KCB Invests in Rwanda and Tanzania units

By Maureen Maingi

The financial services company based in the African Great Lakes region, KCB Group, has recently invested Sh905mn (US$1mn) in its Tanzania and Rwanda units. This will position their capital for further growth. The lender’s chairman Andrew Kairu said: “Economies like Rwanda and Tanzania have demonstrated the capacity for higher returns in the financial services sector.”

According to their annual report (year ending December 2018), KCB has invested Sh519mn ($893,000) to its Tanzanian subsidiary. This totals the investment, which spans across 14 branches, to Sh3.5bn (US$6mn). KCB’s Rwandan subsidy received  Sh386mn ($664,000) for its own respective 14 branches. This raised total investment to Sh2.2bn ($3mn).

SEE ALSO:

 

This news follows alongside the announcement from the Groups CEO Joshua Oigara, who shared plans to obtain two banks: one in Rwanda and one in the Democratic Republic of the Congo (DRC).

Kairu noted that Kenya was overbanked as opposed to other major areas of Africa such as Nigeria and South Africa. He said that these subsidiaries may provide better returns, and that “KCB remains open to opportunities to further grow the financial sector.”

 

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology