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NCBA clients shift Sh14bn deposits to higher return investments
NCBA CEO John Gachora (right) with Finance Director David Abwoga at a media briefing to announce half-year financial results in Nairobi on August 24, 2023.
NCBA customers moved Sh14 billion from current and savings accounts to the bank's wealth management fund in the six months to June as they sought higher returns in an environment of rising interest rates.
The shift to fixed deposits and other higher-return investments comes in an environment where banks such as NCBA have raised interest rates on such products to fend off competition from alternative options such as government debt securities.
