Equity inks Sh300m deal to finance small-scale farmers

Equity inks $2.8m deal to finance small-scale farmers

Equity Bank and the Ministry of Agriculture have signed a Sh300 million agreement to finance farmers under phase two of the Agricultural Credit Guarantee Scheme (ACGS), in which the government provides collateral. The partnership is a risk-sharing arrangement where the government provides a guarantee fund to cushion the participating financial institutions from any proven loss […]

Kenya’s Equity Bank removes ATMs in shift towards mobile banking

Kenya’s Equity Bank removes ATMs in shift towards mobile banking

Kenya’s Equity Bank has started closing some of its automated teller machines (ATMs) as the lender shifts customers to alternative channels in a fresh cost-cutting strategy. Equity, Kenya’s biggest bank by customer numbers, has so far closed 11 ATM lobbies, each of which had multiple cash dispensing machines. One in every five ATMs in Kenya […]

Can Uganda Step Up to New Economic Challenges?

Uganda: 6 Tycoons Probed Over $67m Crane Bank Loans

Kampala — Crane Bank suspiciously advanced more than Shs244b in separate loan amounts to companies owned by six tycoons, a preliminary forensic audit report conducted by PricewaterhouseCoopers shows. The report, code-named Project Nyonyi, names the six individuals as Ms Amina Hersi Moghe , John Bosco Muwonge (Boost), and one of Kampala’s largest land owners, Mr […]

Uganda: President Okayed Crane Bank Closure, Says Central Bank Governor

The Bank of Uganda Governor, Mr Emmanuel Tumusiime-Mutebile, has revealed that President Museveni gave the “go ahead” to close Crane Bank whose management the central bank took over last October due to its under-capitalisation. “You would be mad to do such a thing (closing a bank) without briefing him (the President) on such an important […]

Uganda: Crane Bank Wrote Off $27m in Bad Loans, Says Report

Kampala — Crane Bank wrote off more than 180 loans and advances amounting to more than Shs101b, a preliminary report of a forensic investigation prepared by the audit firm PricewaterhouseCoopers on behalf of Bank of Uganda shows. The loans, according to the report, were written off separately in the period running between 2005 and 2016, […]

Uganda: Crane Bank saga gets murkier as local tycoon joins court case

Three days after he filed a challenge to the closure of National Bank of Commerce (NBC), businessman Amos Nzeyi yesterday asked the Commercial court to consolidate his lawsuit with that of Bank of Uganda (BOU) suing Sudhir Ruparelia and his Meera Investments for alleged fraud. In his suit filed on Wednesday, Nzeyi accuses BOU, Sudhir, […]

Kenya opens state-of-the-art cargo hub in Nairobi to build competitiveness

In April this year, Kenya Airways (KQ) opened a state-of-the-art cargo express centre at Jomo Kenyatta International Airport. The centre is aimed at improving KQ’s cargo revenue as part of its turnaround strategy “Operation Pride” while catering to the needs of premium cargo clients who require express services. In an interview to Twinkle Sahita, Peter […]