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KCB Group, Kenya’s biggest bank, grew its profits by 49% in the first nine months of 2024, driven by income growth. It reported KES 45.8 billion ($354 million) in profits compared to KES 30.7 billion ($238 million) in the same period last year. Its revenue also jumped by 22% to KES 142.9 billion ($1.1 billion), including contributions from both lending and non-lending activities such as foreign exchange income and transaction fees. The bank’s total assets—including cash, loans, investments, and property—also grew to KES 2.0 trillion ($15.4 billion), led by customer deposits of KES 1.5 trillion ($11.5 billion). Net loans and advances rose to KES 1.1 trillion ($8.5 billion) following a sharp rise in retail sector lending. KCB’s ability to grow deposits and loans at this scale shows strong customer confidence and operational capacity amid currency volatility that pressures foreign-denominated loans, one banking executive told TechCabal. KCB’s subsidiaries outside Kenya accounted for 36.6% of profits and 34% of total assets, KCB said in its financial report, indicating a shift toward regional markets. The performance of Trust Merchant Bank in the Democratic Republic of Congo—a lender KCB Group acquired in December 2022—shows the impact of geographic diversification, though it also brings exposure to markets with varying economic and political conditions. Bad loans rose to KES 215.3 billion ($1.67 billion). Provisions for these non-performing loans (NPLs) increased by 12.2%, but high NPLs show ongoing problems in sectors like real estate and manufacturing. Fixing these bad loans remains problematic, the bank said. Shareholders saw better returns, with return on equity growing to 25.6% from 19.6% last year. Shareholders’ funds grew to KES 249 billion ($1.9 billion). The bank’s capital remains strong, well above regulatory limits at KES 10 billion, but one subsidiary—the National Bank of Kenya (NBK)—has not met this standard. In October 2024, Access Bank received approval from the Competition Authority of Kenya (CAK) to acquire NBK in a deal thought to be worth $100 million.
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Private capital investment in Africa is a key driver of economic growth, with significant potential to transform businesses and sectors across the continent. However, this growth is not evenly spread. In Q3 2024, five countries—South Africa, Kenya, Nigeria, Ghana, and Egypt— emerged as the primary hubs for private capital, according to a new Stears report. These ‘Big 5’ economies alone accounted for 85% of all private capital deals, highlighting their dominant role in shaping the region’s investment landscape. The dominance of the Big 5 economies is no accident as they offer conducive environments for investment, more stable economic conditions, and policies that promote business growth. For example, Nigeria’s recent strides in fintech regulations and Kenya’s robust mobile money ecosystem are two factors that have attracted international venture capital. Technology is a crucial area of private capital investment, and the Big 5 countries are again at the forefront. For instance, in Q3 2024, Terrapay raised $95 million in debt financing to expand its remittance operations across Africa, demonstrating the appeal of these economies for tech-focused investment. With well-developed ecosystems that foster innovation, these countries continue to attract significant technology-driven capital. In Q3 2024, 73 private market deals were recorded across Africa, with 39 deals disclosing a combined value of $2.27 billion. Most private capital activity was concentrated in Southern, East, and West Africa, with Southern Africa leading at 45%, followed closely by East Africa at 41%. West Africa accounted for 33% of the deals, while Central Africa lagged with only 8% of total transactions. Sector-wise, financial services led the pack, contributing 33% of all private capital deals. Consumer goods followed closely, accounting for 19% of deals, with e-commerce making up 27% of that category as trade and commerce expanded across Africa. In contrast, the technology sector, while still growing, ranked fifth behind agriculture and energy, though 90% of tech deals were equity-based, signalling strong investor confidence in Africa’s tech future. While the Big 5 dominate private capital flows, smaller economies are also seeing growth despite facing different challenges. Deals outside the Big 5 rely more on debt financing, accounting for 28% of transactions, compared to 18% in the Big 5. The agricultural sector, for instance, remains highly localised, with 91% of its deals confined to a single country. However, the energy sector saw more activity in non-Big 5 countries, with renewable energy projects attracting significant investment, driven by the need to address energy shortages and spur economic growth. By improving policy frameworks, fostering stronger financial ecosystems, and addressing infrastructure deficits, smaller African economies position themselves as viable alternatives for private capital. The future of Africa’s investment climate will be shaped by both the pace set by the Big 5 and the emerging opportunities across the continent.
Read MoreYellow Card, a pan-African stablecoin infrastructure company that raised $33 million in October, has secured a Crypto Asset Service Provider (CASP) licence in South Africa, a significant step in its regional expansion. This comes as South Africa continues to relax its regulatory stance on cryptocurrency in 2024, with over 138 companies now licensed to operate within the country’s regulated crypto ecosystem. “The CASP license … reflects our dedication to providing secure, compliant, and transformative solutions for our customers both in South Africa and across Africa,” Chris Maurice, Yellow Card’s co-founder and CEO, said in a statement. Yellow Card, which entered South Africa in 2020, operates in 20 African countries, allowing users to use stablecoins to send money across these countries. The startup claims to have facilitated over $3 billion in transactions since its inception in 2016. South African regulators began licensing providers of advisory services, exchanges, payment gateways, and wallets to bring oversight to the country’s growing crypto industry as the industry processed $26 billion in transactions between June 2023 and June 2024. This regulatory framework has enabled the South African government to tax crypto returns and reduce risks related to money laundering and terrorist financing. However, the FSCA’s authority is limited to licensing and overseeing Crypto Asset Service Providers (CASPs) for financial services involving crypto assets and does not equate to recognising crypto assets as legal tender or as “cryptocurrency.” The South African Reserve Bank also does not currently recognize crypto assets as currency. The earliest step in liberalising South Africa’s crypto regulatory landscape came in November 2018 when the South African Reserve Bank (SARB), in collaboration with the Financial Sector Conduct Authority (FSCA), South African Revenue Services (SARS), and the Financial Intelligence Centre (FIC), established the Crypto Assets Regulatory Working Group. In October 2022, the FSCA declared crypto assets as financial products, bringing them under its regulatory jurisdiction. This move paved the way for the FSCA to open applications for licenses in June 2023 and began the welcoming of crypto in South Africa.
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