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Joshua Oigara’s impressive tenure is the focus of the shift in the KCB Group’s leadership KCB Group.

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Joshua Oigara's impressive tenure is the focus of the shift in the KCB Group's leadership KCB Group.

Joshua Oigara, the long-serving chief executive officer of the largest East African Bank, KCB, exited the C-suite last week, leaving behind a legacy of change, transformation, and creativity.

In just ten years, he was able to transform the character and nature of the bank, which was a lender that primarily served large departments, ministries, and private sector customers, into an innovative and authentic mass-market retail institution while also maintaining an extensive presence in banking large institutional, corporate, as well as government customers.

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KCB

The accurate measure of a CEO’s and business leader’s success is the results they can achieve during their whole tenure. The criteria for evaluation should be based on factual data and not the public’s opinion. For financial intermediation, Mr. Oigara was able to hit the ground running after he took over the management at the Bank in January of 2013.

The lender saw a dramatic increase in the customer deposit accounts. In his time, the customer deposit would increase by a compound annual growth of (CAGR) 35 percent.

The data gathered from the regulatory financial disclosures as well as Central Bank of Africa’s banking surveillance reports reveal that the growth in advances and loans during Oigara’s presidency increased at a rate of 14.5 percent, far exceeding the bank industry’s figures with a lower rate of 8.3 percent during the same period.

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KCB’s industry advances and loans increased between 15.2 percent at the end of 2013 and 22.7 percent by 2020. Also, according to the analysis of the data from the financial disclosures of the regulatory authorities and Central Bank’s supervisory documents, KCB advances nearly one for every seven shillings of Kenya’s banking industry today.

Profits before tax

The introduction of the rate cap law within Kenya in September 2016, just three years after Mr. Oigara assumed the helm of the country’s biggest bank, was a major strategic issue. However, a close examination of the information gathered from the regulatory financial disclosures as well as CBK reports will reveal that, unlike the larger banks in the region, Oigara was able to keep the trend of increasing client deposits and loan growth.

The bank was able to navigate the tough times to capture market share from rivals, with the number of customers and deposits growing mainly through digital offerings that saw mobile loan growth increase 4x in 2019.

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According to compiled data, advances and mobile loans have risen rapidly since 2015, at 121. 6 percent, accounting for 25. 9 percent of the net lending and advances portfolio by 2021.

With Ksh154 billion ($1.3 billion), advances and loans from KCB are a fraction of — in value of the loan range of the nation’s online lenders together. The sheer amount of KCB’s digital lending portfolio positions the bank as a fintech that is easily visible.

In assessing the performance of Oigara’s administration by looking at profits and losses and other balance sheet indicators, the result is a solid performance.

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New revenue streams

The bank’s pre-tax profit grew to the highest ever recorded, reaching $470 million. The bank also achieved an astonishing annual compound percentage of 11.4 percent, considering the drop in profits and revenues in 2020 caused by the coronavirus epidemic.

The data analysis will show that the steady and high rate of pre-tax profit margins resulted from measures to limit costs implemented by Oigara’s government, which regularly reduced the income cost to 51.7% in 2013 and 44.4% by 2021.

In the end, the KCB share of the pre-tax earnings of the banking industry grew from 15.2 percent in 2013 up to 22.7 percent in 2020, a stunning corporate accomplishment.

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Another conclusion comes from examining the data for Oigara’s tenure of 10 years of the institution, one of prudent use of capital to fund investment in the development of new revenue streams.

Contrary to other large peers, Oigara’s management was prudent in its dividend policy, with 40% of the earnings per share dividends per share.

While peers in the same period raked in profits with 100% dividend payments, reducing their capital base and hindering their ability to raise the capital needed to capitalize on opportunities in the regional and domestic markets.

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The wise use of capital has led to a sustained expansion of the KCB’s money and reserves. This is why Oigara was able to close significant mergers and acquisitions in the domestic market. It bought its National Bank of Kenya and another regional market in Rwanda and Tanzania.

Oigara’s legacy is an outstanding personal accomplishment across many measures. Looking at the figures, what’s happened at KCB is like corporate alchemy.

In the ten years that Oigara has been in KCB, KCB. We’ve learned a lot of poignant lessons about the effects of CEO tenures that are long and the impact of turnover in the CEO’s office on performance.

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More time in the job comes with the benefit of experience and institutional knowledge. Also, you can learn to be learned from the management of succession for CEOs and planning, particularly when it comes to the transition of a CEO who is a superstar.

The board’s decision for the chairman, Mr. Paul Russo — a long-serving insider to lead the largest bank in East Africa -is a vote in favor of the continuity.

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A new study finds UK corporations experience unprepared to tackle the rising amount of cyberattacks.

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A new study finds UK corporations experience unprepared to tackle the rising amount of cyberattacks.

Cyberattacks are hammering corporations of sizes and industries across the UK, with just a portion of these organized to protect against them, based on a new study by Owner Security.

The 2022 Cybersecurity Census Record shows that businesses face severe organizational, economic and reputational damage. Yet, despite IT leaders expecting this onslaught to intensify over the next year, preparation is lacking, with only a group of organizations prepared to face the threats.

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The report unearthed that the everyday UK company activities 44 cyberattacks per year—significantly more than three every month—and nearly one in five (17%) are afflicted by over 501 episodes within a year. That determines around two cyberattacks every functioning day.

While only about two of these cyberattacks are successful every year, IT leaders anxiety that the volume of episodes may intensify, with 46% expecting the total amount of episodes and amount of successful attacks equally to boost over the next year.

Cyberattacks are producing corporations substantial harm.

Cyberattacks are producing corporations substantial harm.

Successful cyberattacks can bring corporations of sizes to a standstill. Alarmingly, just 26% of respondents consider their company organized to protect against them.

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  • Around one-third (35%) of subjects of a cyberattack report disruption to trading, like the capacity to transport out company operations
  • Around one-third (34%) experienced reputational damage because of a strike
  • 31% of equally more considerable (over 1,000 employees) and more minor (fewer than 1,000 employees) corporations experienced theft of economic data from a successful cyberattack

More than a sixth (22%) of corporations experienced theft of money—with the economic disruption totaling significantly more than £100,000 on average. Considering the current macroeconomic uncertainty in the UK and the truth that the common UK SME makes just £11,000 in gains each year, such economic deficits could be terminal.

Cybersecurity Investments and Tools

The rise of hybrid and distant functions is widening the gap between what’s required to secure organizations and what’s available, with shortfalls in cybersecurity investment causing corporations to be exposed.

Exposure of program consumers, code energy, and permissions are standard necessities aside from company measurement or market, yet IT leaders admit their technology stacks are absent essential resources:

  • Around one-third of respondents (35%) were absent a supervisor for IT secrets such as API keys, database passwords, and recommendations
  • Almost nine in ten (87%) spotlight considerations in regards to the dangers of hard-coded credentials—embedding validation data such as user IDs and passwords directly into the source signal
  • 29% absence a contacts supervisor to help control distant usage of fortunate infrastructures

IT leaders know their current protection procedures have identifiable disadvantages, and passwords and recommendations are unique and need urgent investment. Regardless, nearly one-third (32%) state they keep it entirely to workers to create their passwords, with accessibility frequently provided as required.

“The cybersecurity landscape is complex, with ever-changing dangers and shifting points to manage. However, the study demonstrates organizations can and should be performing more,” said Darren Guccione, CEO & Co-founder of Owner Security. “While many organizations consider potential opportunities, they experience being outmatched by rising external threats and the demands created by current weaknesses.”

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Cybersecurity in Organization Tradition

Despite budgetary commitments and prioritization of cybersecurity from the C-suite, IT leaders admit to not having enough visibility in revealing cyberattacks. Around half (55%) state they have been conscious of a cyberattack and have not noted it to any relevant authority.

Furthermore, 80% of IT experts worry about a breach within their organization. These figures must be a red flag to company leaders, as without a lifestyle of trust, accountability, and responsiveness, cybercrime may thrive.

Guccione proves: “While there were few measures from UK corporations in prioritizing cybersecurity, obvious spaces remain. The quantity and velocity at which threats are hitting corporations are rising, and management cannot manage to wait. Once we move ahead, corporations and IT leaders must make style commitments to cybersecurity and behave on them. They should know how our workplaces have evolved and answer new methods for defending their workers, data, and livelihoods.”

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Business travel is back, and so can the cybercriminals: 3 ways to avoid being a target.

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Business travel is back, and so can the cybercriminals: 3 ways to avoid being a target.

As travelers return to the skies for both business and leisure, they also face heightened cybersecurity risks as high-value targets. Business travelers are especially prey for cybercriminals — they often handle sensitive information and travel without the support of company firewalls and other physical security measures.

Proactive preparation and vigilance are crucial to avoiding travel-related cybersecurity vulnerabilities. Remember these best practices for protecting your data and minimizing risk through your holiday travels, for fun and work.

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Choose private Wi-Fi

Public and other unsecured networks, such as airport or hotel Wi-Fi, present a massive opportunity for criminals to access internet-connected devices conveniently. Avoid sensitive online activities such as shopping, banking, or accessing the business intranet during travel.

For phones, adhere to built-in internet connectivity; for other devices such as laptops and tablets, look at a mobile hotspot. Additionally, it is beneficial to disable Wi-Fi auto-connect, a function that automatically connects the device to available networks, even potentially unsecured ones.

Business travel is back, and so can the cybercriminals: 3 ways to avoid being a target.

Be careful on public devices.

Please stay away from computers at hotel business centers and other public areas as they’re often weakened by outdated OSs and dormant viruses waiting to activate. If you have to access a printer, use a flash drive and another external storage device to minimize exposure.

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Keep clear of public charging stations. Cybercriminals can modify access points to set up malware and download data through compromised USBs and other cords.

Physically conceal and secure devices.

Be mindful of the method by that you carry and store your devices. Phones and devices visible in a bag or pocket may attract unwanted attention and make you a target. Choose gear that fully closes and be vigilant when setting down devices. Never turn your back, even on an idly charging device.

During airplane stretches and bathroom breaks, ensure that your phone, tablet, and laptop are on your person or well secured. Ensure it is a daunting challenge for you to access your devices quickly. They’ll move on if a criminal can’t reach it quickly and easily.

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Cybersecurity travel checklist

  • Before going
  • Back up important data.
  • Ensure os’s and anti-virus software are as much as date.
  • Protect accounts with strong passwords and multi-factor authentication.

While traveling

  • Think before you click: Be careful when hitting links, files, and emails.
  • Avoid using public networks, devices, and cords.
  • Keep devices physically secure.
  • Do not share your travels online until you’ve safely returned home.

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5 Effective Tips to Reduce Fees in Your Business

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5 Effective Tips to Reduce Fees in Your Business

Now’s a good time to make clever cuts with high inflation, and many corporations are worrying about the coming months.

CUTTING fees can be an intelligent way to improve a business’s bottom line. Still, it would be best if you were careful as you do not want to make any cuts that may adversely influence the business enterprise or bring about losses down the line. Now’s also an excellent time to make clever cuts with inflation high and many corporations worrying about the coming months. So, what are several most readily practical approaches to reduce fees in your organization?

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Analyze Costs & Budget

5 Effective Tips to Reduce Fees in Your Business

The best place to begin is by sitting down with your allowance and reviewing each expense. You should see if you will find any costs that could be cut fully out entirely or if you have a less expensive option (that won’t lose quality). Corporations usually discover that they’re spending money on something they cannot need, which means this can be a smart way to free up some cash.

Lower Company Items

One of the most acceptable ways to decrease costs is to cut back on company materials, as corporations usually get too much. Going paperless is one of the finest methods to achieve this, and you will also see that this can support creating more room and lowering your impact. You can do that by systemizing admin perform such as payroll by installing the HMRC payroll application that may minimize the quantity of paper, printer, pencils, and storage required by your business.

Reconsider Your Marketing Strategy

Marketing is an essential cost for corporations; however, you will find that there are usually techniques you can make savings. This can contain publishing your website threads and managing social media marketing instead of outsourcing that work. It’s also wise to analyze the efficiency of one’s campaigns and reduce back/eliminate these which are not yielding results.

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Provide Distant Work

Distant performance has become the norm in recent years, and it can benefit staff and the business equally. From a company point of view, remotely performing can help corporations to cut back their fees as you will undoubtedly be eating much less power (something that many are looking to do correctly now). Distant performance can also let corporations downsize their company, which may free up significant levels of cash.

Review Insurance

Every business will need sufficient insurance set up, and you do not want any gaps. Many corporations also find they have duplicate coverage, or they could make savings by converting to another insurance provider, which is why it’s advisable to review and make any positive changes to cut back your fees while still ensuring a high level of coverage.

They are several most readily practical approaches to reducing your fees that should enhance your bottom line without adversely affecting the business enterprise in virtually any way.

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