Newsroom, Author at Newsroom by Maudhui

November 2, 2023 Newsroom

US-based Hope grows regional presence with SMEP stake

Delaware-based HOPE Advancement Inc has acquired a majority stake in SMEP Microfinance as global investors intensify their hold on the micro-lending business in Kenya. The acquisition received approval from the Central Bank on July 27 and was given the green light by the Treasury Cabinet Secretary Njuguna Ndung’u on August 4th. “The acquisition is expected to strengthen SMEP MFB through an injection of additional capital to support business expansion, an upgrade of information technology infrastructure, and the reconstitution of the board to enhance governance,” explained the Central Bank. Currently, SMEP is estimated to hold a market share of 5.09 percent in the microfinance banking sector…

Counties News

November 2, 2023 Newsroom

Govt needs more extension officers in arid counties

Donor partners are urging the government to play a more active role in the arid counties to assist farmers in transitioning from traditional practices, providing advice, and collecting data that can make a difference in Kenya’s dry regions. During a meeting with the Ministry of East Africa and Arid and Semi-Arid Lands (ASALS), the donors emphasized the need for the government to encourage pastoralists to move away from overstocking vast herds of livestock, shift from planting maize to drought-resistant crops, and promote the use of feedlots. Swedish Ambassador Caroline Vicini shared her recent experiences in ASALS, where she encountered a woman who had planted maize…

Corporate

November 1, 2023 Newsroom

Insurer Hollard acquires stake in APA, eyes Uganda and Tanzania markets

South Africa headquartered Hollard International has expanded its presence in Africa through a deal to acquire a stake in Apollo Investments Limited, the parent company of APA Insurance. This investment, subject to regulatory approvals, provides Hollard with a foothold in the East African market. It also complements its existing operations in Southern and West Africa. Hollard becomes the second international investor in the Kenyan group, following Swiss Re, which acquired a stake in 2014. For APA, this partnership offers Kenya’s second-largest insurer access to a broader market. “It’s an exciting time for APA because the Hollard International partnership will open new doors and new avenues

Corporate

October 31, 2023 Newsroom

Absa Kenya’s steps toward a financially stronger nation

Financial wellness has become a crucial pillar for the achievement of individual dreams and the collective prosperity of Kenya’s diverse population. It is a concept that extends well beyond the realm of monetary transactions, encompassing various facets of financial stability, knowledge, and empowerment. As Kenyans from different walks of life navigate the intricate landscape of economic challenges and opportunities, the demand for financial products has never been more evident. The latest initiative by Absa Bank Kenya, known as “Every Kind of Financial Solution for Every Kind of You,” underscores a pivotal notion – that the significance of financial products transcends mere transactions. Absa Bank Kenya’s

Corporate

October 26, 2023 Newsroom

Moses Muthui named as Absa Kenya Consumer Banking Director

Moses Muthui has been appointed as the new Director for Consumer Banking at Absa Bank Kenya. Before taking on this new role, Moses served the Pan-African lender as Chief Strategy Officer and Head of CIB Finance. In his upcoming role, which is pending regulatory approval, Moses will be responsible for leading the retail banking unit of the Nairobi Securities Exchange-listed bank. He will oversee sales and distribution, as well as steer the bank’s product propositions and segments, cards and payments, bancassurance, and Absa’s asset management business. Furthermore, Moses will continue to provide overall leadership to the marketing team in our efforts to establish a trusted

Corporate

October 26, 2023 Newsroom

NCBA Leasing shining a path to a greener tomorrow

In a move towards advancing clean energy adoption, NCBA Leasing LLP has introduced a Kes500 million solar financing facility, aimed at accelerating the adoption of solar power across various industries. This Solar Financing Product will empower businesses by offering them a dependable and cost-effective means to invest in solar power systems, thereby removing the financial obstacles that have hindered solar adoption. “As operational costs continue to rise, it is increasingly essential for enterprises to explore alternative power solutions that not only reduce expenditure but are also environmentally friendly,” said NCBA Leasing LLP Deputy Director Robert Marete. The launch of this initiative was celebrated during the

Brands

October 26, 2023 Newsroom

OktobaFest’s Sh30 million treat for Gen Z

Kenya Breweries Ltd, the owners of Tusker beer, and Safaricom, have signed a Kes30 million deal to provide connectivity during the upcoming OktobaFest, supporting Gen Z through Safaricom Hook while empowering digital lifestyles through M-PESA. Safaricom Hook is one of the latest offerings from the tech company aimed at nurturing and supporting the aspirations of Gen Z while transforming their lives. During the festival, attendees will have the opportunity to engage with the platform’s three key hooks: technology, career, and culture. “Today’s partnership symbolises the coming together of two iconic Kenyan brands to celebrate our Kenyan identity and leverage our strengths in creating Kenya’s most

In Brief

October 24, 2023 Newsroom

Aga Khan University’s e-book chronicles 10 years of quality teaching

The Aga Khan University (AKU) has launched an e-book, which is a compilation of impact stories in higher education, as it celebrates its 10-year anniversary. AKU is a non-profit institution and a unit of the Aga Khan Development Network. Over the past decade, AKU has transformed the landscape of higher education at the university and in the communities they serve. The e-book, titled “Transforming Teaching & Learning in Higher Education: Stories of Impact from the Aga Khan University,” was co-broadcast with Advance HE in the UK. It includes retrospective stories from faculty and academic staff who illustrate the transformative power of education and the AKU’s

Markets News

October 22, 2023 Newsroom

ILAM FAHARI I-REIT redemption oversubscribed by 13.08 percent

The redemption offer for ILAM Fahari Real Estate Investment Trust, a real estate investment trust listed on the Nairobi Securities Exchange (NSE), has been oversubscribed by 13.08 percent. This development now clears the path for the next stage of strategic restructuring for this investment vehicle. Dislosures show that throughout the offer period, the REIT Trustee received applications for the redemption of 41,371,604 units, representing a subscription rate of 113.08 percent. Additionally, the REIT received applications for topping up additional units, totaling 421,945, from Non-Professional Investors. In announcing the results of the offer, Mr. Einstein Kihanda, CEO of ICEA LION Asset Management (ILAM), stated that the…

Technology

October 21, 2023 Newsroom

Escalating cybercrime in Kenya fuels calls for heightened data security

Businesses and government entities have been challenged to prioritize investments in modern technologies that can safeguard sensitive data and vital systems against the ever-evolving landscape of cyber threats. This was the primary call to action following a meeting organised by tech giant Safaricom as part of Cybersecurity Awareness Month. In a summit held under the theme “Becoming a Cyber Resilient Organization,” over 400 cybersecurity industry leaders and professionals engaged in crucial discussions surrounding the latest cybersecurity trends and the evolution of enterprise networks. “Attackers are constantly working on designing, building, and evolving solutions to bypass or overcome the most advanced cybersecurity solutions. This has created