversification strategy through mobile and digital banking, comes just a week after NCBA CEO John Gachora announced that the lender plans to expand into eight African markets.

The group, which is one of the leading lenders in East Africa with operations in Tanzania, Uganda, and Rwanda, is negotiating mobile phone banking partnerships with banks and telecom operators in the three countries.

The move is consistent with Gachora’s earlier statement, in which the leading executive stated that the model in the new markets will be to collaborate with local banking and mobile partners to deliver products and services to customers while leveraging cutting-edge technology.

According to Gachora, funding the expansion will be less expensive than establishing a traditional bank. “There will be licensing costs because it’s digital, it’s a fintech, and licenses are relatively cheap,” he said. As a result, the Kenyan bank will earn commissions on deals involving the establishment of brick-and-mortar operations in Ghana, Ethiopia, and the DRC.

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 Cote d’Ivoire — 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.

NCBA has reaped enormous benefits from pioneering mobile phone-based lending in Kenya since partnering with telecom provider Safaricom in 2012 to launch the market-dominating service, M-Shwari.

It hopes to expand this model beyond East Africa, with large populations and a banking industry that primarily serves large corporations.

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East Africa

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

NCBA Group is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

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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.

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East Africa

Zimbabwean billionaire Strive Masiyiwa’s Liquid opens cybersecurity center in Nairobi

Liquid C2 is a subsidiary of Liquid Intelligent Technologies.

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Strive Masiyiwa.

Liquid C2, a subsidiary of Liquid Intelligent Technologies, a technology firm owned by Zimbabwean billionaire Strive Masiyiwa, has opened its Cybersecurity Fusion Center (CSFC) in Nairobi, Kenya’s capital city.

The new facility, established by liquid C2 to ensure Kenyan customers have timely access to real-time intelligence-driven alerts and advisory services to mitigate potential security threats, is the first of its kind in Kenya and the second in Africa.

The cybersecurity center will be invaluable in Liquid’s efforts to provide Kenyan customers with real-time intelligence-driven alerts and advisory services, allowing them to mitigate potential threats as soon as possible.

Customers will now be able to focus on their critical business needs while managing their cybersecurity requirements in the most cost-efficient and effective way possible, according to Liquid, thanks to a slew of new cybersecurity services that will be deployed in the new center.

“Through our matrix of Fusion Centers, Liquid C2 will predict, prevent, detect, and respond to cyberattacks that target our customers,” David Behr, CEO of Liquid C2, said.

Behr went on to state that raising awareness about the critical importance of cybersecurity is not only beneficial to clients, but also a critical pillar in Kenya’s economic growth as the country continues to undergo digital transformation.

He added that Liquid C2 will continue to play a role in Kenya’s digital transformation and that with the opening of the center in Nairobi, the company will be better positioned to help customers in real-time and enable them to be proactive rather than reactive in today’s complex cybersecurity landscape.

The cybersecurity center’s opening comes nearly two weeks after Liquid, Liquid C2’s parent company, announced plans to spend more than R350 million ($19.7 million) to deliver a Software Defined Network (SDN) offering known as Dataport Across Africa, making it the first African company to do so.

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