Business Local News 

SOS CV Kenya secures Sh. 1.7M food donation to help vulnerable households cope with COVID-19 Shocks

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 1,491 total views,  1,491 views today BY CORRESPONDENT,NAIROBI,7TH APRIL,2020-Kenya’s largest private child welfare organisation, SOS Children’s Villages has secured food donation worth Sh 1.7 Million to help vulnerable households weather shocks from COVID-19. SOS CV KE today announced that it has received 10 tons of packed Tender Mercies nutritious meal donation (dry nutritional grain dense meal containing rice, lentils, fractured cowpeas, full fat soy, vitamins and minerals that is processed locally by Soy Afric Limited) courtesy of KAPU Africa, a division of Midwest Foodbank USA. SOS Children’s Villages Kenya National Programs Director,…

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Tuskys ready to serve during operational period

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 7,957 total views,  267 views today BY CORRESPONDENT,NAIROBI,27TH MARCH,2020-.Retail solutions provider Tusker Mattresses has confirmed its operations readiness to comply with the presidential curfew order commencing this evening. Following the National Security Council sanctioning and issuance of the Public Order Number 1 on the Coronavirus Pandemic, the retailer, has made significant adjustments to its staffing, logistics and supply chain operations to facilitate the smooth running of Tuskys Supermarkets across the country. According to Tusker Mattresses Group CEO Dan Githua, the firm has adjusted its staffing, supply and restocking schedules for essential products…

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Business Local News 

Keroche ordered to pay half a billion to lift urgency notice by KRA

 6,176 total views,  267 views today

 6,176 total views,  267 views today BY CORRESPONDENT,NAIROBI,17TH MARCH 2020-The High Court has ordered Keroche Breweries Limited to pay Kenya Revenue Authority (KRA) KShs500Million for the Authority to lift the agency notice issued to the company’s banks. This is contrary to Media reports that KRA had been barred from recovering KShs.9.1 billion in taxes from the company. On 13th March, 2020, Keroche Breweries Limited had gone to court under a certificate of urgency seeking orders to lift the agency notice served to its banks by KRA. The notice was to enable KRA…

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Business Local News 

safricom customers to enjoy MPESA reduced rates in a move aimed at stopping COVID 19 transmission

 8,318 total views,  146 views today

 8,318 total views,  146 views today BY KORIR JUMA,NAIROBI,16TH MARCH,2020-Safaricom customers using Mpesa services  are set to transact free with amount not exceeding KSH 1000 as the company   become the first player in the mobile money business to cut prices following a request from President Uhuru Kenyatta. This comes just a day after Uhuru  asked banks and mobile money providers to consider reducing the cost of transactions to allow customers use cashless modes of payment as part of measures to stop transmission of Covid-19, widely known as new coronavirus. Safaricom said on Monday…

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Business Local News 

Motorists to enjoy reduced prices of petrol and diesel in the latest EPRA monthly reviews

 13,819 total views,  4 views today

 13,819 total views,  4 views today BY JOAN WANJIKU,NAIROBI,14TH MARCH,2020-The  Energy and Petroleum Regulatory Authority (EPRA)  has announced a reduction of petrol and diesel pump prices  with motorists set to enjoy  the new prices for the next one month starting midnight. Petrol prices have been reduced by  Ksh.2  per litre while diesel buyers will buy  by Ksh.2.80 less a litre . Meanwhile, Kerosene users will continue to count relief for the third month running as their fuel costs per litre are cut by a further Ksh.7.23. The changes in this month maximum…

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Business 

Tullow oil projects a positive outlook in kenya in 2020 as it announces results

 1,439 total views,  1 views today

 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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Business 

KCB announces Ksh.25.2B profit after tax as National Bank of Kenya returns Ksh.302M loss

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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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Business Local News 

Every customer must enjoy his or her constitutional right to privacy-Digital Lenders Association says

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 2,874 total views,  3 views today BY UPESI REPORTER,NAIROBI,5TH MARCH,2020-The Digital Lenders Association of Kenya (DLAK) has thrown its weight behind the regulation of the digital lending industry. It states that such a move should will professionalize the market and should primarily encompass data privacy, business and consumer protection, as well as reporting requirements. “Every customer has a Constitutional right to privacy. Digital lenders must incorporate this integral fact into their policies and processes and protect consumers from unnecessarily revealing personal information,’’ said DLAK spokesperson Kevin Mutiso. DLAK has 11 members: Tala, Alternative…

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Business 

Financial results:Stanbic profit grows slightly to Ksh.6.4B as restructuring trims earnings

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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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Business 

Sanlam Kenya seals full-year profit score with a Kshs 550million pre-tax profit in 2019

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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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Business 

Barclays bank relaunches to Absa Bank Kenya with a promise to focus on supporting MSME sector

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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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Business 

Dawn of a new era as Safaricom introduces new prefix numbers

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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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Business Local News 

Motorists to dig deeper into their pockets to afford fuels as petrol, diesel costs rises

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 10,915 total views BY NAMULONGO PETER,NAIROBI,14TH FEB 2020-Motorists will have to  dig deeper into their pockets to afford  prices of fuel after the  Energy Petroleum Regulatory Authority (EPRA) increased costs of petrol and diesel  for a second consecutive month in its  latest costs review. According to the new prices which will be in force for the next one month,Petrol prices have increased by an average of Ksh.2.67 across the board while diesel costs have picked up by a further Ksh.2.13 per litre. Kerosene prices have meanwhile reduced by Ksh.1.26 per litre.…

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Business 

Sanlam and Standard Chartered unveil App-based funeral cover

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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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Business 

Airtel customers have a reason to smile as telco giant Announces Best Data Prices

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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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Business 

DTB Bank Kenya taps Anti Money Laundering expert for a Board role

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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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Business Local News 

OPPO announces three initiatives to co-build a new intelligent service ecosystem with developers and partners

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 9,379 total views BY CORRESPONDENT,NAIROBI,21ST DEC 2019- OPPO today kicked off its 2019 OPPO Developer Conference (ODC) in Beijing under the theme of “Innovation and Intelligence”, unveiling a range of initiatives to co-build a new intelligent service ecosystem with developers and partners. The three new initiatives announced at the conference include the enhanced developer support program “Gravity Plan 2.0”, for which OPPO will allocate RMB 1 billion (about USD $143 million) in 2020, the “Five System-level Capability Exposure Engines” and the “IoT Enablement Plan”. In the past year, OPPO has made remarkable…

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Business 

The national carrier Kenya Airways issues profit warning

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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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Business 

Airtel, Telkom merger nears completion as CA approves process

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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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Business Local News 

Aliciana Barley Variety Commercialized At Annual Event

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 5,270 total views BY CORRESPONDENT,NAIROBI,12TH DEC 2019-East African Breweries Limited (EABL) has announced commercialization of the Aliciana Barley Variety a year after it was launched. The announcement was made during the Annual Field Day in Mau Narok following successful trials with farmers who have reported higher yields and greater resistance to water lodging. The Field Day, an annual event that brings together stakeholders within the barley value chain, is a key event as stakeholders converge to learn, share experiences and showcase their products and innovations. Barley is the main raw material for…

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Business Local News 

KEPSA Launches Index to Assess MSMEs Policy Framework

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 1,744 total views BY CORRESPONDENT,NAIROBI,11TH DEC 2019- The Kenya Private Sector Alliance (KEPSA), the apex body of the private sector, has today launched the Micro, Small and Medium Enterprises (MSME) Policy Index to provide policymakers and market players with a tool to monitor and evaluate progress achieved in implementing policies meant to support MSMEs. The tool, developed in 2018, is part of the KEPSA SME agenda and builds on the Kenya Rising Star and Scale-Up programme (KRISP) for SME and Entrepreneurship Development in Kenya that was developed and presented to H.E. President…

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Business 

Sanlam General Insurance rolls out Road Assistance services

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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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Business Local News 

Savannah Cement Boss named CEO of the year

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 4,597 total views,  1 views today BY CORRESPONDENT,NAIROBI,30TH NOV 2019-The Kenya Institute of Management (KIM) has picked Savannah Cement CEO Mr Ronald Ndegwa as the Chief Executive Officer of the Year. The Savannah Cement Team leader was named the Overall CEO of the Year at the just concluded KIM Company of the Year Awards (COYA) gala ceremony held at a Nairobi hotel. Now on its 20th year, the KIM Company of the Year Awards (COYA) which also incorporates the SME of the Year Awards (SMOYA) seek to promote and encourage best practices…

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Business 

OPPO Kenya launches Reno 2F for photography, video lovers (Photos)

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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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Business 

Co-op Bank nine-month profit hits Ksh.10.9 billion

 4,420 total views,  1 views today

 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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Business 

KCB third quarter after tax profits rise 6% to Sh19.2 billion

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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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Business Local News 

Prices of bottled water and other non alcoholic drinks set to go up as from next week

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 6,706 total views BY CORRESPONDENT ,NAIROBI,8TH NOV 2019-KRA will from Wednesday 13th November, 2019 rollout the Excisable Goods Management System (EGMS) on bottled water, juices, energy drinks, soda and other non-alcoholic beverages. Speaking during a press conference held today at Times Tower, KRA Commissioner for Domestic Taxes, Mrs Elizabeth Meyo said that the implementation of the system will enhance compliance and boost revenue collection by approximately Ksh4billion. The system will also enable fair competition amongst traders in the sector. “Currently we have up to 78% companies in the water sector who are…

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Business Local News 

Mumias Sugar under receivership sends all employees packing

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 2,191 total views BY JOAN WANJIKU,NAIROBI,5TH NOV 2019-The KCB Group has sacked  all Mumias Sugar Company employee contracts backdating the implementation of the layoffs to September 20. In a press statement issued earlier on Tuesday, KCB’s appointed receiver for the crisis-strapped miller Ponangipalli Rao says the temporary hire of new staff is expected to hold until the resumption of the miller’s operations. “The Receiver shall engage the services of an employee on a temporary basis on mutually agreeable terms until when the operations resume,” reads part of the notice. However ,…

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Business Local News 

Benard Ngugi named as Kenya Power CEO

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 2,568 total views BY NAMULONGO PETER,NAIROBI,29TH OCT 2019-Electricity distributor Kenya Power has named the head of its procurement division, Mr Bernard Ngugi, as the chief executive officer effective immediately. The appointment comes as the power monopoly looks to improve its financial position amid a streak of losses. Mr Ngugi  takes over from Jared Othieno who has been the acting chief executive since July last year following the exit of CEO Ken Tarus. Mr Ngugi has  served for more than three decades in the company Mr Tarus has been charged in court…

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Peter Ndegwa named Safaricom PLC Chief Executive Officer

 4,619 total views,  1 views today

 4,619 total views,  1 views today BY JOAN WANJIKU,NAIROBI,24TH OCT 2019-Safaricom PLC has  named Peter Ndegwa as  its Chief Executive Officer. Ndegwa who  is Diageo PLC’s Managing Director, will take over the mantle of leading safaricom the most successive Kenya’s telco firm in April 2020. Ndegwa will take over from Michael Joseph who was appointed interim Chief Executive Officer of Safaricom following Bob Collymore’s death in July. Nicholas Nganga, the Chairperson of Safaricom’s board said the appointee has over two decades of experience in the financial services sector. “Peter brings a wealth of experience in…

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Business Local News 

Safaricom customers a happy lot as telco firm introduces data bundles, calls and SMSs with no expiry date.

 2,155 total views,  1 views today

 2,155 total views,  1 views today BY JOAN WANJIKU,NAIROBI,23RD OCT 2019-Safaricom customers are a happy lot after the company  introduced data bundles, calls and SMSs with no expiry date. Customers who dial *544# now have two new options: Data Bundle (NO EXPIRY DATE) Calls & SMS (NO EXPIRY DATE) Normal Data Bundle WITH EXPIRY Check Balance Safaricom that is celebrating its 19th anniversary unveiled the new system dubbed ‘Simple. Transparent. Honest.’ A statement from Safaricom CEO Michael Joseph said: ” We have reviewed all of our products and services, looked at the…

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Business Local News 

KCB Foundation, GIZ equip 582 youth in KES 20 million job creation drive

 3,946 total views

 3,946 total views BY NAMULONGO PETER,NAIROBI,22ND OCT 2019-A total of 582 youth have benefited from construction starter toolkits from a partnership between KCB Foundation and GIZ’s E4D/SOGA – Employment and Skills for Eastern Africa Programme after undergoing a skills training programme. The toolkits valued at KES 20 million will enable them to start their individual and group-based microenterprises in the building and construction sectors. The tools are trade-specific for roofing, masonry, tile laying, carpentry, plumbing and pipe-fitting, welding and fabrication and electrical installation. Speaking at an event today where the last…

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Business 

Airtel Africa announces partnership with Ecobank Group to allow Airtel Money customers to improve their access to mobile financial services

 513 total views

 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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Business 

KCB Group Plc Names New National Bank of Kenya (NBK) Board.

 1,243 total views

 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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Africa Business 

New Africa Hotel joins Hotels around the world to create a best brews pop up garden

 1,788 total views,  1 views today

 1,788 total views,  1 views today DAR ES SALAAM, Tanzania, 14TH OCT 2019- The Brand Celebrates Global Growth with “Four Points Around the World” Series, Showcasing Best Brews in Each Corner of the World Highlights Four Points by Sheraton Dar es Salaam, New Africa Hotel will celebrate the Four Points Around the World Series by hosting a pop-up beer garden from October 18-26, 2019. The Series highlights the brand’s signature initiative, Best Brews, while also celebrating Four Points’ growth in new and existing global markets. POINT 1: Four Points by Sheraton, one of Marriott…

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Business 

KCB group list new shares on the NSE in NBK take over

 2,690 total views

 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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Business Local News 

Kenyans did not return old notes worth Sh7.38 billion-CBK

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 3,328 total views,  1 views today BY KORIR JUMA,NAIROBI,2ND OCT 2019-The central bank governor Patrick Njoroge says Kenyans did not return Sh7.38 billion that has now become worthless. Addressing the  press on Wednesday, Njoroge said that out of 217 million Sh1,000 notes, 209.6 million were returned by the end of the demonetisation process. “By September 30, 209,661,000 pieces had been exchanged and therefore 7,386,000 million pieces are still held by individuals as worthless money,” Njoroge said. He added; “The hypothesis that Kenyans are procrastinators and wait until the last minute was disproved.…

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Tecno Mobile launches new smartphones TECNO SPARK 4,soon to hit Kenyan market

 2,967 total views,  1 views today

 2,967 total views,  1 views today HONG KONG, The People’s Republic of China, October 2, 2019/ — Global premier mobile phone brand TECNO Mobile (www.TECNO-Mobile.com) lately launched new smartphones TECNO SPARK 4, with AI Bright Camera. TECNO SPARK 4 is coming back with its unprecedented big screen and with 13MP AI Triple Rear Camera for its outstanding shooting performances. Already touted as an “immersive screen smartphone”, it is no surprise that TECNO SPARK 4 takes unprecedented step of adopting 6.52″ Dot Notch Screen, giving the users the true super full view experience.…

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Business 

Uchumi given 30 days to engage banks over Ksh.2.8 billion debt

 776 total views,  1 views today

 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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Business 

On the ,move : Faulu Microfinance set to open eight new branches

 544 total views

 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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Business Local News 

KCB Group and global banks holding USD 47 trillion in assets commit to climate action and sustainability

 2,692 total views,  1 views today

 2,692 total views,  1 views today BY CORRESPONDENT,NAIROBI,23RD SEPT 2019-In a massive boost for climate action and sustainability, leading banks including KCB Group and the United Nations today launched the Principles for Responsible Banking, with 130 banks collectively holding USD 47 trillion in assets, or one third of the global banking sector, signed up KCB Group today became one of the Founding Signatories of the Principles for Responsible Banking, committing to strategically align its business with the Sustainable Development Goals and the Paris Agreement on Climate Change. By signing the Principles for…

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Business 

Mobile cash lending app Tala temporarily suspends operations in Tanzania

 2,872 total views

 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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Business Local News 

Kenya Power Set to Implement Energy Loss Reduction Programme

 4,794 total views

 4,794 total views  BY CORRESPONDENT,NAIROBI,17TH SEPT 2019-Kenya Power, has today confirmed ongoing initiatives to further enhance power system loss reduction measures in its electricity distribution network countrywide. The Company has developed a strategic medium-term Loss Reduction Initiative Programme, geared at lowering technical and commercial losses in transmission of electricity, from 21% to less than 15% in line with global operating benchmarks. Power system losses comprise both technical and commercial components. Technical losses occur when electrical energy is dissipated in the process of transmission and distribution. Commercial losses are mainly attributed to…

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Business 

KCB Bank Kenya Taps into Japan Market to Expand Portfolio in Deal with Giant SMBC

 2,713 total views

 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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Business 

Aspira Partners With Fairdeal To Bring Quality Furniture To Kenyan Homes

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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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Business 

Choppies Supermarket Announces plans to bow out of the Kenyan Market

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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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Business Local News 

KCB Group PLC Completes Take-over of National Bank of Kenya Limited, Picks Integration Team.

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 4,363 total views BY CORRESPONDENT,NAIROBI,6TH SEPT,2019-KCB Group PLC (KCB) has finalised the take-over of National Bank of Kenya (NBK), setting the stage for the integration of the second tier lender into KCB. In an announcement approved by the Capital Markets Authority (CMA) and published on Friday September 6, 2019, KCB confirmed that it had received 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. Having received all requisite approvals, KCB has named…

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Business 

KCB Commits Billions of Shillings to Women in Diversity and Inclusivity Drive

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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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Business Local News 

iTax enhancements boost July 2019 Capital Gains Tax revenue performance

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 2,690 total views BY  CORRESPONDENT,NAIROBI,26TH AUG 2019-The Kenya Revenue Authority (KRA) has enhanced the iTax system to reflect exemptions in transactions that attract Capital Gains Tax (CGT). Capital Gains Tax is a tax chargeable on the transfer of a property such as land and buildings located within Kenya. It is payable by the party transferring the property. KRA has now enhanced the iTax system through development of an exemptions function to closely monitor exemption declarations on CGT transactions. With the new enhancement in place, KRA can now accept or reject exemptions…

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Business 

Tuskys opens Malindi branch as stakeholders’ hail local retailers’ resilience

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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…

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