Author: David Indeje

The National Treasury of Kenya has exempted Branch International Inc from section 19(1) of the Microfinance Act, 2006, paving the way for the fintech company to acquire an 84.89% stake in Century Microfinance Bank Limited. Through a Gazette Notice No.17 dated Jan 24, 2022, Ukur Yatani, Cabinet Secretary National Treasury and Planning however said Branch is exempted: “…from the provisions of section 19 (1) of the Act for a period of four years from the 1st January 2020 until the 31 December 2025 in connection with the acquisition and direct or indirect holding of ordinary shares in Century Microfinance Bank…

Kenyan private sector activity rose sharply in January, the seventh consecutive month of growth since the COVID-19 outbreak, a survey showed on Thursday. The Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) reading was at 53.2 in January, up from 51.4 in December to the highest reading for three months. “Output and new orders both rose sharply in the new year, with the growth of each quickening to the fastest since last October. Firms highlighted that the reopening of businesses and improved cash flow in the economy helped to generate higher customer spending. Export sales also continued to rise, although…

Kenya Mortgage Refinance Company (KMRC) has commenced the sale of its Kshs 10.5 billion medium-term bond programme. The cash raised will be disbursed to participating primary mortgage lenders (PMLs), for onward lending to mortgagers.  The note will have a tenor of seven years, with amortization and a fixed rate of 12.5%, KMRC said in a statement. The first KSh1.4 billion tranche will be on sale until Feb. 18. The note’s allotment will be announced on Feb. 22 before being listed for trading on the Nairobi Securities Exchange on March 14. “Through this issuance, KMRC seeks to build its profile as…

Airtel Africa Plc says its revenue and net profit rose on year in its fiscal third quarter to $514Million on Friday.  The telco’s revenue grew by 21.7% to $ 3,492 Million with underlying revenue growth recorded in Nigeria up 29.0%, East Africa up 24.4% and Francophone Africa up 19.0%; and across all key services, with revenue in Voice up 16.1%, and in Data and Mobile Money both up 37.2%. Basic Earnings Per Share, a measure of the firm’s profitability was 11.7 cents, an increase of 113.8%, largely as a result of higher profit. EPS before exceptional items increased to 11.5…

Multichoice Kenya on Thursday inaugurated its new branch at Capital Center in Nairobi, making it the fourth physical touchpoint in the capital. The Capital Center branch will serve both DStv and GOtv customers and is located on the Ground Floor along Mombasa road. The opening of the branch is a strategic move to ensure customers can easily access service points across the county. It will be open during the weekdays from 8 am – 9 pm and at weekends from 9 am – 9 pm. The branch will serve customers in Makadara, Southlands, Langata, Kitengela, parts of Athi-River and Syokimau,…

Ndovu, an investment platform that provides easy access to financial markets, is looking to expand to other countries within the next three years after launching in Kenya on Wednesday. The expansion plans are projected to happen in three years aimed at onboarding over 1,000,000 in addition to its current users. The platform will enable its users to invest their money in a globally diversified portfolio. “Ndovu, which is available on both the Google Play and Apple App stores, provides users with easy access to global financial markets. It was founded upon the realization that current investment options in Kenya lock…