The Central African Republic has emerged the first country in Africa to adopt Bitcoin as its official currency. Central African Republic adopts Bitcoin as its official currency The development was announced Wednesday by the country’s Presidency, after a bill that would govern the adoption of crypto assets was passed by parliament. A statement that was […]
THE Kilimanjaro Co-operative Bank Limited (KCBL) is tipped to become a national cooperative bank. The need of turning KCBL was vivid during the national debate to direct the nation on creating a cooperative bank. The lender is the only cooperative bank in the country. The bank last year made a pre-tax profit of 318m/- after […]
Workers are facing their most painful squeeze in over a decade after a day in which the cost of living crisis escalated and employers warned of a longer freeze in pay increases. Employers say real wages, adjusted for inflation, will take longer to recover from the pandemic-induced economic contraction in 2020. This means that disposable […]
Africa’s biggest bank by assets, Standard Bank Group, has retained its seat at the top of the banking pack in Africa. This was revealed in a 2021 annual survey pitting the top 100 banks in Africa conducted by global publication Group, IC Publications, through its leading publication, African Business. IC Publications has over 50 years’ […]
East Africa’s investments in startups declined by more than 50% in 2021, with deal activities falling by 2%, largely due to the impact of new restrictions imposed by governments to tame the spread of the third wave of the Covid-19 pandemic. The latest Venture Capital in Africa report (April 2022) by the African Private Equity […]
A currency dealer counts Kenya shillings at a money exchange counter in Nairobi October 23, 2008. The Kenya shilling breached the important 80.00 level on Thursday reaching a near four-year low, despite assurances by the central bank, due to demand for dollars. At 0800 GMT, commercial banks traded the unit at 80.10/20 against the dollar […]
Kampala – Uganda April 26, 2022: Fitch, the international credit rating agency, has affirmed Stanbic Bank Uganda Limited’s (SBU) Long-Term Issuer Default Rating (IDR) at ‘B+’, with ‘AAA’ being the highest possible rating while ‘D’ is the lowest. SBU is Uganda’s largest bank accounting for 22% of banking sector assets as of the end of […]
NAIROBI, Kenya April 21-Property developer Purshottam Developers, and Stanbic Bank Kenya have entered a structured mortgage finance partnership that will enable customers to own homes in Ruaka at an affordable cost. As part of the deal, Kenyans will be able to acquire the apartments with a standard minimal deposit and subsidized mortgage loan interest at […]
Kenya’s low-cost regional airline Jambojet will prioritize local routes for the time being as it looks to consolidate business within the country before expanding internationally. The airline had to suspend some of its international flights during COVID and has no immediate plans of deploying its aircraft to overseas destinations on a large scale. Focus on […]
Image used for illustrative purpose. Midsection Of Man Using Mobile Phone Against Clear Sky In Marrakesh, Morocco. Standard Chartered Bank Kenya was one of the major banks that lent Safaricom a total of $400mln last year, helping the telecom operator pay for its Ethiopian licence. A consortium led by Safaricom paid $850mln to gain entry […]
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