NAIROBI, Kenya, May 22 – Kenyan’s biggest bank by assets Kenya Commercial Bank (KCB) has restructured loans worth over Sh115.1 billion, to beat Equity Bank, which has reviewed Sh92 billion since the coronavirus pandemic swept into the country and destabilized businesses and lives of ordinary Kenyans. In a statement, the bank says the debt-relief measures, […]
The Kenya Commercial Bank has cracked a whip on 13 of its staff members who were accused of fraud in 2019 as lender tightens grip on staff conduct. KCB said the number of staff fired in 2019 was slightly high than those fired in 2018 where 10 staff members were sent packing over fraud accusations. […]
Kenya Commercial Bank Group, the biggest lender in the country has posted a net profit of Ksh. 6.3 Billion for the period ended 31 st March 2020. This represents an 8% rise in profitability from the Ksh. 5.8 Billion posted in a similar period last year. At the same time, National Bank of Kenya (NBK) […]
The Nation Media Group (NMG) on Friday issued a profit warning to its investors, citing reduced revenues due to the effects of Covid-19 pandemic. In a statement to shareholders, NMG chairman Wilfred Kiboro said that Covid-19 global pandemic presented an unprecedented risk to the economy in 2020 and possibly beyond. “The Board of Directors, having […]
IMF Country Report No. 20/165 UGANDA REQUEST FOR DISBURSEMENT UNDER THE RAPID CREDIT May 2020 FACILITY-PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR UGANDA In the context of the Request for Disbursement under the Rapid Credit Facility, the following documents have been released and are included in this package: A Press Release […]
Business. The Stanbic Purchase Managers Index (PMI) survey report for April shows there was deterioration in business conditions following the lockdown . FILE PHOTO Business confidence in Uganda has declined by more than half from the previous Stanbic Purchase Managers Index (PMI) following the current lock-down in the country, indicating how serious COVID-19 is causing […]
Bank Why government must support the banking sector t o keep credit flowing to stimulate economic growth COMMENT | SIMON MUTUNGI | Following the 2008 Global Financial Crisis, many banks collapsed worldwide while others had to plow through public funds in the form of government bailouts in order to survive. To avert a consequent repeat […]
A man shops for maize flour at a supermarket in Nyeri, County. Most supermarkets have recorded low numbers of customers, a trend they blame for their failure to pay suppliers. PHOTO | FILE | NATION MEDIA GROUP The Competition Authority of Kenya wants to protect businesses, especially small enterprises, from collapse due to constrained cash […]
Business He, however, couldn’t disclose the amounts owed to suppliers at the moment. The competition watchdog has started investigating supermarkets over delayed payments to suppliers without justification. In a notice yesterday, Competition Authority of Kenya (CAK) Director General Wang’ombe Kariuki requested local suppliers owed by supermarkets beyond a 90-day credit period to submit information to […]
To provide the much-needed information and solutions for Ugandan entrepreneurs struggling with the financial consequences of the COVID -19 pandemic, Stanbic Bank has partnered with ConsumerCentriX on a Business Information Hub. This website will provide entrepreneurs with advice on financial management to overcome economic slowdown and insights into new developments across industries. Through a partnership […]
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