Author: David Indeje

Kenya Deposit Insurance Corporation (KDIC) and the central bank on Thursday said the remainder of Imperial Bank will be liquidated. According to the KDIC’s Receivership Report to CBK, recommended that  IBLIR be liquidated.  “The report indicates that considering the weak status of IBLIR’s financial position, liquidation is the only feasible option.” Consequently, the CBK says from its assessment of the report, it “considered that liquidation would facilitate the orderly resolution of IBLIR…, to protect the interest of IBLIR depositors, its creditors, and the wider public interest.” “KDIC (Kenya Deposit Insurance Corporation) will release information about the liquidation … and payment…

Stanbic Bank says it has identified seven areas that can drive growth by generating employment, reducing inequalities and promoting development in a sustainable manner beyond its products and services. The banks’ latest sustainability report gives focuses on Education, Job Creation & Enterprise Development, Financial Inclusion, Health, Infrastructure, Trade, and Investment, as well as Climate Change & Sustainable Financing. “We selected these areas based on their relevance to our core business as a provider of financial products and services, and the priority needs of people, businesses and economies,” part of the report says. “Our thinking has been informed by the priority…

President Uhuru Kenyatta on Tuesday signed into law the  Central Bank of Kenya (Amendment) Bill 2021  which will allow the regulation of digital lenders. “The amended Central Bank Act, 2021, gives the Central Bank of Kenya authority to license digital lenders in the country as well as ensure the existence of fair and non-discriminatory practices in the credit market,” said the president’s office. The bill gives all digital lenders a six months ultimatum ( June 7th 2022) to be registered by the Central Bank. “Any person who before the coming into force of this Act was in the digital credit…

MTN Uganda on Monday listed 22.4 billion ordinary shares on the Uganda Securities Exchange (USE) following the successful completion of the initial public offering (IPO). It becomes the 10th local listed company on the Stock Exchange. The listing reduces the ownership of MTN Group in MTN Uganda from 96 per cent to 83.05 per cent. This aligns with the Ugandan Communications Commission’s new licensing requirement for broad-based ownership by Ugandans, with a compliance deadline of mid-2022. “With this listing, MTN Uganda becomes the Ugandan stock with the largest market capitalisation on the USE,” said MTN Group President and CEO Ralph…

Safaricom is ringing in the holidays by bringing a month-long  Christmas campaign ‘Pokea Uteo Wa Furaha’  that seeks to deepen customer engagement and experience. Through the campaign that began 4 December 2021 in Dagoretti, will run up to 15 January 2022  will see Safaricom’s customers enjoy numerous gifts and offers in voice, data, M-Pesa, and Bonga points among others. “This festive season we want to spread the love, cheer and kindness through the various special delights for our customers,” Mr Nick Kamunyu, Chief Channels Officer said during the Safaricom Christmas campaign launch in Nairobi West, Dagoretti Corner on Saturday.  “We…

Cytonn Investments Management Plc says it will appeal against the High Court directive that dismissed their petition that sought to challenge the Capital Markets Authority directive limiting their projects under its asset managers unit to 10 per cent. Cytonn CEO Edwin Dande alleges that the ruling that was delivered in favour of CMA, “The learned judge misdirected himself in law and misapprehended the facts.” As per Mr Dande, they have already filed a notice of appeal. “We are playing for the long haul and posterity. We have already filed a notice of appeal, the appeal is being prepared and we…