This archive report was first published on 8 July 2019.
On July 8, 2019, KCB Bank Kenya made a significant commitment to the Afro-Asia Fintech Festival 2019, a pioneering event in the region.
The bank pledged Sh10 million to support the Central Bank of Kenya (CBK) and the Monetary Authority of Singapore in hosting the mega financial technology (Fintech) summit.
The Afro-Asia Fintech Festival 2019 will take place on July 15-16, under the theme 'Fintech in Savannah', modeled after the Singapore Fintech Festival.
According to KCB Group Chief Operating Officer Samuel Makome, the bank's commitment is driven by the need for Kenya to continue driving innovations in the banking sector to boost financial inclusion.
Speaking during the cheque handover to the CBK, Makome said, “For the past five years, we have made significant investments in financial technology in the realization that the future of banking is in digital finance. We will therefore remain innovative and relevant in fintech by continuously providing products and services that promote financial inclusion.”
Notably, transactional activity at KCB has shifted significantly, with non-branch transactions accounting for 88% of total volumes, compared to 12% handled at the branches. Mobile banking products have grown in transaction numbers and volumes, with loans exceeding Sh54 billion.
CBK Governor Patrick Njoroge hailed the event, saying, “Leapfrogging technology in the region is transforming millions of lives and is bringing the world closer together to enable seamless business transactions.”
