NCBA Group disbursed a total of Kes 478 billion in digital loans in the first half (H1) of 2024.
This amount represents an overall increase of 4% over the same period last year
The bank has over 60 million customers across Africa. To help these customers, NCBA added new features to its digital services. People can now invest money right from the NCBA app.
They can also get quick loans and use more bill payment options.
NCBA’s focus on digital banking is paying off. The bank’s profit after tax went up to KES 9.8 billion.
This was 5% higher than the KES 9.4 billion they made in the same period of 2023.
Digital banking is a key part of NCBA’s plan to grow. They want to reach more people and make banking easier.
By offering services through phones and computers, NCBA can help people in areas without bank branches.
John Gachora, Group Managing Director at NCBA, commented on the achievement, saying, “Our continued investment in digital technologies is paying off. We’re seeing strong demand for our digital loan products, which offer our customers the flexibility and convenience they need in today’s fast-paced world.”
The rise in digital loans shows more people are using these services. It’s a good sign for NCBA and for banking in Africa.
As more people use digital banking, it could help grow the economy and give people better access to financial services.
This news comes amid a broader trend of digitalization in Kenya’s financial services sector, with many banks and fintech companies vying for a share of the growing digital banking market.
NCBA’s impressive figures suggest that it remains at the forefront of this digital revolution in East African banking.
As the year progresses, industry observers will be watching closely to see if NCBA can maintain this momentum and how other players in the market respond to the bank’s strong performance in digital lending.
