KCB Bank Partners With Sopra Banking Software to Drive Its Digital Banking Transformation Agenda

NEW YORK–(BUSINESS WIRE)Sopra Banking Software, a global financial technology service provider has partnered with KCB Bank Kenya to further bolster the lender’s digital capabilities.

The Bank has contracted Sopra Banking Software to design, build, deliver, and support the savings and lending products portfolio through the KCB Vooma, the Bank’s lending, savings, and payments platform.

With the rollout of payments, savings, loan products, and the migration of KCB M-PESA and KCB Mobile loan products to the Sopra Banking Platform, KCB has disbursed over 40 million loans worth KShs.332 billion (US$ 3 billion) to 11 million customers from October 2018 to December 2022.

Over the past few years, the Bank has been building different products on the KCB Vooma platform in partnership with Sopra Banking Software with a target of continuing to grow disbursements and non-funded income to the envisioned 40% of the total group revenues.

Sopra Banking Software was onboarded in 2020 when the bank embarked on the ambitious implementation of the Vooma mobile wallet that allows customers to pay for goods and services, get loans and save money via their mobile phones on any network.

Through support from Sopra Banking Software, the bank has witnessed tremendous improvement both in transaction growth in savings and loan uptake as well as customer experience.

“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,” said Paul Russo, KCB Group Chief Executive Officer.

On his part, Eric Bierry, Chief Executive Officer of Sopra Banking Software, said that 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 marginalized and underbanked communities.

“KCB Bank has emerged as a model partner to advance the ideals towards the provision of innovative, broader, added value services for its customers. Given the scope that included mainstreaming of mobile loans and savings, achieving scale is just one part of a successful growth journey. We, therefore, look forward to working together in the future to enable the bank to achieve its business goals,” said Raouf Mhenni, Executive Vice President, Middle East and Africa, Sopra Banking Software.

Leveraging enhanced digital capabilities, KCB is one of the implementing banks of the Hustler Fund, a financial inclusion fund is a flagship project of the Kenya government, set to disburse low interest rate credit to customers through digital means.

KCB has identified Micro, Small, and Medium Enterprises (MSMEs) as a key focus area going forward and the Bank is targeting to double the loan book in this sector by 2023, not only in Kenya but across all its subsidiaries in the group.

About Sopra Banking Software

Sopra Banking Software (SBS) is a global fintech company that’s creating a new breed of banks to power financial services beyond traditional banking. Since 2012, Sopra Banking Software has worked with more than 1,500 financial institutions in 100+ countries to digitize their offerings and reimagine their role in the banking industry. Through its Sopra Financing Platform, the company can power bank-like services for digital and neobanks, as well as non-bank institutions like automotive manufacturers and real estate companies. Sopra Banking Software has been recognized in Omdia’s Universe: Digital Banking Platforms, and IDC’s FinTech Rankings. Sopra Banking Software is a subsidiary of the Sopra Steria Group (EPA: SOP), a European financial leader with 47,000+ employees, which has been supporting financial institutions since 1968.

For more information, visit www.soprabanking.com

About KCB Bank Kenya Ltd

KCB Bank Kenya Limited is the largest commercial bank in the country. A subsidiary of KCB Group Plc, the Bank has the largest branch network, with over 200 branches, 367 ATMs and 16,000 agents offering banking services on a 24/7 basis in East Africa. This is complemented by mobile banking and internet banking services with a 24-hour contact center services for our customers to get in touch with the Bank. KCB Group Plc- which also has presence in Uganda, Tanzania, South Sudan, Burundi, Rwanda and a representative office in Ethiopia also boasts of a wide network of correspondent relationships totaling over 200 banks across the globe and our customers are assured of a seamless facilitation of their international trade requirements wherever they are.

Image: From left to right: Eric Bierry, CEO of Sopra Banking Software; Paul Russo, CEO of KCB Group; Raouf Mhenni, Executive Vice President, Middle East and Africa at Sopra Banking Software. (Photo: Sopra Banking Software)

Shopping Cart

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.