KCB Bank Kenya has partnered with fintech Sopra Banking Software to drive its digital banking transformation.
KCB contracted the global financial technology service provider to design, build, deliver, and support the savings and lending products portfolio through the KCB Vooma.
KCB Vooma is the bank’s lending, savings, and payments platform.
The previous partnership between KCB and Sopra Banking Software (since 2020) has seen the introduction of new products on the KCB Vooma platform with a target of continuing to grow disbursements and non-funded income to the envisioned 40% of the total group revenues.
Chief Executive Officer (CEO) of KCB Group, Paul Russo said the partnership has enabled the bank to, “Offer differentiated value propositions covering payments, savings and lending on digital channels, delivering a seamless banking experience to customers.”
CEO of Sopra Banking Software, Eric Bierry noted that partnership with the bank revealed the fact that, “There is a greater appetite for wider utilization of mobile financial services to enhance financial inclusion among marginalized and underbanked communities.”
KCB claims it has disbursed over 40 million loans worth Sh332 billion ($3 billion) to 11 million customers in the past four years (from October 2018 to December 2022).