NCBA Group PLC delivered a positive first quarter of 2024, posting a profit after tax of KES 5.3 billion. This represents a 4.7% increase compared to KES 5.1 billion in Q1 2023. The group’s profit after tax increased 4.7% year-on-year, driven by strong operating income (KES 16.0 billion, up 2.8%) and a significant decline in loan impairment charges (down 30.9%). Customer deposits grew 9.7% year-on-year to KES 548 billion, indicating strong customer confidence in NCBA. Total assets increased by 10.5% year-on-year to KES 695 billion, demonstrating a healthy balance sheet. Digital loan disbursements rose 3.9% year-on-year to KES 232 billion, highlighting the success of NCBA’s…
Author: David Indeje
David Indeje
David Indeje is the Community Engagement Editor at Khusoko, East Africa’s leading digital business news platform. He shapes editorial content, drives audience engagement, and amplifies diverse voices. Beyond journalism, he consults on digital strategy across agriculture, governance, technology, and health, while examining AI’s role in the future of media. He also serves as Communications Officer at KICTANet, advancing digital inclusion and policy dialogue.
Kenya’s economy rebounded in 2023, with a Gross domestic product (GDP) growth rate of 5.6%, exceeding the revised figure of 4.9%. The 2024 Economic Survey Report by the Kenyan National Bureau of Statistics (KNBS), attributes this growth primarily to a 19% expansion in the Agriculture, Forestry, and Fishing sector. “Last year it shot to 7% (growth),” Macdonald Obudho, the director general of the statistics office said during the launch of the economic growth report for the period. During the period, tea production surged, with output increasing in value from Ksh 156.7 billion in 2022 to Ksh 176.3 billion in 2023. …
A Kenyan company, Adrian Kenya Limited (AKL), has filed a complaint with the Central Bank of Kenya (CBK) against Citibank Kenya. AKL alleges that Citibank breached its contractual agreement and engaged in unethical banking practices. What is the deal? In 2018, Citibank offered AKL a $10 million credit facility to support its business growth. In exchange, AKL opened operational accounts at Citibank and secured the loan with various assets. The agreement stipulated that AKL’s business payments would flow through Citibank, with the bank deducting loan repayments and allowing AKL access to the remaining balance. AKL’s Allegations In 2021, AKL claims…
Kenyan Buy-Now, Pay-Later (BNPL) company, Watu, has its sights set on the future with a bold commitment to electric mobility. Responding to the Parliament’s Departmental Committee on Finance and National Planning, Watu outlined its plans to actively promote sustainable transportation. The Parliamentary Committee was tasked with investigating BNPL services in Kenya. Their investigation focused on consumer protection, regulation, financial risks and regulatory gaps. Registered in 2015, Watu Africa, known for financing motorbikes and smartphones for underserved communities, aims to become a key player in Kenya’s electric motorbike revolution. “In a span of over nine years, our resilience in delivering our…
Unintended pregnancies are a significant health concern in Kenya, contributing to preventable maternal deaths. To address this challenge and empower women, Kenya received a shipment of 450,000 doses of Subcutaneous Depot Medroxyprogesterone Acetate (DMPA-SC). DMPA-SC are user-friendly injectable contraceptives that offer an advantage to women who can administer them themselves, expanding access beyond traditional healthcare settings. This initiative, funded by the UK government, aims to benefit over 400,000 women of reproductive age in Kenya. Experts estimate it could prevent a staggering 42,750 unintended pregnancies and save the lives of 122 mothers. “The integration of DMPA-SC self-injection into Kenya’s reproductive health landscape is…
The Communications Authority of Kenya (CA) unveiled a five-year strategic plan (2023-2027) to ensure all Kenyans access to affordable, reliable and quality communication services. This plan marks a significant shift. Unlike previous iterations, it prioritizes the needs of the people, putting “Digital Access for All” at its core. Four Pillars for a Digital Future The plan rests on four pillars that will shape Kenya’s digital landscape: Connectivity: Expanding meaningful access to ICT services for all Kenyans. Empowerment: Protecting and empowering consumers in the digital world. Innovation: Fostering a competitive market that embraces emerging technologies. Efficiency: Strengthening the CA’s effectiveness in regulating the sector. Ambitious Goals and Increased Focus on Inclusion…