NCBA Launches Revolutionary Banking App to Boost Financial Inclusion in East Africa

April 26, 2024

Dar es Salaam, April 2024 – The NCBA Group has taken a significant leap forward in digital banking by launching its innovative omnichannel application, NCBA Now, in Tanzania. This strategic move is designed to deepen financial inclusion and transform the banking experience across the East African region.

NCBA Now is an app and a comprehensive banking platform that extends far beyond traditional banking boundaries. It offers services accessible anytime, anywhere, to NCBA customers and non-customers, enhancing the bank’s reach and operational efficiency. The platform is crucial in NCBA’s ongoing efforts to drive digital transformation and improve user engagement through technology.

Core Features of NCBA Now: The NCBA Now app is designed to facilitate a seamless banking experience. It includes features for real-time account monitoring, card management, service requests, customizable alerts, fund transfer options, bill payments, and instant mobile wallet transactions. This robust functionality ensures that users can handle virtually all their banking needs through a single interface, reinforcing NCBA’s commitment to convenience and accessibility.

Impactful Launch and Visionary Leadership: During the official unveiling in Tanzania, NCBA Group Managing Director, John Gachora, highlighted the app’s significance. “The new NCBA Now platform we are unveiling today is a testament to our continued pursuit of innovation and excellence in customer experience,” Gachora noted. He emphasized the app’s role in leveraging digital technology to enhance financial inclusion across NCBA’s markets in the East African region, reflecting the institution’s commitment to meeting the evolving needs of its customer base.

Financial Performance and Market Impact: The launch event also served as a platform for announcing NCBA Tanzania’s outstanding financial results for the year ending December 31, 2023. The bank reported a profit after tax of TZS 20,164 billion, marking an impressive 157% growth compared to the previous year. Customer deposits grew by 91.5% to TZS 262,582 million, while total assets increased by 14.5% to TZS 515,503 million.

These financial milestones underscore the success of NCBA’s strategic initiatives, particularly in digital banking. The Retail Digital Business in NCBA Bank Tanzania has been a significant growth driver, with its M-Pawa digital lending service disbursing loans worth TZS 100 billion and generating revenues of TZS 25 billion. This performance reflects the bank’s robust financial health and its ability to innovate and adapt to the digital era.

Regional Expansion Plans: Following the successful launch in Tanzania, NCBA plans to roll out the NCBA Now app across its other regional markets, including Uganda, Rwanda, and Ivory Coast. This expansion is expected to enhance further digital banking penetration across East Africa and beyond, setting a new standard for convenience and accessibility in the banking sector.

Future Outlook:

The rollout of NCBA Now is anticipated to play a crucial role in propelling NCBA’s financial performance in 2024 and beyond. As the bank continues to redefine the banking experience, it empowers customers to achieve their financial goals with unprecedented ease. NCBA remains committed to leveraging this state-of-the-art platform to introduce more innovative digital solutions tailored to meet its customers’ dynamic financial needs.

Commitment to Digital Innovation: Besides its current offerings, NCBA is actively exploring new digital solutions to enhance customer satisfaction and operational efficiency further. The bank’s focus on innovation is not only about staying ahead in the competitive market but also about positively impacting the communities it serves by making banking more inclusive and accessible.

Social Responsibility and Community Engagement: NCBA’s efforts extend beyond financial services. The Group is deeply committed to social responsibility, focusing on initiatives that support community development and sustainability. Through various programs, NCBA aims to contribute to the social and economic well-being of the communities in which it operates, aligning its business goals with community needs.

NCBA Group is a full-service banking group offering a broad range of financial products and services to corporate, institutional, SME, and consumer banking customers. Operating in five countries, including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast, NCBA serves over 60 million customers, making it the largest banking group in Africa by customer numbers. NCBA Bank Kenya PLC is among the top banks by assets in the region and continues to be a leader in corporate banking, asset finance, and digital banking.

The launch of the NCBA Now app marks a significant milestone in NCBA’s journey towards financial innovation and customer-centric banking. By integrating advanced digital solutions into its services, NCBA enhances the customer experience and sets new standards for the African banking industry. The future looks promising for NCBA as it continues to innovate, expand, and contribute to the economic growth of East Africa and beyond.