Africa’s first ‘true’ cryptocurrency to be launched next year

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Executive Corner

Africa’s first ‘true’ cryptocurrency to be launched next year

Special Correspondent - October 25, 2018

A new mobile phone cryptocurrency network is under development and is set to be released in 2019, a South African banker has announced. Shaun...

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The lender’s balance sheet also strengthened, with net loans and advances growing by 14 percent to Sh105.9 billion, supported by a 19.9 percent rise in customer deposits to Sh151.88 billion. “The year 2025 marked a pivotal start of our five-year strategic plan which is anchored on compelling customer propositions & digital transformation. We continued to invest in digital capabilities and optimization of our distribution network to enhance customer experience and improve our product offering, positioning the Bank for sustainable growth,” said Family Bank CEO Nancy Njau. “Our continued investments in our employees through capacity building and enabling work environment greatly contributed to the good performance. Partnerships with Development Finance Institutions strengthened our capacity to lend to key sectors such as SMEs, agribusiness and manufacturing, contributing to the expansion of our loan book,” she said

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“This performance demonstrates the impact of the strategic efficiency measures we implemented across the business, which have enabled significant cost savings. Maintaining these efficiency levels will remain a priority going forward,” said acting Chief Executive Officer Dominic Murage. “Small and Medium Enterprises (SMEs) remain central to our business model and portfolio, and we intend to deepen our support for them. Additionally, as a government-owned institution, we are uniquely positioned to support public sector financing needs. We aim to strengthen our collaboration with government agencies, parastatals, universities and ministries to position Consolidated Bank as the preferred banking partner for the public sector,” he added. The bank’s total assets grew by 11 percent to Sh19.5 billion from Sh17.5 billion in 2024, driven largely by a 29 percent increase in investments in government securities to Sh8.2 billion from Sh6.4 billion.

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Industry players say limited access to timely financing has remained a major bottleneck in the sector, often disrupting supply chains and leading to post-harvest losses, especially for perishable goods. FPCK estimates the fresh produce sector currently supports more than three million livelihoods, with potential to scale further if structural challenges such as access to credit are addressed. Analysts note that such solutions could improve efficiency in agricultural value chains, reduce reliance on expensive informal credit and support expansion of Kenya’s horticulture exports.

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Tag: DMC coin

Africa’s first ‘true’ cryptocurrency to be launched next year

MOST POPULAR

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Family Bank profit after tax jump 55.4pc to Sh5.38bn

Consolidated Bank posts Sh217mn in profits

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