Category: Business

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 1,439 total views,  1 views today  BY CORRESPONDENT,NAIROBI,12TH MARCH,2020-Good progress on Project Oil Kenya was made in 2019. Front End Engineering Design (FEED) studies for the upstream and midstream parts of the project were finalised, the tendering process for wells is now complete and upstream tendering for Engineering, Procurement and Construction (EPC) has commenced. The midstream Environmental and Social Impact Assessment (ESIA) was submitted to the National Environmental Management Agency (NEMA) in November 2019. The upstream ESIA is now technically complete and publicly available and will be submitted to NEMA in the…

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 1,314 total views,  1 views today BY CORRESPONDENT,NAIROBI,12TH MARCH 2020-The KCB Group has announced a 4.9 per cent growth in profit after tax for the period ending on December 31, 2019 to Ksh.25.2 billion. KCB’s recently acquired subsidiary in the National Bank of Kenya (NBK) has however made strides in the opposite direction in the reporting a Ksh.302.3 million loss over the period from a narrow Ksh.7 million profit in 2018. KCB higher earnings have continued to be supported by non-interest funded income (NFI) streams which grew by 22.8 percent to Ksh.28.2…

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 1,551 total views,  3 views today BY JOAN WANJIKU,NAIROBI,2ND MARCH,2020-Stanbic Bank Kenya has posted a marginal 1.6 per cent growth in profit to Ksh.6.4 billion for 2019 with mid-year restructuring costs eating into the potential for higher earnings. Operating expenses grew by 20 per cent to Ksh.13.9 billion as a result of the one-off restructuring costs to see its cost to income ratio (CIR) jump by 12 per cent. Meanwhile, net interest income earned rose by 10 per cent to Ksh.13.3 billion with customer deposits and loans growing by one percent and…

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 3,172 total views BY CORRESPONDENT,NAIROBI,21ST FEB 2020-Local non-bank financial services provider Sanlam Kenya PLC has cemented its corporate recovery and return to full-year profitability following the release of the firm’s 2019 trading results. Emerging from a Kshs 2.1 billion pre-tax loss, the Nairobi Securities Exchange (NSE) listed firm with interests in Life and General Insurance business segments, has bounced back to full-year profitability, posting a Kshs 550 million pre-tax profit. Sanlam Kenya Group CEO Dr. Patrick Tumbo attributed the firm’s full-year return to profitability on the consistent execution of a corporate…

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 2,809 total views BY JOAN WANJIKU,NAIROBI,19TH FEB 2020-Barclays  bank has relaunched   to Absa Bank Kenya, with a promise  to concentrate  more on supporting  small and medium size enterprises sector in the country . The listed lender whose trading ticker at the Nairobi Securities Exchange (NSE) changed to reflect changes in name is set to roll out new products and services targeted at the sector in the coming months in its quest to become a full-fledged financial provider. “For me, it’s about placing the customer at the centre of what we are…

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 2,545 total views BY UPESI REPORTER,NAIROBI,18TH FEB 2020-Safaricom has announced the introduction of SIM cards with new 0110 and 0111 prefixes following the phasing out of the vintage 07xx prefix. The new-prefix SIM cards will be available free of charge with customers only required to activate their lines with airtime top up of  KSh.50. Safaricom has also rolled out a new numbering system that provides its customers with the freedom to choose their own number rather than pre-assigned mobile phone numbers. “The new 0110 and 0111 prefixes alongside our new numbering…

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 3,616 total views BY CORRESPONDENT,NAIROBI,7TH FEB,2020-Standard Chartered Bank Kenya, in partnership with Sanlam Kenya, have introduced a mobile app-based funeral insurance product. The product, dubbed the Farewell Plan is the first mobile app-based insurance plan in the local market, will see customers receive immediate cash payout within one working day upon submission of the claim. This is to allow policyholders to extend a dignified send-off for their departed family members. Speaking at the launch of the cover, Standard Chartered Chief Executive Officer for Kenya & EA Kariuki Ngari said the farewell…

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 4,497 total views BY UPESI REPORTER,NAIROBI,31ST JAN 2020-Airtel Kenya has launched  a brand new offer that could have other telecommunication giants shaken. The company won the hearts of its customers once again with a brand new out of bundle data offer. Customers will now be able to access a simple, no subscription, no expiry, Ksh 1 per 5mb data rate. A rate that translates to just 20 cents per mb of data. And there’s more. Customers will also be able to call at Ksh 2 per minute by simply dialling *544*2#. The communications firm …

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 3,168 total views BY CORRESPONDENT,NAIROBI,30TH JAN 2020-Financial solutions provider Diamond Trust Bank Kenya Limited has retained a globally renowned anti-money laundering and banking operations expert as a non-executive Director. As part of ongoing efforts to enhance the Bank’s corporate governance structure and capacity, the DTB Kenya Board has tapped the services of Mr Sagheer Mufti a former Citi Bank Global Head of Anti Money Laundering Operations. Mr Mufti is Currently serving as the Chief Operating Officer for HBL (formerly Habib) in Pakistan. Speaking when he confirmed the appointment, DTB’s Chairman Mr…

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 7,532 total views BY JOAN WANJIKU,NAIROBI,18TH DEC 2019-Kenya Airways says earnings for the current financial year is likely to dip at least 25 percent lower than what it reported in the same period last year. Through a statement, Chairman Michael Joseph says profitability was constrained by increased competition which affected ticket pricing. Joseph further lays blame on the adoption of the new International Financial Reporting Standard in 2016 which requires significant adjustments to both profit and loss statements and balance sheets for the current year. In the first half of the…

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 8,168 total views BY JOAN WANJIKU,NAIROBI,13TH DEC 2019-The competition  authority of Kenya (CAK)on Friday  approved the planned merger of  two telecommunications companies Airtel Kenya and Telkom Kenya. The Authority gave its greenlight for the deal while setting out a raft of conditions including ensuring it retains a number of its employees. “The merged entity shall ensure that at least three hundred and forty nine (349) of the six hundred and seventy four (674) employees of the target are retained as follows — (a) 120 employees by the merged entity for a…

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 661 total views BY CORRESPONDENT,NAIROBI,11TH DEC 2019-Sanlam General Insurance, a subsidiary of listed non-bank financial services provider Sanlam Kenya, has today launched Sanlam Road Assistance, a comprehensive private motor insurance service geared towards improving the experience of its motor insurance customers. The service which is in line with the firm’s commitment to offer solutions to customer needs will provide road assistance to all motor private – comprehensive customers. This includes, on spot accident assessment, free post-accident support, towing and an optional add on for courtesy car and taxi service to complete…

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 1,864 total views BY CORRESPONDENT,NAIROBI,29TH NOV 2019-OPPO has officially introduced the Reno 2F series in the Kenyan market. Like its predecessor, Reno launched in July, the phone redefines the limits to users’ photo and video creativity. The phone comes with a slew of photography-enhancing features, including a 48MP quad camera setup and 5x hybrid zoom aided by 20x digital zoom. The phone’s ultra-dark mode allows users to enjoy ultra-clear night shots picking up details invisible to the human eye. The ultra-steady video bringing ‘action camera’ level exceptionally clear and smooth video that…

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 4,420 total views,  1 views today BY JOAN WANJIKU,NAIROBI,14TH NOV 2019-The Cooperative Bank Group has recorded  a Ksh.10.9 billion third quarter profit representing a 5.8 percent jump in earnings by the lender to the close of September. The growth in earnings by the bank is largely attributable to the increased issuance of digital loans which serve to raise income derived from fees and commissions. The lender’s non-funded income has considerably grown  by 33 percent to Ksh.14.1 billion with digital loan issuance on MCo-op Cash rising ahead of the bank’s traditional loan book…

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 3,250 total views BY CORRESPONDENT,NAIROBI,13TH NOV 2019-KCB, Kenya’s largest lender by asset base has posted a 6.67 per cent increase in after tax profit for the third quarter ending September 2019 to Sh19.2 billion. According to the lender, growth was driven by a significant boost in the bank’s loan book and non-funded income. The bank’s net loans and advances, as well as customer deposits, grew at slightly above 11 per cent to Sh486.42 billion and Sh586.72 billion respectively. “The international businesses have continued to improve while our digital offerings are witnessing…

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 513 total views BY JOAN WANJIKU,NAIROBI,22ND OCT 2019-Airtel Africa, a leading global telecommunications services provider with operations in 14 countries across Africa, and Ecobank Transnational Incorporated (“ETI”) (Ecobank.com), the parent company of Ecobank the leading pan-African banking group operating in 33 countries, have signed a partnership which will allows millions of Airtel Money and Ecobank customers across Africa to improve their access to mobile financial services and carry out a variety of mobile transactions. This partnership, which is subject to regulatory approval in each market, will enable Airtel Money customers, through…

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 1,243 total views BY CORRESPONDENT,NAIROBI,17TH OCT 2019-KCB Group Plc has inaugurated a new board for National Bank of Kenya (NBK), the lender it acquired recently. This gives fresh impetus to the ongoing integration exercise that is anchored on building a bigger and stronger institution, focusing on people, systems, processes and institutional governance. The new Board will be expected to provide leadership and guidance to steer NBK through the transition and eventual integration within the KCB Group, said KCB Group Chairman Andrew Wambari Kairu adding that the Central Bank of Kenya has…

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 2,690 total views BY JOAN WANJIKU,NAIROBI,4TH OCT 2019-KCB Group Plc has listed an additional 142,979,717shares at the Nairobi Securities Exchange (NSE) following the successful acquisition of the National Bank of Kenya (NBK). Effectively, NBK shareholders who swapped their shares for those of KCB will now be able to freely trade the new stocks at the bourse. KCB got consent to acquire NBK from shareholders holding 297,130,033 issued ordinary shares out of 338,781,200 issued ordinary shares, representing 87.7% by the offer closure date on August 30, 2019. This brings to the total…

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 776 total views,  1 views today BY NAMULONGO PETER,NAIROBI,30TH SEPT,2019-The High Court Commercial and Tax Division has granted Uchumi an additional 30 days to engage banks over the settlement of outstanding loans advanced to the cash-strapped retailer. The directive by the court dated September 27 sits as a pre-cursor to the full acceptance of the supermarket’s Company Voluntary Agreement (CVA) following its partial admittance in May this year. Uchumi made its receipt of the CVA in March after requisite approval by the Capital Markets Authority (CMA) as it sought a new strategy…

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 544 total views BY ANN MUNENE,NAIROBI,30TH SEPT 2019-Faulu Microfinance is set to open eight new branches around the country at an estimated cost of Ksh.113 million. The  micro-lender  will also  be  refurbishing 15 of its 60 branches in a move which is seen as the bank’s consolidation of its physical presence. While the move sits against recent trends by banks to cut fat by trimming their brick and mortar outlets, Faulu Managing Director Apollo says the investment sits within the lender’s quest of bettering customer experience. “By expanding the Bank’s footprint…

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 2,872 total views BY JOAN WANJIKU,NAIROBI,18TH SEPT 2019-Digital cash lending App Tala has announced the temporally end of its operations in Tanzania. In a statement, the company says that it has paused its operations after conducting a pilot of its credit service, adding that it is undertaking a review of its operations to determine the way forward. Customers with outstanding balances have however not been spared and will have to pay. “We appreciate the opportunity to serve you and wish our loyal customers continued success in your financial journeys,” the company…

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 2,713 total views BY CORRESPONDENT,NAIROBI,10TH SEPT,2019-KCB Bank Kenya has signed a pact with Japan based giant lender Sumitomo Mitsui Banking Corporation (SMBC) to drive cross-border trade and deepen financial inclusion. The agreement between the two largest banks in their respective regions signed in Yokohama last week will see the two lenders expand their financial offerings provided to clients in both East Africa and Japan, effectively enabling more cross border trade flows. Under the deal, KCB will provide banking services—including banking accounts and cash management, trade finance, export credit agency finance and treasury related products—…

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 1,951 total views BY CORRESPONDENT,NAIROBI,9TH SEPT,2019-Aspira, a product-financing service provider has partnered with Fairdeal to enable Kenyans in Nairobi and Mombasa to buy quality and value for money furniture via the Aspira app and pay for it in in up to 12 monthly installments. Aspira is a platform that enables Kenyans to buy products and pay for them in monthly installments of 6, 9 and 12 months. The partnership is in line with Aspira’s main objective, which is to help individuals and families achieve their lifestyle aspirations and ambitions by enabling…

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 2,429 total views,  1 views today BY JOAN WANJIKU,NAIROBI,6TH SEPT,2019-Choppies Supermarket  which is facing difficult financial challenges  has announced plans to exit  the Kenyan market, four years after acquiring Ukwala stores for Ksh1 billion. In an extraordinary general meeting (EGM) with its shareholders on Wednesday, the troubled retailer revealed that it had listed its Kenyan assets for sale and has also classified its 12 stores as distressed. “Zambia has a steady performance in a volatile economy, Kenya’s distressed business has been identified for disposal. Tanzania and Mozambique are distressed while Namibia is…

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 940 total views BY CORRESPONDENT ,NAIROBI,6TH SEPT ,2019-KCB Group is seeking to deepen its new women proposition, committing billions of shillings towards funding women owned and women run enterprises. The Bank said the drive is meant to strengthen its diversity and inclusivity focus as part of its sustainability agenda by simplifying financial inclusion for women. The programme dubbed Women Value Proposition has seen the Bank disburse loans worth Kshs 7.1 billion to 1,400 women to date, KCB said in its current Sustainability Report for 2018. It is aimed at increasing credit…

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 2,944 total views,  3 views today BY CORRESPONDENT,23RD AUG 2019-.Local retailer Tusker Mattresses, has extended its Coast regional footprint with the opening of its 58th local Tuskys Supermarket branch, in the coastal town of Malindi, today. Tusker Mattresses, the retail chain that operates Tuskys Supermarkets and Mavazi Lifestyle Clothing stores, in Kenya and Uganda has opened the doors to Tuskys Malindi, located at the Oasis Shopping Mall, further confirming the resilience of homegrown retail players in this market. The opening of Tuskys Malindi, extends the market leadership currently enjoyed by local retail…