PARIS - Wednesday, 22. February 2023 AETOSWire Print
(BUSINESS WIRE)-- Sopra Banking Software, a global financial technology service provider has partnered with KCB Bank Kenya to further bolster the lender’s digital capabilities.
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, Chief Executive Officer of Sopra Banking Software, 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, Executive Vice President, Middle East and Africa, Sopra Banking Software.
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.
About Sopra Banking Software
Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide. The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion. Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees. Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 47,000 employees, the Sopra Steria Group generated a turnover of €4.7 billion in 2021. For more information, follow us on LinkedIn, Twitter & Instagram or visit www.soprabanking.com.
About KCB Bank Kenya Ltd
KCB Bank Kenya Limited is the largest commercial bank in the country. A subsidiary of KCB Group Plc, the Bank has the largest branch network, with over 200 branches, 367 ATMs and 16,000 agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with a 24-hour contact center services for our customers to get in touch with the Bank. KCB Group Plc- which also has presence in Uganda, Tanzania, South Sudan, Burundi, Rwanda and a representative office in Ethiopia also boasts of a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005222/en/
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Contacts
Kieran Powell, kieran.powell@channelvmedia.com
Judith Sidi Odhiambo, Head of Corporate & Affairs; email: jsodhiambo@kcbgroup.com
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