EXPLAINER: How the Massively Successful Safaricom M-PESA Agency Network is Driving Digital Banks in Kenya to Go Physical

EXPLAINER: How the Massively Successful Safaricom M-PESA Agency Network is Driving Digital Banks in Kenya to Go Physical

One of Kenya’s top lenders, NCBA Bank, has announced plans to open 12 new branches in the country in 2022 as part of its expansion plans. This announcement comes despite the bank shutting 14 of its branches in Kenya in 2021 due to the disruption caused by Covid-19. With its expansion, the lender targets to […]

Philip Ndegwa: 5 Businesses Owned by Family of First Kenyan to 'Bank a Billion'

Philip Ndegwa: 5 Businesses Owned by Family of First Kenyan to ‘Bank a Billion’

Kenya’s third Central Bank of Kenya governor Philip Ndegwa died on January 7, 1996, leaving behind multi-billion wealth he had accumulated for over 30 years The former PS who served in the Ministries of Agriculture, Finance and Planning co-founded First Chartered Securities alongside other 20 civil servants in 1974 The Ndegwa family owns an 80% […]

Big banks seen swallowing smaller loss-making rivals

Big banks seen swallowing smaller loss-making rivals

Ratings agency Moody’s says small Kenyan banks suffering losses or facing insolvency are likely to become targets of acquisitions by their larger rivals over the next one-and-a-half years. The ratings firm says local lenders are witnessing a wide divergence in profitability, with 14 of the institutions in the smaller peer group reporting losses or negligible […]