KCB Bank Kenya taps Sopra Banking Software for digital transformation
KCB Bank Kenya, the largest commercial bank in the country, has partnered with fintech Sopra Banking Software to drive its digital banking transformation.
Sopra Banking Software has been tasked with designing, building and supporting the bank’s savings and lending products portfolio through its platform KCB Vooma.
Since 2020, the bank and the fintech service provider have, in partnership, been building products on KCB Vooma and have rolled out savings and loan offerings to customers, as well as migrated KCB M-Pesa and KCB mobile loan products to Sopra’s platform.
KCB bank claims to have disbursed 40 million loans worth $3 billion to 11 million customers, in a period spanning October 2018 to December 2022.
“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,” says Paul Russo, CEO of KCB Group.
Eric Bierry, CEO of Sopra Banking Software, says 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 marginalised and underbanked communities”.