Kenya’s top banks have posted impressive profits for 2018, benefiting from the Central Bank’s one-year earnings "protection" window in the implementation of the International Financial Reporting Standard (IFRS 9) which demands higher provisioning for bad loans. Analysts had predicted that the banks would report nearly flat revenue performance in the face of declining credit to […]
Category: Business
Struggling Kenyan State abattoir KMC forms debt collection task force
Cash-strapped Kenya Meat Commission (KMC) has formed a task force to spearhead collection of debts as it moves to settle liabilities. The State-owned meat processor owes livestock farmers Sh254.4 million for supplies and has outstanding payroll deductions totalling Sh144.7 million. Managing commissioner James Ole Seriani told Parliament that upon recovery of the money, the company […]
Ghana Amalgamated Trust vows to maintain local ownership of 5 banks
Eric Nana Otoo, Managing Director of Ghana Amalgamated Trust (GAT) The Ghana Amalgamated Trust (GAT) has vowed to maintain the local ownership of the five indigenous banks to benefit from its intervention. The Agricultural Development Bank (ADB), National Investment Bank (NIB), OmniBank Ghana Limited / Bank Sahel Sahara Ghana (OmniBank / BSIC), Universal Merchant Bank […]
Republic Bank Ghana joins hand with Vodafone Ghana to provide mobile cash services
In addition to fund transfer and bill payments, Republic Bank of Ghana has also sought to extend its savings and loans products on the Vodacash platform. The renowned commercial bank in Ghana, Republic Bank Ghana has joined hand with Vodafone Ghana for the purpose of delivering mobile money cash services. Republic Bank Ghana can now, […]
NBS’ Kin Kariisa Appointed Board Chairman Eco Bank
The outgoing Board Chairman of Eco bank, Henry Lubwama (R) with his successor, Kin Kariisa during the event. Kin Kariisa, the CEO of Next media services which umbrellas NBS Television, is the new Board Chairman of Eco Bank Uganda replacing Henry Lubwama who has served in the position for years. On the event organized to […]
Kenya: Employers fight tax to earmarked for new National Housing Fund
NMG Treasury secretary Henry Rotich plans to enforce the proposed contributions from January 1 through the Finance Bill 2018, which is before the National Assembly for approval. The establishment of a housing fund is provided for under the Housing Act. The Ministry of Housing said in April it was working on regulations to operationalise the […]
Lamu Port build running 6 months late
Kenya’s Lamu port that will be a key gateway for landlocked South Sudan and Ethiopia is six months off schedule with first berth expected at end of year
Kenya and US firm Bechtel to hold talks on $3bn Nairobi – Mombasa expressway
Kenya and US firm Bechtel to hold talks on $3bn Nairobi – Mombasa expressway starting with financing model: loan vs toll road
Standard Bank Group pay 17% premium to take stake up to 65% in Nigerian subsidiary
Standard Bank Group-Africa’s largest financial institution, dug deep into its Nigerian business last week with the acquisition of additional shares worth N61.3 billion in Stanbic IBTC Holdings Plc to increase its majority equity stake in the Nigerian subsidiary to 64.44 per cent. In a regulatory filing announcing the transaction, Company Secretary, Stanbic IBTC Holdings Plc, […]
Kenya’s listed coffee firms face profit hit due to poor global prices
Listed agriculture firms dealing in coffee are facing a hit on profits following a fall in the price of the commodity in the international market and lower production due to drought last year. Earnings dropped by Sh1.4 billion in seven months to April compared with the same period last year, on account of low prices […]
