Cybersecurity - Intelpoint

Nigeria dominates with ₦339.6b, contributing over 70% of GTCO’s total profit after tax in Africa.
Ghana (₦61.9b) and Côte d’Ivoire (₦28.2b) followed as the strongest non-Nigerian subsidiaries.
Tanzania (₦46m) and Uganda (₦505m) contributed negligible profits compared to peers.
GTCO subsidiaries across Africa collectively generated around ₦476b profit after tax in the first half of 2025.

Microfinance deposits in Kenya grew at only 1.66% CAGR between 2014 and 2024.
The peak occurred in 2021 at KSh 50.2B, after which deposits began a steady decline.
2015 (+13.2%) and 2020 (+12.3%) posted the strongest year-on-year growth rates.
The sector saw consecutive contractions from 2022 (-7.3%), 2023 (-5.7%), to 2024 (-2.0%).
Despite small rebounds in 2018 (+7.3%) and 2019 (+12.3%), the long-term trend is weak.

Microfinance banks in Kenya recorded their last profit in 2015 (KSh 0.6B) before sliding into losses.
The sector’s losses deepened from KSh -0.4B in 2016 to KSh -3.5B in 2024.
The steepest single-year decline occurred in 2020, when losses increased by 560.8% to KSh -2.2B.
Even in recovery years like 2019 (KSh -0.3B) and 2021 (KSh -0.7B), the sector remained in losses.
Over the 10 years, profitability fell at a -212.1% CAGR, reflecting a structural collapse.
Since 2016, there has been no single year of profit, highlighting sustained weakness.
The worsening losses mirror other sector struggles, such as stagnant deposits, weak asset growth, and rising NPLs.

Kenya’s microfinance assets grew by just 1.62% between 2014 and 2024.
The sector peaked in 2019 at KSh 76.4B, before entering a steady decline.
2023 (-8.8%) and 2024 (-9.8%) posted the steepest year-on-year declines.
The sector recorded only two notable growth spikes: 2015 (+21.9%) and 2019 (+7.9%).
Overall, the trend from 2020 onward shows persistent contraction in asset value.

Kenyan banks’ total assets grew by 56.6% between 2019 and 2024.
In 2024, assets declined slightly by 1.6%, the first drop in five years.
The sector recorded consistent growth from 2019 to 2023 before dipping in 2024.
The highest growth came in 2023, when assets surged 17.6% to KSh 7.7T.
Assets rose from KSh 4.8T in 2019 to KSh 7.6T in 2024.
Despite the 2024 dip, banks added nearly KSh 3 trillion in assets over the five years.

Kenyan banks’ Profit-Before-Tax (PBT) grew by 62.8% between 2019 and 2024.
Total PBT rose from KSh 159.9B in 2019 to KSh 260.3B in 2024.
The lowest point was in 2020, when profits dropped to KSh 112.8B, a 29.5% decline.
Banks recorded their strongest recovery in 2021 with a 73.2% increase in PBT.

Equity Group was the most profitable bank on the list with $268M in H1 2025.
KCB followed closely with $250M in profits, supported by 8% YoY growth.
I&M Group achieved the fastest growth rate of 36%, despite a smaller base of $63 million.
Standard Chartered’s profits fell by 21%, highlighting the struggles of foreign banks.
Stanbic Holdings also declined by 9%, contrasting with local banks’ upward trend.

Total fraud cases in Kenyan banks rose from 173 in 2023 to 353 in 2024.
Mobile banking fraud cases jumped by 87.2% to 146, making it the most common fraud type.
Online banking fraud recorded the steepest rise, growing by 457.9% to 106 cases.
Identity theft increased by 51.4%, reaching 56 reported cases in 2024.
Internet scams increased by 28.6%, totalling 9 cases in 2024.

Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
Card fraud had only 24 cases but resulted in KES 263.3B lost, showing its high risk. Computer fraud recorded 12 cases, leading to KES 203.4B in damages.
Identity theft saw 56 cases, costing banks and customers KES 199.1B.
Online banking fraud was the second most frequent (106 cases), but losses were relatively lower at KES 111.8B.
Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.

Union Bank began as Colonial Bank, later Barclays Bank DCO, before indigenisation in 1979.
Nigerian investors took majority control, renaming it Union Bank of Nigeria.
The 2009 banking crisis weakened the bank; AMCON stabilised it, while Union Global Partners Ltd injected $500m for 65% control.
Titan Trust Bank acquired up to 100% ownership, and Union Bank was delisted from the Nigerian Exchange.
A court-approved scheme merged Titan Trust into Union Bank; Union Bank survived, retaining its century-old name and legacy under Titan’s ownership.

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