Coop Bank Group managing director Gideon Muriuki at a past event. The investment bank, Renaissance Capital has given a buy rating to the top three banks in Kenya in terms of asset value, projecting a better 2022 for the country’s banking sector. This, despite impending political risks associated with the general election slated for August […]
Data from operator Safaricom reveals that millions of Kenyans are using its overdraft facility, Fuliza. Introduced back in 2019, the facility has grown substantially and is now part and parcel of the carrier’s leading moneymakers. Fuliza is owned by the operator alongside NCBA and KCB, and part of its success can be traced to the […]
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 […]
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 […]
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 […]
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 […]
KBA Chairman John Gachora, former chairman and KCB Group MD Joshua Oigara and CEO Habil Olaka during the KBA Annual General Meeting Bankers are piling pressure on the Central Bank of Kenya to adopt risk-based lending arguing this will unlock credit to the private sector. The Kenya Banker’s Association says the model if introduced will […]
Businessman Julius Mwale. [Courtesy] Forget getting bankrupt Mumias Sugar Company out of the intensive care unit – that will be the easier part for businessman Julius Mwale. In court documents, the flashy investor told the KCB Group-appointed receiver manager Pongangipalli Venkata Ramana Rao that if given the opportunity to lease the assets of the sugar […]
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