This archive report was first published on 9 August 2019.
Published on August 9, 2019, KCB Group announced plans to boost its investments in South Sudan, a move that aims to nearly double its individual customers by the end of 2020.
Managing Director Roba Waqo Jaldesa stated that the bank has enough capital to invest in the market, both in terms of brick and mortar and technology. The bank plans to introduce mobile banking and grow its individual-based customers from 122,000 to more than 200,000 by the end of 2020.
South Sudan is currently facing a deep economic crisis, according to the International Monetary Fund, which estimated that real GDP declined by 2.4 per cent in the 2017/18 fiscal year. The bank, which operates in several countries including Uganda, Tanzania, Rwanda, Burundi, and South Sudan, had previously shut 12 of its 23 branches in 2016 and 2017 due to the devastating civil war in the country.
However, the bank is now focusing on expanding its operations in South Sudan, having launched a new branch this year and plans to resume operations in the closed offices.
