The rise and rise of the reign of mobile loan apps in Kenya, has increased the number of individuals blacklisted by the Credit Rating Bureau (CRB). Gadgets Africa, put the total number of blacklisted individuals as a result of defaulting on loans at an astounding 500,000 in 2018, from just 150,000 in 2015. With the threat by the Higher Education Loans Board (HELB) to list the over 65,000 loan defaulters the Credit Reference Bureaus (CRBs), the number is only going to go even higher from here. If you have ever at any point in time, taken up a loan through…
Author: Tobey
Equity Bank has emerged as the best bank in Kenya at this year’s Think Business Banking Awards for the eighth time. For the third time, The Managing Director and CEO of Equity Group Dr. James Mwangi, also took home the award for CEO of the Year. The Think Business Banking Awards have been held every year, since 2006. Awards at the Think Business Banking Awards, are won on a combination of merits, which include financial stability, opinion polls, market research and professional assessments. The overall winner of the title of The Best Bank in Kenya, is usually the bank…
Barclays Bank of Kenya has reported a profit after tax of 2.6 billion Kenyan Shillings, for the period ending on the 31st of March 2019. This is an increase from the 2.5 billion Kenyan Shillings figure, recorded in the same period in 2018. The Bank’s Interest income also increased to 7.4 billion Kenyan Shillings from 6.9 billion Kenyan Shillings recorded in 2018. The increase in interest income, was driven by investments in government securities, as well as customer loans. Income from customer loans increased from 5.2 billion Kenyan Shillings to 5.4 billion Kenyan Shillings while securities increased from 1.6 billion…
The Kenya Revenue Authority (KRA) has received the go-ahead to collect more than 2.7 billion Kenyan Shillings worth of monthly taxes on withholding tax on winnings from Sportpesa. This is on the heels of a ruling by Milimani Commercial Courts Chief Magistrate, Peter Gesora, allowing KRA to collect withholding taxes on winnings from betting games on the Sportpesa platform as well as from others, who have been failing to withhold tax on winnings. The landmark ruling came from a 2014 suit filed by a Mr. Benson Irungu against Sportpesa Ltd trading as Pevans East Africa. The suit aimed to stop…
The Governor of the Central Bank of Kenya; Dr. Patrick Njoroge, has announced the issuance of new notes which were released on 31st May and are now in circulation. During this year’s Madaraka Day celebration which was attended by President Uhuru Kenyatta, the Central Bank of Kenya (CBK) Governor, stated that the notes, which are now a legal tender, will serve as a means of passing knowledge, culture as well as promoting Kenya’s global uniqueness. All the new notes have the photo of the iconic Kenya International Conference Centre (KICC) and also embody each of the big five animals; the…
East Africa’s telecommunications giant; Safaricom, has partnered with BuuPass to launch an online bus booking service. This service will enable travelers in the country to book and purchase bus tickets nationwide. The service currently has five bus operators which are Modern Coast, Easy Coach, Palmers, Greenline, and East African Shuttles. The service is also looking to bring more than 20 additional operators on board, by the end of the year. Using the new online bus booking service’s app, customers can select a bus operator, preferred travel date and time, and reserve specific seat numbers. Users can also reserve seats for…
The World Bank has agreed to provide East African nation; Kenya, with a $750 million (75 billion Kenyan Shillings) loan for budget support, following the cash flow hitch that threatens to cripple the nation’s Treasury. This will be the first time in years, that the World Bank will be putting cash directly into the Treasury, for the money to be used by the government, however it sees fit. Previously, the World Bank preferred to channel funds directly into projects. This decision reflects the worsening cash flow situation at the Treasury in an environment where revenues are now below their targets…
An estimate of over 65,000 beneficiaries of the Higher Education Loans Board (HELB) are reportedly unbothered by the threat of being listed with the Credit Reference Bureaus (CRBs) over unpaid student loans estimated to be up to 6.5 billion Kenyan Shillings. This is according to Business Daily. In April 2019 the Higher Education Loans Board (HELB) gave beneficiaries of the State student loans who enrolled as far back as 1975, up until the middle of May 2019, to confirm their repayment status. Failure to confirm said repayment statuses, would lead to the defaulters getting listed on credit bureaus. Even after…
Telecommunications Giant and Safaricom rival; Telkom, has begun the further expansion of its 3G and 4G networks in Eldoret, Kisumu, Nairobi, Nakuru, and Mombasa. This move will aid the improvement of the company’s mobile connectivity to previously underserved towns and urban areas, that form part of Telkom’s expansion roadmap. This expansion, is part of Telkom’s network modernisation and infrastructure expansion programme, which first took place in late 2016. The program, has seen the telco launch its 4G network, progressively, to more than 30 towns and urban centres across Kenya. It has also optimised its 3G network, by doubling and improving…
According to Business Daily, Female employees at alcohol company East African Breweries Limited (EABL) who are mothers of newborns, could get up to six months maternity leave, complete with pay. This development is in line with East African Breweries Limited’s British parent company; Diageo’s global policy for its workers. Diageo said in a statement: “The full details of each country-specific policy, application to non-wholly owned subsidiaries, and the timing of its roll-out will be shared in due course and is subject to local legal, board and regulatory requirements,”. Diageo had initially offered a minimum period of four weeks paternity leave,…
Estonian transportation network company Bolt (formerly known as Taxify), has announced the appointment of Olaoluwa Akinnusi as the new Country Manager for Bolt Kenya. Olaoluwa Akinnusi will be in charge of overseeing the operations and expanding Bolt’s services across Kenya. The General Manager for Bolt Africa, Karl Aru, on speaking on Mr. Akinnusi’s appointment said; “We are very excited to welcome Ola to our team at Bolt. Not only will he bring a tighter focus on customer relationship quality to our sales team, but also be a great role model for our employees, driver partners and riders who come…
Whizz Digital banking product Whizz, was launched by Housing Finance not too long ago. The platform allows users to access loans of up to 50,000 Kenyan Shillings. The loan amount however, comes with an interest rate of 7.725 percent. The loan, must also be paid back in 30 Days. You can register by downloading the Whizz app through the Google Playstore and the iOS App Store. mKey Launched by Finserve Africa in September 2018, mKey is one of the ways to get loans fast. Through the banking service’s app, customers can chat with other individuals, read news, shop, pay bills,…
Diamond Trust Bank (DTB) on Thursday the 23rd of May 2019, appointed former Nation Media Group (NMG) CEO Linus Gitahi as chairperson of its board. Business Daily says the appointment, was announced to the Diamond Trust Bank (DTB) shareholders at the Nairobi Securities Exchange (NSE) listed firm’s Annual General Meeting (AGM), and is geared towards accelerating growth and corporate governance reforms. Mr. Linus Gitahi, who had been serving as a non-executive Director on the DTB Board, taking over the mantle of leadership from outgoing chairperson Abdul Samji. Mr. Abdul Samji, has served in that capacity for the last nine years.…
Kenya’s biggest telecommunications company; Safaricom and its South African parent company; Vodacom, are reportedly set to enter into negotiations with British firm; Vodafone to buy the exclusive rights to the M-Pesa service. The deal is estimated to be worth $13.4 million (1.3 billion Kenyan Shillings). CEO of the telecommunication firm; Bob Collymore, told news agency; Reuter’s, that the purchase of M-Pesa rights will yield significant savings in the royalties paid to Vodafone and expand the mobile money service to new African markets. He added that “More important than the significant savings is about us determining the future, the roadmap of…
