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KCB in Talks With Facebook, Apple on Kenya Digital Payments

  • Lender sets up KCB Fintech subsidiary for digital business
  • KCB targets 20 million mobile bank customers by end-2017
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KCB Group Ltd., Kenya’s biggest bank by assets, is in talks with companies including Facebook Inc., Apple Inc. and Alibaba Group Holding Ltd. about collaborating on digital payments through its new financial-technology unit, Chief Executive Officer Joshua Oigara said.

The discussions, which are also being held with Alphabet Inc. and Tencent Holdings Ltd., form part of the lender’s efforts to double the number of customers on its mobile-phone platform to 20 million by the end of 2017, Oigara said in an interview at his office in the capital, Nairobi, on Wednesday. The unit, known as KCB Fintech, will officially begin operations in June 2017, he said.