KCB Bank Rwanda, a subsidiary of the Kenya Commercial Bank (KCB) Group, recently announced the creation of Mobiloan, a platform that allows customers to access loans of up to USD 585 through the bank’s pre-existing mobile banking service. The loans have terms of 30 days and carry an interest rate of 6 percent.
The KCB Group, which began its operations in 1896 as a unit of the National Bank of India, now has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, and Burundi. As of 2016, KCB had total assets of USD 5.7 billion, total customer loans of USD 3.7 billion and total customer deposits of USD 4.3 billion. The bank is no longer associated with the National Bank of India.
By Ryan Gauthier, Research Associate
Sources and Additional Resources
New Times (Rwanda) article:
http://www.newtimes.co.rw/section/read/222885/
KCB Group:
https://kcbgroup.com/
KCB Bank Rwanda:
https://kcbgroup.com/rwanda/
KCB Group 2016 Financial Report:
https://ke.kcbgroup.com/images/downloads/KCB-Group-Financial-Results-FY16.pdf
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda
- MICROCAPITAL BRIEF: LOLC Buys 28% Equity Stake in Unguka Bank, Provider of Microfinance in Rwanda, from Incofin
- MICROCAPITAL BRIEF: Baobab+ Borrows $1.3m from Oikocredit to Boost Household Access to Technology, Solar Energy in Rural Côte d’Ivoire
- MICROCAPITAL BRIEF: Rite Water of India Nets $8m in Equity from Incofin via Water Access Acceleration Fund
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan