Kenya Commercial Bank (KCB) has declared plans to follow rival Equity Bank into the telecoms market after announcing a first quarter profit increase of 28.6 per cent.
HumanIPO reported last month Equity Bank was one of three firms to have been granted mobile virtual network operator (MVNO) licences by the Communications Commission of Kenya (CCK).
The Star reports KCB followed up announcing its profit growth by saying plans to venture into telecoms were “on cards”, while it hopes by the end of this month to conclude a deal to deepen presence its in Near Field Communication (NFC)-supported card payments with entry into the public service vehicle (PSV) sector.
“This is the space that the whole of the industry will be moving into going forward and we already have plans which we will announce at an appropriate date,” said KCB chief executive officer (CEO) Joshua Oigara.
