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Tag: KCB Bank

  • KCB Commits KShs 209 million to 2025 WRC Safari Rally

    KCB Commits KShs 209 million to 2025 WRC Safari Rally

    KCB Bank has extended its commitment to the World Rally Championship (WRC) Safari Rally by pumping Ksh 209 million towards this year’s event.

    This years championship which will also double as the African rally and Kenya national championship leg will be held from 20th to 23 March this year in Naivasha.

    Ksh 100 million will be channelled towards the WRC Safari Rally local organising committee to aid in preparations and a further Ksh 23 million to sponsor local drivers—Karan Patel, Nikhil Sachania, Tinashe Gatimu, and Evans Kavisi.

    KCB will also set aside Ksh 86 million for activations, hospitality, and branding campaigns.

    Sports Cabinet Secretary Salim Mvurya, who graced today’s sponsorship unveiling, hailed KCB for its contribution towards the nurturing of talents and growth of the sport.

    “The WRC Safari Rally has become a hallmark of Kenya’s global sporting calendar, attracting thousands of visitors and injecting billions into our economy. We commend KCB Bank for its steadfast commitment to not only this event but also the broader development of sports in Kenya. Their support ensures that local talents continue to shine on the global stage. Noted Mvurya

    On the social pillar, KCB intends to ensure the safety of the spectators and drivers and empower small businesses, youth, and women. The choice of drivers has also been driven by the consideration of diversity and inclusion.

    Rally cars will be flagged off outside Charter Hall, unlike last year’s championship, which was flagged off at the KICC before the competition moved to Kasarani on Thursday, March 20, for the ceremonial start, and then cars will proceed to KICC for the Super Special Stage.

    Action will head to Camp Moran and Morendat in Naivasha on Friday.

    On Saturday, the cars will pass Sleeping Warrior, Elementaita, Soysambu, and Buffalo Mall. Sunday’s action will see cars go through Malewa, Oserian, Hell’s Gate, and Hippo site before culminating in a prize-giving ceremony.

  • KCB and Airtel Money ink merchant payments deal

    KCB and Airtel Money ink merchant payments deal

    KCB merchants can now received payments directly to their accounts for goods and services from Airtel Money users in an interoperability deal brokered by the two firms.

    Under the deal, Airtel Money users will be able to make payments to KCB merchants’ till through the Lipa Na KCB services which the two firms say is secure, fast, efficient and will enhance financial inclusion.

    According KCB Bank Kenya Managing Director Annastacia Kimtai the deal is part of the bank’s promise anchored on creating an efficient payments ecosystem that will be instrumental in accelerating financial inclusion through a new model centered on low-value, high volume transactions.

    “Reaching critical mass will require mobile money ecosystems to become more dynamic and productive and such a move will enable us scale our offering while giving customers the freedom to empower themselves,” said Kimtai.

    Airtel Money Managing Director Mrs. Anne Kinuthia-Otieno attributed the partnership to the evolution of mobile money interoperability, which now provides customers with limitless choices for conducting their mobile transfers and payment transactions.

    “This collaboration underscores Airtel Money’s ongoing commitment to improving customer experience and promoting financial inclusion through innovative partnerships. With the integration of Lipa na KCB into Airtel Money’s ecosystem, customers now have greater flexibility and convenience in paying for goods and services,” she added.

    Airtel Money customers are expected to enjoy lower transaction charges as compared to current market rates and through interoperability, customers will access seamless payment solutions without the hassle of transferring money to other networks.

  • KCB secures Ksh 4B for onward lending to women enterprises

    KCB secures Ksh 4B for onward lending to women enterprises

    KCB Bank has secured Ksh 4 billion (€30m) from the Bill & Melinda Gates Foundation and the European Investment Bank to increase lending to women enterprises.

    The funds will be disbursed through the bank’s Female-Led and Made Enterprises (FLME) and KCB Foundation 2jiajiri programmes to help the businesses upscale.

    Through the collaborations, the three organizations target to close existing gender gaps through financial inclusion where many women groups and enterprises are left behind.

    “Despite their dominance, women’s economic potential is dwarfed by multiple challenges such as the lack of appropriately designed financial products, weak institutional capacity, and lack of incentives within banks to target and lend to women. The financial industry stands to significantly increase its bottom line by addressing banking’s gender gap: female financial inclusion – particularly the promotion of financial literacy, digital banking, and access to credit,” said Annastacia Kimtai, KCB Bank Kenya Managing Director.

    Women’s Economic Empowerment at the Bill & Melinda Gates Foundation Director Greta Bull said unequal access to credit remains a huge challenge that holds back economic activity and social progress especially for women in Kenya.

    “Across Africa, women need access to more and better credit to support their entrepreneurial activities. This partnership will help transform the banking and financial landscape in Africa and to create incentives for lending to women in business and make them contribute more towards the wider economic growth ambitions,” she added.

    Statistics indicate that 24pc of entrepreneurial activities are women-led, but their potential is hindered by lack of access to startup capital, start-up support ecosystems and networks that deliver capacity building support and lack of knowledge and expertise to implement gender-lens investing strategies among venture capital firms and funds.

    “The pioneering gender focused microfinance scheme led by KCB Bank Kenya will establish a benchmark for other visionary financing programs to tackle the $42 billion financing gap for female entrepreneurs in Africa,” noted Thomas Östros, European Investment Bank Vice President.

    The women will also benefit from lower cost on loans that will be facilitated through digital technology and data and risk sharing.

    Through FLME established two years ago, KCB Bank has lined up Ksh 250 billion to create solutions for women entrepreneurs that are flexible, accessible, and affordable.

    “Kenya and the European Union are committed to delivering gender equality and this exciting new cooperation between the Bill & Melinda Gates Foundation, the European Investment Bank and the European Union will enhance opportunities and improve the lives of thousands of women and their families here in Kenya and later across Africa,” said Henriette Geiger, European Union Ambassador to Kenya.

    The programme is also a 360 degree-intervention platform that seeks to fill the gap where traditional lenders have failed by supporting women and young people to navigate the complex entrepreneurial journey.

    The bank says it has further disbursed loans worth Ksh 111.6 billion to over 600,000 FLME customers while the total FLME portfolio constitutes 35pc of its SME loan book.

  • Governor Abdullahi signs deal to revolutionize revenue collection

    Governor Abdullahi signs deal to revolutionize revenue collection

    Wajir Governor Ahmed Abdullahi has signed a groundbreaking agreement with Kenya Commercial Bank (KCB) to create youth employment, enhance revenue collection and combat revenue pilferage in his county.

    According to Governor Abdullahi, the strategic partnership aims to improve operational efficiency and ensure the optimal utilization of resources.

    “Under the terms of the agreement, KCB will collaborate closely with the County administration to streamline revenue collection processes,” the Governor said.

    “Additionally, the bank will extend its support to Wajir County in various aspects of human resource management, such as efficiently managing payroll and agents,” he added.

    To leverage the benefits of KCB’s advanced online platform, Vuma, Abdullahi said the county will also receive guidance and assistance from the bank.

    The Kenya Commercial Bank (KCB) team involved in this collaboration includes Mr. Benson Rateng, the Regional Relations Manager, Ms. Fatuma Kandi, the Corporate Relations Manager, Edwin Otieno, Head of Agency Banking, and Siyad Ibrahim, the KCB Wajir Branch Manager.

    During the meeting, the County administration entered into a memorandum of understanding (MOU) with the branch manager of KCB Wajir Siyad Ibrahim.

    The purpose of this collaboration is to focus on various areas, including Access to Education scholarships, aimed at supporting post-lower primary education according to the criteria set by the KCB Foundation.

    “There is massive potential in our livestock and Agricultural sector and we shall continue attracting and engaging relevant stakeholders and investors to tap into our vast blessed lands and resources across Wajir County.”

    Additionally, the partnership will extend to providing access to County Vocational Training Centres through the 2Jiajiri propositions.

    The county administration will also facilitate capacity building and mentorship programs for the beneficiaries of Education Scholarships and the 2Jiajiri Program.

    Furthermore, the collaboration will encompass capacity building initiatives for the beneficiaries of the ‘Mifugo ni Mali’ Program.

    Moreover, the County administration will ensure the provision of paid internships and job opportunities for the graduates of the 2Jiajiri Program.

    This proactive approach, the Governor said is part of his campaign pledge to forge alliances that reflects his commitment to improving governance and service delivery within Wajir County.

    “By joining forces with KCB, the county aims to modernize its revenue collection system and eliminate any potential leakages, ultimately enhancing transparency and accountability,” he held.

    This landmark collaboration between Wajir County and Kenya Commercial Bank holds great promise for bolstering the county’s financial management practices.

    The partnership is poised to drive positive change and contribute to the overall development of Wajir, benefiting both its residents and the local economy.