Category: Business

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245 total views, 118 views today BY CORRESPONDENT,NAIROBI,22ND MAY,2019-KCB Group PLC after tax profit grew 11% to KShs. 5.8 billion in the first quarter of 2019. Stronger non-funded income lines, robust loan book growth and reduction in interest expense drove performance from KShs. 5.2 billion reported the same period last year. KCB Group CEO and MD Joshua Oigara said while the regulatory and operating business environment remained in flux, the Group’s corporate and retail franchises continued to post impressive returns, helping the lender to grow its market share. “The performance is as…

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352 total views, 70 views today BY CORRESPONDENT,MOMBASA,21ST  MAY 2019-The Kenya Revenue Authority on Tuesday signed a Transshipment Standard Operating Procedures charter with the Kenya Ports Authority and Kenya Shipping Agents Association at the Port of Mombasa to enhance cargo clearance efficiency and boost regional trade. The various stakeholders described the formulation of the Transshipment SOPs as a key milestone for shipping. The adoption of a bidding SOPs, they explained, will play a key role in raising efficiency levels at the Port of Mombasa. The SOPs have been developed to international standards…

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831 total views, 7 views today BY CORRESPONDENT,NAIROBI,16TH MAY 2019-The Retirement Benefits Authority has announced an 8 percent year-on-year increase in the total assets under management by fund managers and approved issuers in Kenya. According to the recently released RBA Retirement Benefits Industry report for December 2018, 16 fund managers and 15 approved issuers, submitted 1,236 scheme reports with a total fund value of Ksh. 980 billion representing an 8 percent increase compared to the December 2017 values. The report further confirms that the total assets managed by fund managers amounted to Ksh. 813…

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1,130 total views, 1 views today BY JOAN WANJIKU,NAIROBI,14TH MAY 2019-Motorist across the country will now have to dig deeper into their pockets  to buy petrol after the Energy and Petroleum Regulatory Authority reviewed the  cost of fuels upwards.In the just released prices , super petrol has gone up further this month and will now retail Sh112.03 in Nairobi, a price that will be in place until the 14th June 2019. Energy and Petroleum Regulatory Authority (EPRA) says  the price of Super Petrol has jumped up Sh5.43 while Diesel and Kerosene have…

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1,583 total views, no views today BY JOAN WANJIKU,NAIROBI,10TH MAY 2019-Customers   visiting the Two rivers Mall in the outskirts of Nairobi city to buy mattresses ,pillows and other related goods have every reason to smile  after   Vitafoam Products Limited, which is a leading manufacturer of foam-based products mattresses and pillows opened its  retail shop at the mall. Chief Executive Officer of Vitafoam, Rakesh Shah said, “The main benefit of a mall is we will have an enclosed and controlled environment that is comfortable for shoppers all year round. It is also an…

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1,167 total views, 1 views today BY JOAN WNAJIKU,NAIROBI,9TH MAY 2019-Equity Bank Group Q1 2019 net profit incrased by  5 %  to Sh6.2 billion from Sh5.9 billion in the corresponding quarter last year on increased customer deposits and improved loan book. According to the results released on Thursday,the bank’s gross profits rose by six per cent to Sh8.8 billion compared to Sh8.3 billion in the quarter ended March 2018. The bank’s total income grew to Sh17.6 billion from Sh16.6 billion while its interest income rose marginally to Sh13.5 billion from Sh12.7 billion…

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880 total views, 1 views today CALIFORNIA, United States of America, May 8, 2019/ — Global premier mobile phone brand TECNO Mobile (www.TECNO-Mobile.com) announced plans at Google IO 2019 which will see its SPARK 3 Pro running on Android™ P™ operating system upgrade to join Q Beta on May 7th. Stephen HA, Vice President of TRANSSION and GM of TECNO Mobile, said: “We are delighted to announce our further expansion of cooperation with Google. This year, with upcoming Android™ Q system, TECNO SPARK 3 Pro will upgrade and provide the users with…

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1,163 total views, no views today BY ANN MUNENE,NAIROBI,3RD MAY 2019-Telkom is upgrading its network’s capacity in 5 towns to cater to growing demand across the country. The ongoing upgrade is part of Telkom’s 1 billion shillings network expansion and optimization program and will see a significant boost to its quality of service in Nairobi, Kisumu, Mombasa, Nakuru, and Eldoret. This network expansion will also include the IP Core expansion from 30Gigabit to 100Gigabit that will offer a better experience to Internet users. According to Telkom’s Chief Technical and Information Officer,…

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1,034 total views, 1 views today BY JOAN WANJIKU,NAIROBI,3RD MAY 2019-Mobile phone services  provider company Safaricom has reported a net profit of Sh63.4 billion for the period ending March 2019,representing 14.7 percent . According to  the results released on Friday in Nairobi, voice service revenue grew by 0.3 percent to Sh95.9 billion while M-Pesa revenue grew by 19.2 percent to Sh74.9 billion, making the two the largest contributors to revenue. “We are pleased with the strong results we have delivered for the year, building on our long track record of delivering relevant…

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1,204 total views, no views today BY CORRESPONDENT,NAIROBI,30TH APRIL,2019-Kenya Airways  posted a Sh7.55 billion net loss for the period  ending December 2018 as higher costs offset a jump in revenue. The company’s   full-year results do not have a comparable period because KQ, as the airline is known by its international code, in 2017 changed its reporting period from ending in March 31 to now end on December 31. However, KQ had made a net loss of Sh6.41 billion in the 9-month period between April 1 and Dec 31 2017. The company’s…

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476 total views, no views today BY KORIR JUMA,NAIROBI,30TH APRIL,2019-Stakeholders of  the giant mobile phone services company Safaricom have been assured of  stability ahead of the planned Bob Collymore’s exit later this year. O n Monday ,Reuters News Agency carried a story that Collymore who has been Chief Executive Officer of the company  since 2010 will not seek the renewal of his two-year term set come to an end in August. Safaricom’s Board Chairperson Nicholas Nganga however says ,  a decision on Collymore’s successor had not yet been made. “For clarity,…

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1,087 total views, 1 views today BY  JOAN WANJIKU,NAIROBI,27TH APRIL, 2019-Tullow oil the company that  has been undertaking oil exploration in Turkana  county says it is still continuing  to target a Final Investment Decision (FID) in Kenya by year-end although this remains an ambitious target.In  a statement sent to newsrooms on Thursday morning the company says its is  finalising its FEED studies for both the upstream and midstream, and both the upstream and midstream ESIAs remain on track for submission to the National Environmental Management Agency at the end of the second…

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1,066 total views, no views today HONG KONG, Hong Kong, April 23, 2019-Global premier mobile phone brand TECNO Mobile (www.TECNO-mobile.com) lately launched a new dawn into the smartphone ecosystem with the release of a new camera-centric smartphone series – SPARK 3 and SPARK 3 Pro.  As one of the most remarkable devices to “light up” your photos, the newly released have been upgraded by AI technology to furthermore advanced the camera features. The SPARK 3 is the third installment from the SPARK series, and as expected, the device embodies the impeccability of…

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1,385 total views, 1 views today BY CORRESPONDENT,18TH APRIL 2019-Safaricom has launched this year’s Smartphone campaign that will be introducing the most affordable 4G devices in Kenya ;-  Neon Ray and Neon Nova, in a bid to deliver a digital lifestyle experience for its customers who are currently not on smartphones. Customers will now have more options for phone upgrades through convenient payment plans and personalized data offers in the hope of digitizing 2 million Kenyans. “At Safaricom, we aim to transform lives by providing solutions to our customers. With these affordable phone…

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790 total views, no views today BY JOAN WANJIKU,NAIROBI,18TH APRIL 2019-The Kenya Commercial Bank has offered to buy out the National Bank of Kenya.If implemented ,the deal will see Kenya’s biggest bank by asset base become the biggest lender in the region. In a statement  on Thursday , the bank said  it had made an offer to acquire 100 percent of the ordinary shares of NBK. Both KCB and NBK are listed on the Nairobi Securities Exchange (NSE). “KCB proposes to make the acquisition through a share swap of 10 ordinary…

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1,345 total views, no views today  BY CORRESPONDENT,NAIROBI,11TH APRIL 2019-Huawei Mobile Kenya has launched their latest P30 Series flagship phones in the Kenyan market. The introduction of the P 30 Series – P30 Pro, P30 and P30 Lite – is part of the company’s agenda to build an interconnected world, through product innovation and to offer competitive products for discerning consumers across segments. The Huawei P30 Series will retailat Kshs 99,999 for the P30 Pro, Kshs 72,999 for the P30 and Kshs 29,999 for the P30 Lite. A signature feature of…

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2,315 total views, 1 views today BY CORRESPONDENT,NAIROBI,29TH MARCH 2019-Huawei has released its 2018 Annual Report indicating that the company maintained strong business growth in 2018. Its sales revenue rounded off at CNY721.2 billion, up 19.5% year-on-year; its net profit reached CNY59.3 billion, up 25.1% year-on-year. In 2018, Huawei invested CNY101.5 billion (14.1% of its sales revenue) in R&D, ranking fifth globally in The 2018 EU Industrial R&D Investment Scoreboard. Over the last ten years, Huawei’s R&D expenditure has reached more than CNY480 billion. According to official data released by the World Intellectual…

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2,112 total views, 9 views today BY JOAN WANJIKU,NAIROBI,27TH MARCH 2019-Catholic church owned Waumini Sacco society limited has  approved Dividends payment of Kshs 23,034,061 at a rate of 9.25% on the share capital and Interest of Kshs 244,629,023 at the rate of 8.25% on members’ deposits to members who were in the register as at 31st December 2018. The rate of dividends and interest on members’ deposits for year 2018 was lower than for year 2017 because of compliance with regulatory requirements. The SACCO retained Kshs 65,554,900 as 2018 reserves compared to Kshs…

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1,247 total views, no views today BY  JOAN WANJIKU,NAIROBI,22ND MARCH 2019-Safaricom has added over 60,000 subscribers  within a period of  4 months from December last year to pass the 30 million customer milestone. Accoring to the company’s  Chief Customer Officer Sylvia Mulinge, the milestone reflects a vote of confidence in the company’s purpose of transforming lives. “We would like to thank each of our more than 30 million customers for choosing Safaricom as their preferred network which has contributed to our achievement of this remarkable and historic milestone,” said Mulinge. The…

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1,068 total views, no views today BY JOAN WANJIKU,NAIROBI,21ST MARCH 2019,KCB Bank Kenya Limited has signed a deal with Morocco’s giant lender Attijariwafa Bank Group to drive cross-border trade and deepen financial inclusion. The agreement inked in Casablanca is expected to help promote the sharing of best practices in the banking, financial and business in East and North Africa. The collaboration between the two largest banks in their respective regions will be anchored in the crucial digital and mobile banking. This will also see the establishment of a correspondent banking relationship to…

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1,070 total views, 1 views today BY CORRESPONDENT,NAIROBI,21ST MARCH 2019-Diamond Trust Bank (DTB) has announced a 9 percent increase in pre-tax profit to Kshs 11 billion for the year ended 31 December 2018, a record for the Kenya-based regional banking group. The bank’s assets grew to Kshs 378 billion, 4% higher than the previous year, driven mainly by growth in customer deposits which went up to Kshs 283 billion, an increase of 6% over the previous year. Nasim Devji, DTB’s Managing Director and Group Chief Executive Officer, said: “We are pleased that…

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1,406 total views, no views today BY CORRESPONDENT,NAIROBI,12TH MARCH 2019- Huawei Mobile Kenya has today launched Y6 2019 in the market which will be retailing at Kshs 13,499 across all retail stores in the country.  The Y 6 2019 features sleek, rounded curves carefully crafted in the shape of the screen, compared to the many wide rectangle shaped notches currently available in the market.  All purchases will come with a gift hamper that entails selfie stick, foldable bags and Bluetooth speakers or mugs in select stores. Y6 2019 one of Huawei’s…

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1,334 total views, no views today  BY JOAN WANJIKU,NAIROBI,11TH MARCH 2019-Standard Chartered Bank customers have a reason to smile after the bank launched SC Mobile Digital Bank for its retail customers with enhanced features at a cost of Sh83.4 million. The new platform will allow clients to open an account in less than 15 minutes, transact, save, borrow, invest, insure and protect their wealth online without having to visit a branch. The digital bank platform will provide over 68 services on your phone including; updating account information, activate or stop card, bill…

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1,649 total views, 1 views today BY JOAN WANJIKU/CORRESPONDENT,NAIROBI,8TH MARCH 2019-Sidian Bank has signed a deal with The Investment Fund for Developing Countries (IFU), a Danish Development Finance Institution (DFI) that will see the bank receive $12 million (Sh1.2b) Tier 2 capital injection as part of the broader initiative to grow the bank to Tier 2 status. The funds are expected to boost the bank’s regulatory capital ratios as it works towards achieving its strategic objective of becoming a Tier 2 bank by 2022 The shareholders of the bank approved a rights…

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756 total views, no views today BY JOAN WANJIKU,NAIROBI,7TH MARCH 2019-Nairobi commuters are set to commute less strenuously after a local ICT company MobiTill Epesi Smart Transport Solution,unveiled a mobile application system that aims to streamline public transport the same way ride-sharing apps have done with the taxi transport .     The company’s Chief Executive Officer Mary Mwangi says the app will schedule matatus and buses in Nairobi which will, in turn, reduce congestion at the terminus. “We launched Epesi trip planner because we believe it’s a big game changer, especially…

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702 total views, no views today BY CORRESPONDENT,NAIROBI,7TH MARCH 2019-Huawei has filed a complaint in a U.S. federal court challenging the constitutionality of Section 889 of the 2019 National Defense Authorization Act (NDAA). Through its latest move the premier handset manufacturer seeks a declaratory judgment that the restrictions targeting Huawei are unconstitutional, and a permanent injunction against these restrictions. “The U.S. Congress has repeatedly failed to produce any evidence to support its restrictions on Huawei products. We are compelled to take this legal action as a proper and last resort,” Guo…

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527 total views, 3 views today BY CORRESPONDENT,NAIROBI,6TH MARCH 2019– Huawei Mobile Kenya is set to launch its newest phone Y6 2019 into the Kenyan market next week. The campaign kicks off with a price guess in partnership with Kilimall from 5th of March to 11th of March, where consumers are encouraged to visit Kilimall website and get chance to guess and win a phone. https://www.kilimall.co.ke/huawei-y6-prime-2019 Y6 2019 one of Huawei’s midrange devices is the second device to be launched in the market in 2019 following recent launch of Y7 Prime 2019 that has seen the…

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393 total views, no views today BY CORRESPONDENT,NAIROBI,6TH MARCH 2019-KCB Group has posted a profit of Sh24 billion for the full year 2018, a 22 percent increase from the results posted in similar period in the year 2017. According to the results released on Wednesday morning ,the remarkable performance was majorly contributed by among other factors increased revenue across funded and non-funded streams and cost management initiatives. Interest income, fees and commissions contributed the lion’s share of the bank’s Sh71.8 billion operating income. According to KCB Group Chief Executive Joshua Oigara…

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891 total views, no views today Barcelona, Spain, February 26, 2019-Rain, South Africa’s mobile data-only network operator, announced that it has launched the first 5G commercial network in South Africa in partnership with Huawei, the leading global ICT solutions provider. The announcement was made at the 2019 Mobile World Congress (MWC 2019). This move has made South Africa one of the first countries globally to launch 5G. With Huawei’s end-to-end 5G solutions, rain has been able to build the 5G network using its 3.6GHz spectrum. In the first phase of roll out,…

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934 total views, no views today BY JOAN WANJIKU,NAIROBI,26TH FEB 2019-Family Bank has appointed Rebecca Mbithi as the new CEO taking over from David Thuku who resigned in September last year. Mbithi is currently the banks Company Secretary and Director, for Legal Services. Her appointment comes after she has served the bank over the years.She is a holder of a Masters in Business Administration from United States International University and an LL.B degree from the University of Nairobi. “Rebecca is a highly experienced professional with an extensive background in leadership in…

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1,047 total views, 1 views today BY JOAN WANJIKU,NAIROBI,25TH FEB 2019-Huawei Consumer Business Group (CBG) has unveiled the World’s Fastest 5G Foldable Phone, HUAWEI Mate X, redefining smartphone design with a foldable form factor. The unveiling took place at Mobile World Congress (MWC) 2019. This Reflects the innovative DNA of the HUAWEI Mate Series, the HUAWEI Mate X features the Falcon Wing Mechanical Hinge, 7nm multi-mode modem chipset Balong 5000, a high-capacity 4500mAh battery supporting the world’s fastest 55W HUAWEI SuperCharge and the brand new Interstellar Blue finish. When folded, the device is a huge…

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998 total views, no views today E BY JOAN WANJIKU,NAIROBI,19TH FEB 2019-Safaricom has unveiled its largest customer promotion campaign, dubbed ‘Shukrani Kocho Kocho Kenya Nzima’. The campaign which will run for ten-weeks seeks to reward over five million Safaricom customers across the country with more than Sh250 million in prizes. More than 100 Safaricom customers will walk away with a Sh1 million cash prize each. To participate in the promotion, customers will earn 10 entries for every Sh20 top-up, and one entry for every Sh20 transacted on M-Pesa. “The campaign seeks…

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2,314 total views, 1 views today  BY JOAN WANJIKU,NAIROBI,8TH FEB 2019-Mobile phone services provider company safaricom has announced new monthly bundles that will see customers purchase discounted data and calling rates in one package. With the news plan , customers have a choice of five price options including Sh1,000, Sh2,000, Sh3,000, Sh5,000 and Sh10,000 for a 30-day bundle. Based on their needs, customers have the choice of a data only package, a data-heavy package or a voice heavy package. The packages are immediately available on *544#. “The ‘All in One Monthly Bundles’…

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2,137 total views, 2 views today BY JOAN WANJIKU,NAIROBI,8TH FEB 2019-Two mobile phone services providers in the country Telkom Kenya Limited and Airtel Networks Kenya have signed a binding agreement to merge their respective Mobile, Enterprise and Carrier Services businesses across the country . According to a statement signed by both telecommunications firms,the proposed merger will operate under a joint venture company to be named Airtel-Telkom. “Telkom Kenya Limited’s real estate portfolio and specific government services will not form part of the combined entity,” read part of the statement. The final shareholding will…

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1,741 total views, no views today BY UPESINEWS REPORTER,NAIROBI,7TH FEB,2019- Commuters in selected routes in Nairobi will for the remaining part of February enjoy free ride as they commute from home to work and visa vise versa .This is after Kenyan digital transport company Little launched Little Shuttle. The public bus service will allows passengers in Nairobi to commute within the city by booking a seat through the Little app.  The trial phase of Little shuttle will run through the month of February with an offer allowing commuters to use the service…

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1,062 total views, 1 views today BY CORRESPONDENT,NAIROBI,1ST FEB,2019-Tusker Mattresses has been voted among Kenya’s Top Superbrands in the 2019/20, Volume 6 edition, results published by Superbrands East Africa and derived entirely from a comprehensive survey to Kenyan consumers undertaken by Kantar TNS. The consumers’ insights and results were derived based on Superbrands’ globally used parameters of the three pillars of quality, reliability and distinctiveness. Superbrands is the world’s largest independent arbiter of branding. It identifies and pays tribute to exceptional brands by recognizing, rewarding, and reinforcing leading brands from all over…

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1,218 total views, 1 views today BY CORRESPONDENT,NAIROBI,31ST JAN,2019– Huawei Mobile Kenya on Thursday launched its newest handset the Y7 Prime 2019 that will be retailing at Kshs 17,999 in the retail stores across the country. The device will also be available online respectively. Huawei has also partnered with Lipa Later a credit facility that lets you pay for any device of your choice then pay monthly including Y7 Prime 2019. The phone will be available on pre-order that kicks off today until 7th of February. Consumers who pre-order will receive a special gift…

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2,022 total views, no views today BY CORRESPONDENT,NAIROBI,22ND JAN 2019-Huawei Mobile Kenya has launched the much anticipated Huwei Mate 20 Series into the Kenyan market. The new phone The HUAWEI Mate 20 Pro offers consumers a compelling combination of high performance, longer battery life, advanced security, and a greater photography and videography experience through its Leica Ultra-Wide Angle Lens camera. Powered by its own in-house designed Kirin 980 AI chip, this advanced chip is fabricated with leading 7nm process technology, packing 6.9 billion transistors into a form factor the size of…

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1,578 total views, no views today BY JOAN WNAJIKU,NAIROBI,22ND JAN 2019-Kenya Airways (KQ) is set to roll out flights to Roma and Geneva come June 2019. According to KQ chief Executive officer Sebastian Mikosz ,the airline will fly four times a week to the European cities and targets business and leisure travelers. “The addition of flights to Rome and Geneva will be welcomed by both our leisure and business customers,” he said . Loading…

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1,672 total views, 2 views today BY CORRESPONDENT,NAIROBI,18TH JAN 2019- A new feature on M-Pesa dubbed Fuliza that allows users access an overdraft facility has garnered one million users eight days after its launch. Safaricom Chief Executive Bob Collymore told Reuters that customers have borrowed over a billion shillings over 7 days with underwriting from Commercial Bank of Africa and KCB Group. Fuliza enables M-Pesa customers to send or complete mobile payment transactions even if the M-Pesa balance is below the required amount. Collymore said users can draw down the overdraft facility…

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655 total views, no views today BY JOAN WANJIKU,NAIROBI,17TH JAN 2019-Telkom has committed to spend Sh1 billion towards the expansion and optimisation of its 4G and 3G network. The project is aimed at improving mobile connectivity as well as boosting the quality of service to customers. According Telkom CEO, Mugo Kibati, the strategic support from shareholders and other partners is giving impetus to the data network expansion strategy. “Telkom aims to consolidate its position as Kenya’s preferred Data network, which can only be achieved through the evolution of our network to become…

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2,126 total views, 1 views today BY CORRESPONDENT,NAIROBI,31ST DEC 2018-Regional retailer Tusker Mattresses Limited has officially handed over 38 cars to the winners of the over Ksh.150 million customer reward campaign dubbed ‘Christmas Deals Poa.’ The campaign which is the second of its kind for the retailer, was launched last month with the aim of rewarding customers for their loyalty to the Tuskys brand with various prizes among them cars, and other electronic and household appliances. Speaking at the handover ceremony, Tuskys Supermarkets CEO, Dan Githua reiterated Tuskys commitment to their customers…

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2,591 total views, no views today BY CORRESPONDENT,NAIROBI,19TH DEC 2018-KCB Bank Kenya Limited has finalized the process of settling claims by depositors of Imperial Bank Limited(In Receivership) (IBLR).  This follows the announcement by the Central Bank of Kenya (CBK) on December 11, 2018,appointing KCB Bank Kenya as an agent of Kenya Deposit Insurance Corporation(KDIC)—the IBLR receiver manager—to disburse the funds to the depositors. The customers will access12.7% of eligible deposit balances remaining at IBLR from Thursday December 20,2018 from any of the KCB branches across the country. KCB had presented a…

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3,562 total views, 1 views today BY JOAN WANJIKU,NAIROBI,19TH DEC 2018-Christmas season  can only be better for all airtel customers across Kenya  with the launch of a new product by the mobile phone services provider that aims at ensuring that customers can talk more for less.  With the product unveiled on Wednesday dubbed  #chapastorinaonebob, customers will make  free Airtel to Airtel calls and only one bob across all networks. There also two new ChapaStori voice bundles to choose from; ChapaStori 15 for Kes.15 and ChapaStori 30 for Kes.30. 1. For every ChapaStori…

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1,790 total views, no views today BY CORRESPONDENT,NAIROBI,14TH DEC 2018-S&P Global Ratings has rated KCB Bank Kenya Limited B+/B with a stable outlook affirming the lender’s solid performance credentials.  The Agency underscored the strength of KCB Bank and its well established corporate franchise in countries which it operates, as well as the Bank’s ability to maintain its revenue stability in the current economic environment. The assessment that is in line with the agency’s September rating on KCB Bank, S&P said, is supported by the lender’s resilient earnings amid regulatory changes and…