KCB Group PLC and pan-African multilateral development bank, African Export-Import Bank (Afreximbank) have entered a Memorandum of Understanding aimed at providing financial and trade facilitation support to investors operating in the Vipingo Special Economic Zone (SEZ) in Kilifi County.
Under the agreement, Afreximbank and KCB Group will provide initial funding amounting to US$ 500 million and US$ 300 million, respectively towards the initiative.
The announcement was made during the Arise Integrated Industrial Platforms (Arise IIP) - Kenya Investment Forum 2025 where business leaders converged to deliberate on how to position Kenya as a preferred investment destination.
Under the framework, prospective investors will benefit from competitive financing solutions to establish operations within the SEZ, with a focus on manufacturing, agro-processing, logistics, and value-addition enterprises.
By combining resources, expertise, and networks, KCB and Afreximbank will empower both local and international investors to enjoy tailored financing solutions, including working capital facilities, project finance, trade financing, project preparation facility, guarantees and advisory support among others.
Speaking during the signing ceremony on September 16, 2025, in Vipingo, KCB Group CEO, Paul Russo said, "This agreement marks a significant step in our mission to catalyse sustainable industrial growth in Kenya and across the region. We are delighted to elevate Vipingo SEZ as a gateway to transforming, creating and sustaining an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.”
The Vipingo SEZ is one of Kenya’s flagship projects under the Special Economic Zones Authority (SEZA), envisioned as a catalyst for attracting investment and spurring regional development. By channeling affordable capital into the zone, the partnership between KCB and Afreximbank is expected to unlock critical infrastructure, strengthen export-oriented industries, and position Kilifi as a magnet for both domestic and foreign direct investment.
On her part, Afreximbank’s Managing Director, Export Development, Ms. Oluranti Doherty noted: "Afreximbank’s mandate is to promote and expand African trade, and this
partnership with KCB is a concrete demonstration of that commitment. Special Economic Zones are powerful engines for industrialization, export growth, and economic diversification. Through this financing framework, we will not only enable enterprises to scale but also support the creation of sustainable supply chains that uplift local communities and drive regional integration."
Mr. Russo signed on behalf of KCB Group, Ms. Doherty for Afreximbank and Mr. George Olaka, CEO Arise IIP-Kenya signed for his organisation. The ceremony was witnessed by among others Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank and Mr. Gagan Gupta, Founder and CEO of ARISE IIP.
The agreement underscores the role of strategic partnerships in bridging Africa’s financing gap while enabling the private sector to play a transformative role in sustainable development. The funding to Vipingo SEZ is under the Afreximbank’s US$ 3 Billion Country Programme to Kenya signed in May 2023 to support the development of various sectors of its economy, with a special focus on industrial development, namely the Naivasha Industrial Park, Dongo Kundu Industrial Park and now the Vipingo SEZ. Afreximbank disbursed US$ 40 million in funding to facilitate the development of the Vipingo Special Economic Zone (SEZ) with a further commitment of US$ 500 million to support individual investors setting up operations within the Zone.
KCB Bank customers can now enjoy a refreshed banking experience after the rollout of the revamped mobile banking App that now delivers a faster, more secure, and user-friendly functionalities.
The enhanced platform provides an all-in-one bespoke digital banking outlook introducing breakthrough self-onboarding capabilities, allowing customers to register and begin banking instantly, anytime, anywhere. Powered by advanced artificial intelligence, data analytics and a mini-app ecosystem, the platform is built for scale, agility, and inclusivity, delivering a truly personalized and future-ready banking experience.
The app will deliver a seamless and personalized banking experience, further reinforcing the Bank’s position as a digital financial market leader in response to the ever-evolving customer needs.
KCB Bank Director, Digital Financial Services, Angela Mwirigi said, “This new app reflects our continued commitment to innovation and customer satisfaction. We have listened to our customers, understood their needs, and invested in a platform that brings banking closer to them in the safest and most convenient way possible. It is part of our promise to make banking better, simpler, and more accessible for everyone.”
This comes as the bank’s 2025 Q1 results indicated that the value of mobile loans disbursed grew by 28% to KShs. 116 billion, translating to over 309.1million transactions which showcases the growing customer confidence and reliability in the platform.
This digital milestone is anchored on the KCB Group Strategy 2024 - 2026, ‘Transforming Today Together’, which seeks to leverage cutting-edge technology to deliver tailor-made, market leading financial solutions that satisfy diverse customer segments.
The roll-out of the app aligns with the bank’s Brand Purpose “For People. For Better.” reaffirming its mission to empower customers by removing barriers to financial access and creating inclusive, technology-driven solutions.
The new KCB Mobile Banking App is available for download on both the Google Play Store, Apple App Store and HarmonyOS. Customers with the old app will be notified via official banking channels on how to migrate to the new App.
Tier 2 capital financing to enable KCB to fortify its total capital position and grow its loan book to climate-related projects and women-owned and led businesses.
British International Investment (BII), the UK's development finance institution and impact investor, has announced the provision of a $100 million Tier 2 capital facility to KCB Bank Kenya to increase its lending capacity to climate-related projects and women-led small and medium-sized enterprises (SMEs).
The funding will strengthen KCB Bank’s balance sheet and fund local companies scaling innovative climate technologies, including renewable energy, green mobility, and firms creating sustainable value chains in the agriculture sector. It also aligns with the bank’s adopted UN Sustainable Development Goals 5 (Gender Equality), 8 (Decent Work and Economic Growth), and 13 (Climate Action).
The new facility will support the Bank to extend finance to women-owned and led SMEs, particularly those in the informal sector, through the Female-Led and Made Enterprises (FLME) proposition. This seeks to address systemic challenges, discriminatory policies, and cultural barriers restricting women’s access to credit, which are key hurdles for those aspiring to entrepreneurship and business growth.
Chris Chijiutomi, MD and Head of Africa at BII, said: "This facility is a testament to BII's commitment to strengthening Africa's banking sector through partnerships with financial institutions that are driving inclusive and sustainable business growth. Kenya is an important market for BII. By providing supplementary capital to KCB Bank Kenya, we are helping to scale investments in climate projects and create more opportunities for women-owned and led businesses - critical to Kenya's economic development trajectory and a national plan for green growth."
The investment qualifies for the 2X Challenge, of which BII is a founding member, due to the Bank’s commitment to support gender diversity through its investments as well as within its business at the board level and across its workforce.
KCB Group CEO Paul Russo commented: "The partnership marks a significant step towards the expansion of our lending to climate-aligned businesses and women-led enterprises while bolstering our capital position. We want to scale the support to stimulate sustainable economic growth.”
This collaboration strengthens KCB investments under the FLME platform, to which KCB has dedicated KShs. 50 billion annually to support women-owned and operated businesses. To date, the Bank has extended at least KShs.150 billion to customers under the initiative launched in 2022, fostering entrepreneurship and creating meaningful job opportunities.
Daniel Wilcox, Economic Counsellor & Head of Prosperity and Climate at the British High Commission Nairobi added: “The UK is a long-term partner providing long-term investment in Kenya, as we work together to deliver mutual economic growth for both our nations. Kenya has a vibrant and entrepreneurial business environment, but access to finance continues to be a constraint. We look forward to working closely with KCB to deliver the needed change and impact for businesses.”
KCB Group has won 5 major international awards, cementing the bank’s position as a trailblazer in the continent’s financial sector, driven by its commitment to inclusive banking, cross-border innovation, and purpose-led leadership.s
In the 2025 Euromoney Excellence Awards in London UK, the Group was named Africa’s Best Bank for Corporate Responsibility while KCB Bank Kenya was named Kenya’s Best Bank and Kenya’s Best Bank for Environmental, Social and Governance (ESG).
At the same time, KCB Group has been named 2025 African Bank of the Year at the 15th African Business Leadership Awards (ABLA) in London, UK while the Group CEO, Paul Russo was honored with a Special U.S. Congressional Commendation from the State of Georgia, recognizing his outstanding contribution to the banking sector in East Africa.
The awards are a testament to the bank’s commitment to creating shared value by putting in place sound business models and strategies to deliver long-term returns while at the same time driving positive change in society, said the Group CEO.
"The recognition affirms our dedication to creating shared value for all our stakeholders and reflects the tangible impact of our initiatives across the value chain. The gesture also showcases our market-leading position in driving innovation to roll-out customer-centric solutions supported by guided by its brand purpose For People. For Better,” said Mr. Russo.
Earlier in the year, KCB Group was also named in the Financial Times - “Africa’s Fastest Growing Companies 2025,” reinforcing its status as a top financial institution in Africa setting a benchmark for sustainable, inclusive, and trusted banking practices for the future.
These honors reflect the Group’s deliberate and sustained efforts to expand access to banking services for underserved populations, empower small businesses, and invest in digital solutions that bridge economic gaps. Through its inclusive finance agenda, KCB is not only transforming lives and communities but also reinforcing its commitment to shared prosperity.
KCB Bank Kenya has announced 14 winners in its February Valentine's draw of the Revvvisha na KCB Promotion, with each winner receiving a romantic dinner for two worth Ksh 14,000. This announcement follows January's successful school fees draw where 50 customers each received Ksh 50,000.
The ongoing promotion, aligned with the upcoming 2025 World Rally Championship Safari Rally event which will be going down from the 20th to the 23rd of March in Naivasha, continues to reward customers while encouraging a savings culture through the KCB Goal Savings Account.
Upcoming Rewards
The promotion continues with more exciting prizes:
· March 2025: 50 winners will receive fuel vouchers worth Ksh 10,000 each
· April 2025: 30 winners will receive mbuzi worth Ksh 15,000 each
Additionally, one customer stands to win the grand prize - an eighth-acre plot at Kingswood Park, Vipingo, valued at Ksh 3 million courtesy of Centum Real Estate.
Participation Details
New customers can participate by:
· Opening a KCB Goal Savings Account with Ksh 5,000. Dial *522#, visit the KCB website or any KCB branch to get started!
· Maintaining monthly deposits of at least Ksh 2,500
Existing customers qualify by maintaining monthly deposits of Ksh 2,500.
For the grand prize plot:
· Select 'plot purchase' or 'house purchase' as the savings goal
· Save a minimum of Ksh 50,000 by April 30th, 2025
The promotion runs until April 30th, 2025. For more information, visit ke.kcbgroup.com.
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