KCB Bank on 14th October, marked its 15th anniversary since it set foot in Uganda in 2007, with a firm promise to close the year with at least a UGX1 trillion balance sheet.
Speaking at the anniversary celebrations, held at Kampala Serena Hotel, KCB Bank Uganda Managing Director, Edgar Byamah, revealed the bank was just about UGX38 billion shy of the UGX1 trillion (USD261 million) rubicon.
“At present, our bank boasts of an asset base of over UGX961.43 billion and over 40,000 customers, which success is greatly attributed to a committed team that has keenly served the bank over the years,” he said.
This means KCB Bank’s assets have grown 22% from the UGX790.3 billion as of December 31st 2021.
He said the growth witnessed over the 15 years, has been influenced by footprint expansion― to 14 branches to date, backed by other innovative digital-driven banking solutions such as online banking, Kaycee – Chatbot, and the ATM Recycler Machines among others.
The bank also has 385 bank agents and 295 merchant outlets.
He further revealed, “The advancements would not have been possible without sound leadership, which stems right from group level and spirals down to the different markets where the bank has a footprint like Uganda. Over the years, KCB Bank Uganda has grown organically and as a result, registered significant growth in its balance sheet. Today, we can confidently project to close our fifteenth year with a balance sheet of one trillion Uganda shillings.”
Hon. Henry Musasizi, The State Minister of Finance, Planning and Economic Development (MoFPED), General Duties, commended the KCB Group Plc for setting up in Uganda and for its “positive contribution towards the banking sector and the immense opportunity they have opened to the public through the service they offer.”
“I believe if we (Uganda) continue on this path, we will constantly realize the growth of our economy through financing from partners like KCB. MoFPED remains committed to providing a suitable environment for companies to grow sustainably among other economic initiatives,” the minister added.
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KCB Bank Uganda, Board Chairman, Constant Othieno Mayende, said that regardless of a competitive environment, with 25 commercial Banks, the bank remained committed to continuing the execution of its strategy of “being the preferred financial solutions provider in Uganda.”
Othieno added, “Our commitment is to serve our customers, with foresight that focuses on key three parameters; customers, efficiency and digitization. We understand that our customers today need financial services that are always-on and can be accessed within arm’s reach. We therefore we have to reach our customers by digitizing our services. Consequently, management is always challenged by the board to ensure that the customer is kept at the forefront of whatever we do.”
Paul Russo, the KCB Group CEO, Paul Russo said that “given the potential of Uganda as a strategic business partner within the East African Community Economic Bloc, the future for KCB Bank Uganda is very bright.”
“What the Bank can do in contributing to the growth of this region should be limited only by our imagination. On this special occasion, we are re-dedicating ourselves to working closely with all stakeholders to unlock the potential in this country,” Russo who assumed office In May 2022 said.
Byamah, reiterated that, as a customer-centric brand, KCB would constantly innovate, products that enable customers to Go Ahead— the bank’s brand promise.
“In the near future, we shall be unveiling our new and improved Mobile Banking Platform purposed to enable our customers to conduct real-time transactions like utility payments, buying airtime, checking account balances, Bank to bank transfers, and bank-to-wallet transfers among many other activities without necessarily visiting the bank,” he said.
As of September 2022, KCB Group Plc, KCB Uganda’s mother bank was East Africa’s second-largest banking group- by balance sheet size, with more than 495 branches, 1,172 ATMs and over 27,102 merchants and agents offering banking services on a 24/7 basis in the East African countries of Kenya, Tanzania, South Sudan, Uganda, Rwanda, Burundi and Ethiopia (Rep).
