The Institute of Directors – Ghana (IoD – GH) has applauded Republic Bank Ghana, for being the first in the industry to defer loan repayments by six months for its customers in response to the COVID-19 pandemic. The bank, in a statement released on 26 March 2020, said the offer to its staff and customers […]
Category: Industry
EABL parent firm Diageo project fall in sales due to coronavirus
East African Breweries Limited’s (EABL) British parent firm Diageo is warning of up to Sh41 billion ($410m) or 2.7 percent hit in net sales for the year to June 2020 on disruption of business by the coronavirus outbreak. Diageo, which has a presence in six continents, says the expected dip is founded on the evolving […]
Kenya regional carrier Jambojet cancels flights as passenger numbers fall over Coronavirus
Few passengers travelling to Rwanda and Uganda has forced low-cost carrier Jambojet to suspend flights to Kigali and Entebbe with immediate effect. The budget carrier, a subsidiary of the national airline Kenya Airways #ticker:KQ, said over the past few weeks there has been a decline in air travellers especially on its international routes caused by […]
MTN Uganda pay $100m for 10-year licence renewal with Gov’t
MTN Uganda — the country’s largest company by revenue — and the government have reached a deal on the renewal of the telecoms firms’ operating licence, according to a report. The Daily Monitor said that MTN has agreed to pay $100m, or Shs371.5bn, for a 10-year operating licence. The deal was confirmed by Keith Muhakanizi, […]
Lack of passengers forces Jambojet to suspend regional flights in East Africa
Few passengers travelling to Rwanda and Uganda has forced low-cost carrier Jambojet to suspend its flights to Kigali and Entebbe with immediate effect. The budget carrier, which is a subsidiary of Kenya Airways, said the global spread of Covid-19 the past few weeks has resulted in a decrease of airline passengers especially on the international […]
Kenya tea sales to Ireland rise by 226%
Kenya’s tea exports to Ireland continue to rise with volumes growing more than three fold in the first month of the year as a result of direct purchases of the commodity after Brexit. Data from the Tea Directorate indicate that volumes bought by Ireland in January rose to 433,440 kilogrammes from 133,071 kilogrammes in corresponding […]
I will Retire from Equity Bank at 75, CEO James Mwangi Says
Equity Bank CEO James Mwangi has indicated that he is not about to retire and looks to remain at the helm of the lender for another two decades. This week, 57-year-old Mwangi said he wants to lead the company until he clocks age 75, Business Daily reported. “The earliest may be on my own volition […]
Kenyan Bank regional subsidiaries deliver a 31.5% increase in profits
Kenyan banks registered a 31.52 percent increase in regional subsidiaries’ pre-tax profit to Sh11.57 billion last year supported by increased lending, offering hope for more growth opportunities across the borders. The growth in profit from previous year’s Sh8.79 billion was specifically from subsidiaries in DR Congo, Tanzania, Burundi and Mauritius even as Uganda’s fortunes waned. […]
NCBA (NIC and CBA merger) add shares on Nairobi Stock Exchange
NCBA Group, an amalgamation of NIC Group and Commercial Bank of Africa, yesterday listed 793.8 million new shares at the Nairobi bourse, further cementing the merger. The newly entity officially began operating as one on October 1, after Central Bank of Kenya gave the green light on September 27. Given NIC Group initially had 703.9 […]
Equity Kenya in talks to buy another DR Congo lender
Equity Group Holdings (EGH) has entered negotiations with shareholders of the second largest bank in the Democratic Republic of Congo as it expands its footprint in the mineral-rich region. In a statement, Equity Group said it was looking to purchase a controlling stake in Banque Commerciale du Congo (BCDC) through a cash transaction and merge […]
