Loans to customers during the period under review declined from Sh57 billion to Sh47 billion, out of which Sh31 billion was in default. Another State lender, Consolidated Bank sunk further into losses, posting a Sh540 million loss last year, up from a loss of Sh334 million in 2017. The government plans to merge the three flagging banks - NBK, Consolidated and Development - but recent developments indicate they may have to brave the tough operating environment with different strategies. “Last year, the bank invested heavily in revamping our PesaPap mobile application and greatly enhanced the features as well as the customer journey and experience. We have advanced over Sh1.2 billion through the app since the launch of the mobile lending service in July 2018,” said Family Bank Chairman Wilfred Kiboro.

Source: Standard Digital March 29, 2019 21:06 UTC