Kenya’s financial inclusion rate grows marginally in 2021- Survey
Central Bank Governor Dr. Patrick Njoroge/ CBK NAIROBI Kenya, Dec 16- Kenya’s financial inclusion rate has grown marginally to 83.7 percent in 2021 up from to 82.9 percent last year, the slowest growth in the past five years. The World Bank defines financial inclusion as means that individuals and businesses have access to useful and […]
Illegal State processes cost taxpayers Sh112 billion
AG Kihara Kariuki/ Facebook NAIROBI Kenya, Dec 14- Contract breaches, unlawful dismissals, human right violations and other legal disputes emanating from unlawful decisions made by government officers may cost taxpayers Sh112 billion. An analysis of budget reports for the forthcoming year shows that ministries, departments, agencies and corporations run by the state were slapped with […]
Central Bank orders the shutdown of Imperial Bank
Imperial Bank LTD/ Courtesy NAIROBI Kenya, Dec 10- The Central Bank of Kenya has okayed the liquidation of collapsed Imperial Bank Limited ending the lender’s 20-year stint in the Kenyan market. Imperial Bank Limited was established in 1992 as a Finance and Securities Company. In 1996, the bank commenced commercial banking services, following the issuance […]
Kenya Development Corporation to increase loans to SMEs
The Kenya Development Corporation (KDC) during the launch of its strategic road map for the next three years/Courtesy NAIROBI Kenya, Dec 10- The Kenya Development Corporation (KDC) plans to grow its loans to small and medium enterprises in the country by 500% over the next three years. The new fully state-owned entity is looking to […]
Kenya Power shareholders green light asset seizure in war on graft
Kenya Power shareholders have agreed to have fraudulent employees’ assets seized in the company’s ongoing war on graft. During the firm’s Annual General Meeting on Friday 2, 2021, 99 percent of attending shareholders endorsed legal action and seizure of assets of those found to have been involved in fraudulent deals. “That the board of directors […]
Kenya Power Turns The Heat On As Five Senior Managers Suspended
NAIROBI, Kenya Dec 6 – Five senior managers at Kenya Power have been suspended as a forensic audit at the company continues. This is according to a memo sent to Kenya Power staff by the acting Managing Director Rosemary Odour. The managers that include Aggrey Machasio, the general manager, Infrastructure Development, and GM Regional Co-ordination […]
Central Bank retains base lending rate at 7.0%
Central Bank of Kenya Governor Dr. Patrick Njoroge during a press briefing in Nairobi, Kenya/ CBK. NAIROBI, Kenya Nov 2- The Central Bank of Kenya has retained the base lending rate at seven percent for the 11th time in a row. In November 2019, CBK lowered the base lending rate by 50 basis points to […]
DCI calls for suspension of two KPA managers amid theft probe
Directorate of Criminal Investigations headquarters along Kiambu Road, Kiambu/ Twitter photo. NAIROBI, Kenya, Nov 21 – The Directorate of Criminal Investigations (DCI) has called for the suspension of two Kenya Ports Authority (KPA) managers over a suspected container smuggling racket at the port of Mombasa. DCI says the two managers should temporarily be removed from […]
KCB Group profits more than doubles in Q3 of 2021
KCB Group CEO & MD Joshua Oigara/ Courtesy. NAIROBI Kenya, Nov 21– KCB Group Plc has posted a 131 percent jump in profits in the nine months ending September 2021 attributed to higher income and economic recovery from the Covid-19 pandemic. Net profit hit Sh25.2 billion in the period under review compared to Sh10.9 billion […]
KCB to buy out minority shareholders in Rwanda subsidiary
KCB Group CEO Joshua Oigara (right) Chairman Andrew Kairu (centre) and Group CFO Lawrence Kimathi during the release of the full-year result/ Courtesy. NAIROBI, Kenya, Nov 21– KCB Group has announced plans to buy out a 24 percent stake owned by minority investors in Banque Populaire du Rwanda Plc (BPR) next year. This follows its […]
