NCBA bank boasts as leader in digital loans currently at Ksh.521 billion
NCBA’s loan portfolio on its digital platform shoot to Ksh.521 billion in nine months to September 2022.
This makes the lender the leader in digital lending, according to its quarter three results released Thirsday.
Under the portfolio, Fuliza takes up a huge portion at Ksh.461 billion compared to Fuliza currently at Ksh.60 billion.
The bank said it will waiver Ksh.5.5 billion in digital loans in line with a directive issued by the Central Bank of Kenya (CBK) – under the Credit Repair Framework.
All banks in the country are expected to move in similar direction where Kenyans will enjoy a Ksh.15 billion windfall in digital loans waiver.
On salary loans advanced to employees, Co-operative banks takes the lead with latest record showing Ksh.44.12 billion was advanced as of September 2021.
The advance borrowings, mostly to meet short-term needs such as buying food and paying bus fare, grew 28 percent from Ksh.34.4 billion in a similar period in 2020.
The borrowing pushed its total digital lending to Ksh.173.5 billion in 2021 from Ksh.105.7 billion in September 2020.