KCB Bank Kenya has reportedly signed an agreement with Asian lender Sumitomo Mitsui Banking Corporation (SMBC), in order to drive cross border trade and deepen their financial inclusion. The agreement between KCB Bank Kenya and Sumitomo Mitsui Banking Corporation (SMBC), who are among the largest banks in their respective regions, was signed last week in Yokohama last week and will see the two lenders expand the financial offerings which they offer to their respective clients in both East Africa and Japan. Under the new agreement, KCB Bank Kenya, will provide banking services which will include cash management and bank accounts,…
Author: Tobey
Airtel Africa has chosen former Vodacom Tanzania executive Ian Ferrao as the new regional director of its East African department. Ian Ferrao who is a senior manager with over 12 years of experience in telecommunication roles, will take over the position which presided over 6 of the 14 African countries where Airtel Africa runs its operations. The Chief Executive Officer Of Airtel Africa; Raghunath Mandava said, “He brings a wealth of relevant telecommunications and mobile money experience within the region and will be an asset to the business.” Mr. Mandava added that, “He will be part of the Africa Executive…
According to reports, drivers who use the taxi hailing service; Bolt, might potentially be hit with a reduction in their earnings as a result of a decision by the company to increase that commission it charges from 15 percent to 20 percent. Bolt which was formerly known as Taxify, began charging the new commission fee on Monday the 9th of September 2019. The decision will make Bolt, the second highest in the Kenyan market, right behind Uber which charges 25 percent. On the other hand the local taxi hailing service ‘Little’ which is backed by telecommunications Powerhouse; Safaricom, charges a…
Directors of Equity Group have approved the financial institution’s move to enter into a non-binding agreement to acquire a controlling stake in Commercial Bank of Congo which is Congo’s 2nd largest bank. Equity Group which is already a major regional lender and is aiming to expand its network within the continent of Africa becoming Africa’s premier financial institution through the use of technology, seeks to further that dream via its planned merger of its subsidiary in Congo; Equity Bank Congo, with the Commercial Bank of Congo. While the actual value of the proposed transaction has not yet been revealed, Equity…
Barclays Bank of Kenya, is now the best performing bank in the Kenyan banking sector with regards to shares. In the last 3 months (June, July and August) of 2019, its shares registered a gain of about 6%. Based on the closing price of last week (10.95 Kenyan Shillings), Barclays Bank of Kenya has a dividend yield of 11% as opposed to the industry average of 5%. The bank which is currently in the process of rebranding to Absa, achieved a fantastic performance in the first half of 2019, as it posted a 19% Growth normalized profit before tax in…
According to Business Daily Africa, Carrefour Kenya has repaid the 1.53 billion Kenyan Shilling loan it obtained from its parent firm which is based in Dubai; Majid Al Futtaim. The loan repayment which was done way before its contractual maturity, is seen by observers as an indicator of the financial strength and growing strides of Carrefour Kenya; Majid Al Futtaim’s Kenyan subsidiary. The 1.5 billion Kenyan Shillings loan, was given to Carrefour Kenya, by Majid Al Futtaim in 2016. The loan was to be used by the retailer, to fund its expansion plans and was to be paid back within…
According to the Kenyan Wall Street, KCB Group has made it known that 87.70% of National Bank of Kenya (NBK)’s ordinary shareholders have accepted the buyout offer representing 297,130,033 of the 338,781,200 shares. KCB Group at the close of the takeover, stated that the offer is unconditional in all respects and that all the necessary regulatory approvals and corporate approvals, have been received. With this development, the buyout offer is now considered successful and KCB Group is now gearing towards its completion. Once the buyout is, the swapping and conversion of shares will take place, as soon as the condition…
Mortgage lender; HF Group, has partnered with cloud communication firm Infobip, Wayawaya, Kocela and Myriad to release its WhatsApp banking product. The WhatsApp banking solution which was launched on Thursday the 6th Of September 2019, will make HF Group the first bank in Africa, to commercialize the product. The platform will allow HF Group’s existing customers and new customers alike, to interact with the financial institution via WhatsApp for services which include bill payments, funds transfers, goods purchases, loans, virtual account opening, among other services. The Chief Executive Officer (CEO) of HF Group; Robert Kibaara said, “Highly popular messaging platform…
Botswanan multinational grocery and general merchandise retailer, Choppies Supermarket has announced that it will be leaving the Kenyan market. The decision is coming just 4 years after acquiring supermarket chain; Ukwala stores for 1 billion Kenyan Shillings. During a general meeting with its shareholders on Wednesday the 4th of September 2019, Choppies revealed that it had put up its Kenyan assets for sale and has also classified its 12 stores as ‘distressed’. Director of Choppies Wilfred Mpai, told shareholders that, “Zambia has a steady performance in a volatile economy, Kenya’s distressed business has been identified for disposal. Tanzania and Mozambique…
Kenya Power newest attempt to increase the electricity prices shortly after a temporary reduction in said charges, has been met with stiff resistance from the regulatory body in charge. The Energy and Petroleum Regulatory Authority (EPRA) which is the regulator for the electricity sector, announced that it had received an application for tariff increases from Kenya Power, following the July expiration of the temporary reduction of electricity charges. The regulator stated that the submission would most likely be rejected. On Wednesday the 4th of September 2019, A director at Kenya Power director, stated that the company was only seeking what…
The Kenya Revenue Authority (KRA) has authorized Kenyan sports betting platform; Sportpesa to resume its operations in Kenya. The leading betting firm confirmed the news via a statement which it shared on its Twitter account. Users of the platform expressed their happiness as a result of news, via their comments on Sportpesa’s statement post on Twitter, and are waiting eagerly for its license to be renewed. Throughout the entirety of its ban betting firm; Sportpesa, continue to maintain that it had complied with tax regulations. The company made it known that in 2018 alone, it had paid more than 6…
The Kenya Revenue Authority (KRA) has temporarily suspended its tax on bottled water, juices, soda and other non-alcoholic beverages and cosmetics as well. According to the budget speech read by the former Treasury Cabinet Secretary (CS); Henry Rotich in June 2019, the listed goods, whether imported or manufactured locally, were to have excise stamps attached to them starting from Saturday, the 1st of September 2019. However, a notice on the Kenya Gazette which was initially intended to impose the excise stamps was later suspended at the weekend, and is already being seen as a huge relief for both consumers who…
East Africa’s Telecommunications giant; Safaricom, has announced that it will be paying 74.92 billion Kenyan Shillings as its dividend payout for the 2019 Financial Year. The dividend payout, will include 50.08 billion Kenyan Shillings for ordinary shares as well as 24.84 billion Kenyan Shillings in special dividends, bringing the total payout figure to 74.92 billion Kenyan Shillings as compared to 44.07 billion Kenyan Shillings in the 2018 financial year. During the Annual General Meeting for Safaricom, its shareholders approved a total dividend of 1.87 Kenyan Shillings per share a figure which is 70% higher than last year’s 1.25 Kenyan Shillings…
According to Kenyan Wallstreet, Meru County in Kenya, is set to be the home of Africa’s first large scale hybrid battery, solar and wind renewable energy system. The project is coming after the Kenya Investment Authority and the county government signed an Memorandum of Understanding (MoU) with Eurus Energy and Windlab to build the energy facility. The energy project is expected to provide 80MW (megawatts) of clean energy via its over 40,000 solar panels and 20 wind turbines. The project which is called the “Meru County Energy Park”, will bring 15.52 billion Kenyan Shillings ($150 million) into the county. Japanese…
