Bank customers planning to withdraw or deposit Sh10 million and above in cash will now be required to give a three-days’ notice and get clearance from branch managers. The new tough rules announced Monday by industry lobby, the Kenya Bankers Association (KBA), are aimed at sealing loopholes for money laundering and financing of terror. The […]
Category: East Africa News
Kenya’s Cytonn gets Sh2.1bn ($21m) financing with plans to tap into affordable housing
This will be the fourth time the Finnish firm is investing with Cytonn Investments having already committed over Sh3 billion towards projects and investments and having already successfully exited from two other investments, namely Amara Ridge in Karen and The Alma in Ruaka/FILE This will be the fourth time the Finnish firm is investing with […]
‘Robin Hood’ Money Transfer Tax Threatens Kenyan Financial Services
Kenyan bankers and fund managers have warned a proposed “Robin Hood” tax on many transactions will threaten the future of the country’s economy. According to the Financial Times , the finance bill includes a 0.05 percent excise duty on “money transferred by banks, money transfer agencies and other financial service providers” in amounts of more […]
Kenyan SMEs hit hard as more bank credit flows to Treasury bonds
The pressure to scrap the law has been mounting for a while with banks leading the assault. Analysts believe it is only a matter of time before it is done away with. However, while the law still holds, SMEs are facing tough times getting credit as they are considered too risky by lenders. One of […]
MTN, CIPLA to list on USE
Kampala- Drug maker CIPLA-Quality Chemicals Industries plans to list on the Uganda Securities Exchange in the next four months, The East African reports. This will end the six-year initial public offering (IPO) drought at the USE. The exchange last had an IPO in 2012 when Umeme floated shares. Telecommunications giant MTN is also exploring ways […]
Rich Tanzanians invest billions in Kenyan firms
Wealthy Tanzanian citizens and firms have invested more than Ksh5 billion ($50 million) in Kenya over the past two years, reversing the predominant one-way flow of capital between Nairobi and Dar es Salaam. The cross-border investors have made their bets in Kenya’s stock market, consumer goods, petroleum and financial services sectors. The latest entrant is […]
Tanzania: Kibo sells nickel subsidiary to Katoro Gold
ccording to mining weekly, the transaction includes Kibo Nickel’s subsidiary Eagle Exploration and the Haneti nickel project, in Tanzania. The sale is in line with Kibo’s strategy of becoming a major regional power player in Africa, as the sale allows for the company to focus on its three energy projects that are under development. Dar […]
Mwalimu Bank Plc launches agents
Speaking during the launching ceremony of the new service held in Tanga at the weekend, MCB Plc Chief Executive Officer, Mr Ronald Manongi, said his bank has entered into a strategic agreement with Maxcom Africa Plc through its MaxiMalipo payment system to allow the bank’s customers get services at their convenience. Tanga. In a bid […]
Banking CEOs favour rate cap
Industry captains cautiously favour the interest rate control even as they push for review of the Banking Act to improve access to finance, a new survey indicates. Oxford Business Group (OBG), which surveyed 136 chief executives said 89 per cent of the interviewees expressed covert support for the interest capping law saying it had improved […]
Kenya Banking chief executives give rate cap the thumbs up
Capping of interest rates has made credit more affordable, say chief executives in the private sector, even as their confidence on business prospects soars, indicates a recent survey. This is despite the rate cap making loans harder to get from banks. A survey of over 100 top executives by global publishing, research and consultancy firm […]