Global Finance Magazine Ranking 2021: Here's Kenya’s Only Bank to Make it to Best Banks in Africa List

 

KCB Bank Kenya, which is aggressively expanding regionally through acquisitions, maintained its position as the Best Bank in Kenya despite recording a 22% decline in profits to $177.2 million last year, Global Finance Magazine reports.

By all accounts, writes GFM, African banks have been innovative in response to various looming threats to human existence, the pandemic being only the latest. This includes the importance of understanding client needs and prudent risk management.

Putting safety of people first accelerated the shift toward digitalization. Online and mobile banking are the new normal in service delivery. Across the continent, top banks are in a race to digitalize to remain ahead. More telling, industry laggards have become late believers.

“Banking today is digital,” observes Joshua Oigara, KCB Bank Kenya’s Group CEO. Today, 98% of KCB Bank transactions are conducted outside the branch.

He adds: “Acquisitions in these markets will buttress our leadership position and give us a stronger edge.”

It is against the changing face of banking that Global Finance has unveiled the 2021 edition of the Best Banks in Africa. Despite the Covid-19 induced stress, the best banks on the continent have demonstrated resilience and remain optimistic for a quick recovery. 

There is little evidence the pandemic has forced banks to halt their precrisis growth strategies, particularly ambitions to expand to new markets across the continent. While pan-African banks like Standard Bank, Ecobank, Societe Generale and Bank of Africa want to cement their position, homegrown banks like KCB and Zenith are implementing aggressive strategies for expansion.