In Brief

Gomoka Promotion
In Brief

Dickson Wandera wins second Sh1 million in Safaricom promotion

Dickson Wandera has secured the second Kes1 million grand prize in the ongoing Safaricom’s Gomoka na Go monthly promotion. Mr. Wandera, an executive driver, plans to open his own electrical products business with the money he has won. He will also use part of the funds to open a nail spa and salon for his wife as well as invest in his children’s future. Launched in June this year Gomoka na Go monthly offers customers data, minutes plan and the chance to win prizes including data bundles; instant M-PESA cash prizes ranging from Kes250 to Kes10,000 with a grand prize of Kes1,000,000 every month. “Such

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KDC Director Investments Ms. Judith Omachar.
In Brief

KDC’s offering to drive tourism recovery

The Kenya Development Corporation (KDC), in liaison with players in the tourism sector, has introduced tailor-made investment plans for businesses. KDC aims at supporting recovery in the tourism sector by offering development finance, infrastructure finance, business support, and advisory services to medium and large-scale enterprises. KDC’s Director of Investments Judith Omachar, outlined the financing packages during the Kenya Parks Investment Forum 2023. The offering encompasses working capital support, project finance for expansion and innovation, asset finance for acquiring equipment, and advisory services for making informed decisions. Further, KDC will facilitate technology transfer from India to Kenya by enabling the purchase of plant machinery and equipment.

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Sidian Bank
In Brief
Dredan Njau

Centum bank struggles to grow loan book by only a billion

Centum-owned Sidian Bank saw profits decline marginally last year after the lender only managed to expand its loan book by a billion shillings. Sidan Bank posted Kes209 million in half year net profits, a 16 percent dip from Kea251 million in a similar period last year attributed to its slow growing loan book. The lender’s loan book only saw an increase from Kes23.1 billion in the half year of 2022 to Kes24.2 billion in 2023. Sidian Group set aside Kes194.1 million a slight increase from Kes167 million to cover for bad debts, which went up by 17.8 percent to Kes3.5 billion. The Bank which was

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In Brief
Dredan Njau

Airtel Money daily limit goes up to Sh500,000

Users of Airtel Money can now sent Kes500,000 per day up from the current Kes300,000 effective August 15, this year. The move follows approval from the banking sector regulator, the Central Bank of Kenya and comes almost at the same time when rival Safaricom received the nod to revise upwards daily transaction limit on M-PESA by a similar margin. For Airtel Money customers, the transaction limit will be capped at KEs150,000 meaning one can only transfer cash three times a day to hit the Kes500,000 sealing.  Anne Kinuthia-Otieno, Managing Director Airtel Money (K) Ltd stated, “We are elated about the CBK’s decision as this change

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Fuel prices Kenya
In Brief

Epra taps fund to keep pump prices unchanged

Kenya’s energy regulator has tapped into the Petroleum Development Fund to cushion motorists from higher pump prices for the next one month starting August 15th. As a result, pump prices across Kenya remain unchanged with Super Petrol, Diesel, and retailing at Kes194.68, Kes179.67, and Kes169.48 respectively. Without tapping into the fund, pump prices in Nairobi would have been Kes202.01, Kes183.26 and Kes175.22 for petrol, diesel and Kerosene respectively until September 14. In order to cushion consumers from the spike in pump prices as a consequence of the increased landed costs, the Government has opted to stabilise pump prices for the August-September pricing cycle,” the Energy

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NCBA
In Brief
Kaunga Junior

NCBA’s 90th branch opens in Eastleigh

NCBA Bank Kenya has launched its 90th branch in Eastleigh, Nairobi, as it seeks to tap one of the country’s busiest business hubs. The opening of the Eastleigh branch follows the successful opening of the lender’s Kahawa Sukari branch last month. Deputy Director, Retail Banking at NCBA, Jane Nganga said as Kenya’s third largest bank, serving over 60 million customers across the region, the bank needs physical presence to enhance customer experience and offer advisory. Lenders are reversing the branch closures we saw in the recent past due to shift to mobile banking, leveraging back to brick and mortar in the fight for market share

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In Brief

CBK retains key rate at 10.5 percent

The Central Bank of Kenya (CBK) has maintained its benchmark lending rate at 10.5 percent in the latest review by the Monetary Policy Committee, citing falling inflation on favorable weather conditions. “Inflation is already within the target band, and is expected to decline further as food inflation is expected to come down,” the committee said in a statement. Kenya’s inflation declined to 7.3 percent in July 2023 from 7.9 percent in June, driven by lower food and non-food non-fuel inflation. At 7.3 percent, the country’s rate of rise in the cost of living within policymaker’s target range of 5 ±2 per cent. GDP data for

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In Brief

The World Bank stops loans to Uganda

The World Bank has stopped fresh lending to Uganda citing the recent enactment of anti-LGBTQ law by President Museveni. The multilateral lender said no new public financing to Uganda will be presented to our Board of Executive Directors until the efficacy of the additional measures has been tested. Uganda’s Anti-Homosexuality Act fundamentally contradicts the World Bank Group’s values, the Washington based lender explained. “We believe our vision to eradicate poverty on a livable planet can only succeed if it includes everyone irrespective of race, gender, or sexuality,” the World Bank noted. The World Bank had provided $5.4 billion in International Development Association financing to Uganda

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In Brief

Safaricom Ethiopia formalizes IFC stake deal

Safaricom Ethiopia is set to receive funds from the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), members of the World Bank Group, following the closure of the transaction during a funding ceremony held at the telco’s headquarters in Addis Ababa, Ethiopia. The company will receive support in the form of full equity investment, a loan and guarantees. Financing will support the ongoing construction and operation of their greenfield telecommunications network to drive digital connectivity across Ethiopia. “The progress Safaricom Ethiopia has achieved in such a short period is nothing short of remarkable. With the highly anticipated launch of M-PESA, we are excited

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In Brief

Private sector slump on feedback loop of high costs

Deterioration of the Kenyan currency, high energy prices and a higher taxes pushed cost of living out of the reach of many Kenyan leading to decline in consumption and political unrests.Dampened demand and political unrests are now causing second hand impact on companies as sales remain low and costs elevate, that saw the Stanbic PMI index dip to 45.5 in July from 47.8 in June.With higher inflation, Central Bank of Kenya is also jerking up rates cutting the lifeline of financial flows to private sector that will make things tougher.This shows that only strong resilient business will survive through the current multiple crisis by cutting

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