The Bank has contracted Sopra Banking Software to design, build, deliver, and support the savings and lending products portfolio through the KCB Vooma, the Bank’s lending, savings, and payments platform.
With the rollout of payments, savings, loan products, and the migration of KCB M-PESA and KCB Mobile loan products to the Sopra Banking Platform, KCB has disbursed over 40 million loans worth KShs.332 billion (US$ 3 billion) to 11 million customers from October 2018 to December 2022.
Over the past few years, the Bank has been building different products on the KCB Vooma platform in partnership with Sopra Banking Software with a target of continuing to grow disbursements and non-funded income to the envisioned 40% of the total group revenues.
Sopra Banking Software was onboarded in 2020 when the bank embarked on the ambitious implementation of the Vooma mobile wallet that allows customers to pay for goods and services, get loans and save money via their mobile phones on any network.
Through support from Sopra Banking Software, the bank has witnessed tremendous improvement both in transaction growth in savings and loan uptake as well as customer experience.
“Through this partnership, the Bank has been able to offer differentiated value propositions covering payments, savings and lending on digital channels, delivering a seamless banking experience to customers,”
said Paul Russo, KCB Group Chief Executive Officer.
On his part, Eric Bierry, Sopra Banking Software Chief Executive Officer, said that the engagement with KCB Bank provided the firm with great insights into the fact that there is a greater appetite for wider utilisation of mobile financial services to enhance financial inclusion among marginalized and underbanked communities.
“KCB Bank has emerged as a model partner to advance the ideals towards the provision of innovative, broader, added value services for its customers. Given the scope that included mainstreaming of mobile loans and savings, achieving scale is just one part of a successful growth journey. We, therefore, look forward to working together in the future to enable the bank to achieve its business goals,”
said Raouf Mhenni, Sopra Banking Software Executive Vice President Middle East and Africa.
Leveraging enhanced digital capabilities, KCB is one of the implementing banks of the Hustler Fund, a financial inclusion fund is a flagship project of the Kenya government, set to disburse low interest rate credit to customers through digital means.
KCB has identified Micro, Small, and Medium Enterprises (MSMEs) as a key focus area going forward and the Bank is targeting to double the loan book in this sector by 2023, not only in Kenya but across all its subsidiaries in the group.
