KCB Bank Tanzania Is Driving Digitalization And Innovation To Ensure Strategic Growth. Penresa Had The Pleasure Of Speaking To Managing Director Cosmas Kimario To Unravel The Secrets Behind The Bank’s Rapid Growth And Position As A Regional Financial Leader.
What new technologies are playing a role in the development of your Bank? KCB is a pioneer in making sure that we deploy technology in all our operations. Currently, about 97% of transactions are now being done outside the banking halls. Our digital financial services division works to make sure that we digitalize our services and that is why we only have 14 branches and yet we are still operating across the country. We have mobile banking and internet banking apps that are operational and working extremely well to support our clients and our Internet platform is a top-notch platform that is accessible on your phone.
Could you tell us the secret behind the bank’s excellent reputation and successful operations? Customers need high-quality and efficient service. At KCB, we have modelled ourselves in such a manner to ensure efficient turnaround time (TAT) in all our processes, whether you are depositing cash, withdrawing cash or whether you have applied for a loan.
Can you tell us about the KCB Foundation’s initiative to strengthen inclusivity?
KCB has launched a networking forum to empower women through tailor-made financial solutions. This initiative is in line with KCB’s 10- point sustainability plan on diversity and inclusion; encouraging more women to take up key roles in business ventures. The platform sup ports women in business through financial literacy training and a capacity-building program to sensitize them to the banking services available to help solve entrepreneurship challenges.
This support is done through KCB 2jiajiri program launched in 2016 and later in 2019 it was extended to youth empowerment through skills development (100% funded in a form of scholarship in partnership with Vocation Education and Training Authority -VETA in Tanzania), mentorship, coaching, industry attachment, entrepreneurship training, enterprises formation and incubation to sustainable businesses. The idea behind this is to change the employment-seeking mindset of the youth to self-employment, whilst improving their social and economic power.
For investors looking to invest in Tanzania, could you tell us why KCB would make the perfect partner?
As a regional player, we can support you in terms of growth while our short TATs and high-quality customer service and capacity as the region’s largest bank, means that our services are extremely advantageous within the market.
“KCB is a pioneer in making sure that we deploy technology in all our operations.”
Grown by 80% and all our parameters and profits have almost tripled. Our vision has always been to focus on the delivery of best services to our clients as well as working with the communities where we are operative and the government. To continue with the desired growth, we ensure that we service our clients to the highest possible standards while making sure we contribute to economic growth.
Could you give us a brief outline of KCB’s history and legacy in Tanzania? KCB bank opened its very first branch in Zanzibar in 1897 and then began operations in different countries before settling in Kenya. As a group, KCB is the largest bank in East and Central Africa in terms of asset base and many other parameters. We are currently operating in multiple countries, such as Kenya, Tanzania, Uganda, Rwanda, Burundi, South Sudan. We also have a representative office in Ethiopia and soon we will be entering the DRC market.
What are some of KCB’s proudest milestones? I would say our proudest moments lie in the satisfaction gained from supporting our clients, some of which have established their businesses here from scratch. We started lending less than US$ 200,000 to local corporates, and now we’re providing them with facilities that are close to US$ 20 million. We have also supported government initiatives on many fronts; whether it’s employment creation or tax payment. We have played a big role in terms of aligning ourselves to government objectives.
