Barclays’ Kenya Unit Centres Three-Year Strategy On Mobile Banking
News: London-based Barclays ' local unit in Kenya is placing technology and mobile banking channels at the centre of its growth strategy for the next few years, according to Standard. The lender ' s managing director, Jeremy Awori, said that the bank would invest in technology and systems, while building on its recently launched online banking and mobile banking for smartphones and tablet devices. The move is part of what the bank described as its three-year strategic plan.
BMI View: We hold a positive view on Sub-Saharan African (SSA) banks in general, believing that rapid economic growth and technological innovation will propel the expansion of assets and loans. We have identified four key trends affecting the industry, following an examination of 11 of SSA's banking sectors: rapid growth fuelled by buoyant economic activity, the extension of services to the unbanked, measures to improve the assessment of credit risks, and policies to improve the monetary policy transmission mechanism.