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 […]
Tag: XNAI
Africa’s Jambojet Places Its Immediate Focus On Domestic Recovery
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 […]
Safaricom gets $400mln loan for Ethiopia licence
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 […]
CRB listing freeze to delay risk based loan pricing – bankers
KBA chief executive Habil Olaka /FILE The Credit Reference Bureau (CRB) listing freeze on new loan defaulters of sums below Sh5 million could hinder the implementation of risk-based lending, bankers have said. The Kenya Bankers Association (KBA) chief executive Habil Olaka said this in a commentary supporting the new credit pricing model favoured by industry […]
Supermarkets opened 19 new stores in 2021
Kenya’s major supermarkets opened 19 new stores last year, partly spurred by a recovery in consumer demand and cash from private equity funds which acquired stakes in two of the four retailers in prior years. Naivas, Quick Mart, Carrefour and Chandarana Foodplus tightened their grip on Kenya’s retail sector, capitalising on the gap left by […]
Kenyan politician, Nigerians wired Sh500 billion in days amid money laundering fears
US Dollars. PHOTO| FILE Three Nigerians suspected to enjoy the backing of a powerful Kenyan politician and two Kenyans wired Sh25.6 billion between October and November 2020, setting off alarm bells in Europe and at the global police agency Interpol over possible money laundering. Bank statements provided by a European investigator revealed a cross-continental operation […]
Our money is clean, Nigerians in Sh25bn probe tell agency
Officials of companies under probe over claims of money laundering involving more than Sh25 billion say their transactions are clean and above board. The officials based in Nairobi honoured summonses to the Assets Recovery Agency and explained how they operate. They insisted their businesses are out to help Nigerians abroad send money home. Officials aware […]
Mdundo counts 31 million active users in Q1
Mdundo head of brand partnerships Rachel Karanu. Nigeria and South Africa registered the biggest quarterly growth with 8.3 million and 2.2 million users, which represents a 92% and 80% spike in each market respectively. Kenya’s user base grew by 46% to 5.7 million users, while the Tanzanian market grew by 10% to 3.9 million. Several […]
Centum says Two Rivers units overbooked
Dr James Mworia, Centum Group CEO(third-right), Mr Kenneth Mbae, Centum Real Estate Managing Director (third-left), Mr Devendra Hirani (centre) of Seyani Construction and the Centum Real estate team during a construction inspection tour of Loft Residences at Two Rivers. Centum RE broke ground on phase 1 of its Mzizi Court housing project at the Two […]
Kenya moves to reduce interest on foreign debt
Kenya is reviewing the currency composition of its external debt in order to reduce currency volatility that has seen the cost of its dollar-denominated loans increase by two percent in four months. Haron Sirma, director-in-charge of Debt Management at the Treasury, said the proposal is aimed at reducing foreign exchange costs.“On the external debt stock, […]