NCBA GROUP: A BEACON OF FINANCIAL GROWTH AND INNOVATION IN AFRICA

With  a  strategic  and  effective  digital  agenda,  lender  expands  its market share in Africa , where it is currently serving over fifty million customers

By George Gichuki

.  NCBA Group   currently  has a presence in Kenya, Uganda, Tanzania ,  Rwanda and Ivory Coast

.  The lender is committed to offering    its customers high quality banking solutions

.  Offering  exemplary customer experience  tops  the lender’s  agenda  in a market  that is characterized  by cutthroat  competition

NCBA Group,  a leading financial service provider in Africa has made remarkable strides in its journey of becoming the largest and innovative banking institutions across the continent. Operating  over  one  hundred    branches in Kenya and  a versatile  digital platform,  the lender  serves  over  fifty million  customers in  Uganda, Tanzania and Ivory Coast.

In a strategic   move to strengthen its market  presence, the lender  fully  acquired  AIG Kenya insurance company in July, this year. Before  this acquisition,  NCBA  held  minority   share at the  underwriter   for over  eighteen   years.  AIG Kenya  has  joined   the other six NCBA Group subsidiaries, including :  NCBA investment bank, NCBA leasing LLP, NCBA bancassurance intermediary, NCBA Bank Uganda, NCBA Bank Tanzania and NCBA Bank Rwanda.

Significant growth

NCBA Group has grown significantly in the recent  years as  demonstrated  in its  financial  results.   In  the   2023 financial  year for instance, the group made a profit after tax  of Kshs. 21.5 billion, a 56% increase compared to the Kshs. 13.8 billion recorded in the previous year, 2022.

According to Mr. John  Gachora, NCBA Group  Managing Director, the sustained growth momentum  has  been  enhanced  by the lender’s  five -year strategic plan, which enhances shareholders’ value while supporting customers.

The  Group’s  subsidiaries   in Tanzania,  Uganda and Rwanda have also notably contributed to this growth. Jointly, they delivered a profit before tax of Kshs. 3.0 billion in the 2023, an evident improvement from the Kshs.  308 million loss  reported in 2022.

Customer experience

As  the lender   continues to grow,  delivery  of    exceptional customer experience  is  a  top    agenda.  In 2023,  it    trained  three  thousand   employees on the  ‘NCBA way’   of providing services  as  part  of  its  promise  to customers. Consequently,  it  performed  very  well  at the Institute of Customer Experience (ICX) Kenya Service Excellence Awards by scooping :   1st place winner best customer experience strategy, 1st place CX week innovation category and  3rd place best use of technology in customer experience.

Having been a key partner of Safaricom’s  M-Pesa  since  2001, NCBA Group has  developed  cutting  edge  digital  products,  giving  it a competitive  edge  in the market.   By and  large, the lender  is  committed to   the integration of digital technology in   all its business areas.

In 2024 its  focus areas  include : accelerating digital transformation in internet and mobile banking, introducing new end-to-end digitized customer journeys and leveraging emerging technologies such as artificial intelligence ( AI)  and data analytics   for marketing.

Corporate citizenship

Beyond financial health and stability, NCBA  Group is committed to sustainability and corporate citizenship. In 2023, the lender  committed to prioritizing environmental sustainability through several activities such as tree planting and beach cleanups. These efforts were recognized by the Federation of Kenya Employers (FKE), which awarded the group for contributing to a clean work environment among other initiatives.

The lender’s   clear commitment to sustainability, innovation and customer experience  gives it a lot  of  advantages  in its  quest  to  conquer  the  continental   market. With the acquisition of AIG and the ongoing efforts of digital transformation, NCBA Group   is set to continue with its impressive growth and  expansion   trajectory, while delivering its promise of  providing high quality  banking solutions to its over 50 million customers.