(Bloomberg) -- Kenyan lender NCBA Group Plc wants to double its market share of the East African nation’s trillion-shilling ($6.53 billion) of deposits and savings held by credit unions, as it seeks more revenue from the industry dominated by rival Co-operative Bank of Kenya Ltd.
The Nairobi-listed bank and pioneer of mobile-phone based savings and credit products will use its digital platforms to double its market share to 26% in two years, Chief Executive Officer John Gachora said in an interview in the capital, Nairobi.
“The separation between credit unions and banking is closed so you see more sophisticated bank customers are also credit union members and they want to have the same seamless experience,” Gachora said.
Kenya had 176 licensed deposit-taking credit unions with 6.42 million members, according to the Sacco Societies Regulatory Authority’s annual supervision for last year.
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Author: Bella Genga