This archive report was first published on 16 August 2019.
On August 16, 2019, KCB Group announced a five percent increase in profit to Sh12.7 billion in the first six months of the year, driven by a surge in mobile loans.
The bank's mobile loans rose astronomically to Sh103 billion during the period under review, from Sh18.8 billion in the same period last year.
According to KCB Group Chief Executive Joshua Oigara, the bank's investment in technology generated a positive return and further helped drive efficiency and deepen access to affordable financial services in all markets.
Transactions done outside the bank branch in both lenders stood at 97 per cent for Equity and 96 per cent for KCB, signaling the rising popularity of mobile money.
Equity Bank had said mobile loans worth Sh20 billion were disbursed virtually through its mobile virtual network - Equitel.
KCB also continued to pack billions into government securities, investing Sh132 billion, up from Sh110 billion last year.
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