Kenya Bankers Association (KBA) CEO Habil Olaka speaks at a past event. PHOTO | SALATON NJAU | NMG The average interest charged on loans by Kenya’s commercial banks has risen to its highest level in two years amid increased demand for credit as the economy recovers from Covid-19 disruptions. The latest data by the Central […]
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Safaricom launches Sharia-compliant five percent mobile loan
Safaricom PLC headquarters in Westlands, Nairobi. PHOTO | DENNIS ONSONGO | NMG Safaricom has partnered with Gulf African Bank to introduce a Shariah-compliant mobile finance service that will see the bank earn a five percent profit. The bank will disburse the cash –up to a maximum of Sh20,000— and will recover the amount plus the […]
Petroleum PS: Govt owes Sh13billion to Oil Marketing Companies
A man with jerrycans waits to buy fuel in Eldoret town on April 3, 2022 amid a biting shortage. Kenya is staring at a fuel crisis due to delays in subsidy payouts by the government. Jared Naytaya | Nation Media Group The current fuel shortage experienced in most parts of the country has been attributed […]
Foreigners sell Sh1.5bn stocks in first quarter on geopolitical jitters
Nairobi Securities Exchange (NSE) on the trading floor at the Exchange building in Nairobi on August 26, 2020. PHOTO | SALATON NJAU | NMG Foreign investor outflows at the Nairobi Securities Exchange (NSE) have surged 60.7 percent in the three months to March, reflecting the impact of ongoing geopolitical tensions. Data show the bourse has […]
Kakuzi full-year net profit drops 48.5 percent to Sh319 million
The entrance to Kakuzi offices in Murang’a County on October 14, 2020. FILE PHOTO | NMG Listed agricultural firm Kakuzi has posted a 48.5 per cent decline in profitability to Sh319 million for the year ended December 2021 on cyclic dips in productivity. The firm announced it will make a Sh431.1 million dividend payout or […]
Jambojet increases flights to key destinations ahead of Easter
A Jambojet plane at the Kisumu International Airport. PHOTO | TONNY OMONDI | NMG Jambojet has increased the number of flights to Mombasa, Malindi, Eldoret, Kisumu, and Ukunda routes following high demand ahead of the Easter holiday. The airline has increased frequencies on key routes since last week up to April 23 but says that […]
Kenya Airways defaults on Sh25bn State loans
A Kenya Airways plane at the JKIA in Nairobi. FILE PHOTO | NMG Kenya Airways defaulted on interest for a Sh25 billion loan owed to the government in the year ended December, highlighting the financial hit the airline took from the pandemic disruptions. The national carrier revealed in its report for the year ended December […]
CBK payment strategy needs strong Sacco voice
Central Bank of Kenya. FILE PHOTO | NMG The Kenyan payments landscape has had innovations, making the country the heartbeat of Fintech creations and the reference point for other countries. Yet again we are at the precipice of another first one in the form of the Central Bank Digital Currency which is the crux of […]
Kenyan banks make losses in South Sudan and why they stay on
Customers in a KCB banking hall in South Sudan capital, Juba. The lender cut its presence in the war-torn State. FILE PHOTO | NMG KCB started operations in the country in 2006, Equity in 2009 and Co-operative Bank was the latest entrant in 2013. In 2014, KCB shut three branches in South Sudan after the […]
KRA reveals Keroche’s Sh22bn tax bill in brewer’s survival fight
Keroche Breweries chief executive officer Tabitha Karanja. FILE PHOTO | NMG The Kenya Revenue Authority (KRA) has disclosed that the troubled Naivasha-based Keroche Breweries owes it Sh22.79 billion in unpaid taxes, darkening the future for the brewer that challenged the mighty East African Breweries (EABL) . The taxman in an unprecedented move offered a blow-by-blow […]
