Executive Summary
- The Kenyan financial services sector remains fertile ground for digital-led providers, supported by high mobile money penetration, a robust regulatory framework, and strong customer digital affinity.
- NCBA Bank is a digital leader across Kenyan banks, utilising a combination of international partnerships, innovative products, and sustained investment to outperform industry peers in fintech performance.
- NCBA maintained strong asset quality despite robust loan growth driven by a higher-risk digital sector, demonstrating the bank’s ability to manage its risks efficiently.
- The bank’s planned digital expansion into Ghana (2025), another market with high mobile money penetration, offers more upside.
- NCBA’s competitive advantage in digital financial services and risk management makes it a standout player in a burgeoning industry.
- Ranked third for return on equity and dividend yield, NCBA’s low price-to-book ratio reflects an undervalued asset with significant upside.
- The bank’s familiarity with M&A and its existing digital and operational strength place NCBA in a
