FINANCIAL INCLUSION IS AT THE HEART OF NCBA

By  leveraging  digitalization, NCBA has played a pivotal role in deepening financial inclusion in all the countries where it  has a presence

In the last couple of years, NCBA has emerged as the leading player in asset financing capturing 35 percent market share in Kenya. Through its aggressive campaign   to increase its digital presence as well as branch expansion, the bank has  deepened financial inclusion in all the markets it operates in :  Kenya, Uganda, Tanzania, Rwanda and Ivory Coast. NCBA has a footprint of 114 regional branches which allows the lender  to bring services closer to its customers.

The financial results of the first quarter of 2024 posted by the bank signalled a positive growth on the back of increased digital presence. “Despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries,” NCBA Group CEO, John Gachora said.

NCBA is committed to developing  solutions that foster financial inclusion. “As a digitally led financial institution, we want to play a big role in enhancing financial inclusion across our markets in the East African region through innovative financial solutions that cater to the market needs and also develop products that address the challenges our customers are facing,” Mr. Gachora asserted during the launch of omni-channel application in Tanzania dubbed NCBA Now App.

Serving over 60 million customers and having recorded digital loan disbursements worth Kshs. 232 billion, the bank has positioned itself to enhance financial inclusion in Africa by providing credit to people at their convenience. Access to credit through digital platforms including LOOP, Mshwari and Fuliza partner platforms with Safaricom has empowered customers to meet their daily financial needs and cushion them against economic headwinds.

In its quest to deepen financial inclusion, NCBA has partnered with many organizations. For instance, NCBA has  partnered with Strathmore Business School to support small and medium enterprises (SMEs) through training  and mentorship. As a result, owner managers  have  been   trained in a sixteen-week-course tailored to equip them with the tools and skills needed to identify and seize opportunities, foster innovation and unlock their entrepreneurial  potential.

Diaspora community

NCBA has even gone a step further in  enhancing  financial  inclusion  by onboarding  Kenyan   citizens living in the diaspora. In June this year, the lender  conducted a one-month long activation campaign in multiple states in the United States to engage with the diaspora community. The campaign  was  aimed at creating awareness about a range of tailored diaspora financial solutions that align with their needs and lifestyle,  enabling  them to save and invest back in Kenya.

“Ultimately, our goal is to establish meaningful relationships with Kenyans living abroad and to demonstrate how NCBA can support their financial aspirations irrespective of geographical boundaries,” NCBA Group director of  retail banking, Tirus Mwithiga observed.

Asset financing

In 2023, NCBA rolled out a home acquisition initiative that enables Kenyans from all walks of life to own homes at an affordable fixed rate of 9.5 percent. The property loan covers both land purchase and simultaneous construction, construction on owned land as well as   direct purchase of houses and apartments meant for owner occupation.

“Owning property is more than just a transaction; it’s the cornerstone of stability, security and prosperity. We are dedicated to making this dream a reality for our customers,” noted Mwithiga.

The bank has partnered with key players such as Fanaka Real Estate to support customers with a common goal of revolutionizing the real estate landscape by enhancing affordable housing for all. In addition, the bank provides a host of property financing options for customers such as: property purchase, plot purchase loans, construction loans, easy-build, equity release solutions, mortgage transfer (buy-out) as well as mortgage top-up loans.

Distinguished brand

NCBA has consistently invested in its priority of becoming a distinguished brand with  exemplary  customer experience. According to Brand Finance, a leading brand valuation consultancy firm, NCBA has been recognized as Kenya’s second fastest-growing brand. It went up by 4 per cent in 2024 to rank at position six   among the Top 25 Most Value Brands. This is a demonstration of relentless efforts in brand building that align well with the customers’ needs. One of these needs is access to innovative  financial solutions with a lot of convenience. Ultimately, this enhances financial inclusion.