The bank’s new financial technology unit is known as KCB Fintech and will officially initiate in June 2017. Kenya & East Africa region banking will see new and fast mobile-phone banking in 2017 after the launch of KCB Fintech, according to Telecompaper, thecountrycaller.com reports.
The bank is also in discussion with Alphabet, and Tencent to expand the number of customers on its mobile platform to 20 million by the end of the year 2017. The subsidiary is also looking to partner with M-Pesa (mobile-phone payments system).
According to a report last year, it showed that consumers in Kenya, Uganda, Tanzania and Rwanda were transacting USD 45.74 billion in 2014, which accumulated to 32% of their combined GDP. This is a noteworthy five-year leap from 2009 which was USD 4.86 billion, which was only 3.4% of GDP.
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