Uganda Securities Exchange (XUGA)
Tycoon Jaswant Rai. FILE PHOTO | NMG Billionaire Jaswant Rai lost a bid to lease ailing Mumias Sugar Company on account of his dominance in the sugar sector, the receiver manager has said. In his defence on why he awarded the lucrative tender to Uganda’s Sarrai Group, KCB’s receiver-manager Ponangipalli Rao says in court documents […]
Insurance brokers will need to evolve on how to engage, advise and on-board customers Kampala, Uganda | ISAAC KHISA | Uganda’s commercial banks earned Shs12bn in commission as insurance agents for nine months to September 30, 2021, underscoring the significance of banscassurance as a new revenue stream for financial institutions. The Insurance Regulatory Authority of […]
Mumias Sugar company gate. [Benjamin Sakwa, Standard] Sugarcane farmers have thrown their hats into the legal ring and challenged the lease issued to Ugandan miller Sarrai Group . The farmers have filed a separate case before the commercial court in Nairobi claiming that billions of shillings are at stake if Sarrai is allowed to run […]
(Ecofin Agency) – Kenyan commercial bank Sidian Bank has secured a $15 million guarantee from Dutch Development Finance Fund (FMO) to cover the default risks of the SMEs it finances. ‘Sidian Bank is excited to partner with FMO on this NASIRA program, by allowing customers who have a shortfall on the security required for credit […]
Before the outbreak of the COVID-19 pandemic in 2020, Africa’s financial services sector was struggling to reach its full potential to be at par with its European and American counterparts. The pandemic slowed progress in the sector, as well as in other critical sectors. And as policymakers strive to drive the financial services sector against […]
Tirupati Development Uganda Limited has dragged Kenya Commercial Bank (KCB) and its Uganda Branch to court accusing them of breaching a contract which was signed in the process of seeking a loan. According to the Documents filed before High Court Civil Division in Kampala, in July 2012, KCB Bank Kenya (3rd Defendant) and its counterpart […]
The Treasury will guarantee mobile phone loans given to small traders in a bid to increase supply of credit under a scheme where the State will also pay part of the defaulted loans. Mobile phone-based lending and sacco loans will be made part of the State-backed Credit Guarantee Scheme after only a handful of small […]
KBA Chairman John Gachora, former chairman and KCB Group MD Joshua Oigara and CEO Habil Olaka during the KBA Annual General Meeting The banking sector in Kenya is recovering from the Covid-19 hangover strongly, with the rate of borrowers defaulting on loans dropping. According to the Central Bank of Kenya (CBK), the sector reported strong […]
Kenya Airways CEO Allan Kilavuka and Treasury PS Julius Muia during a Public Accounts Committee in Parliament to answer audit questions on January 24, 2022/EZEKIEL AMING’A MPs are questioning the procedure of conversation of Sh24 billion loans to equity at Kenya Airways. The National Assembly Public Accounts Committee wants former Treasury Principal Secretary Kamau Thugge […]
From midnight Monday, Kenya is once more allowing passenger flights from the United Arab Emirates. The suspension in retaliation to Dubai banning passenger flights from Kenya over falsified COVID test certificates lasted for two weeks. Meanwhile, the Kenyan Civil Aviation Authority says that the reason for lifting the ban is ‘not for public consumption’. The […]
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