Author: David Indeje

The Central Bank of Kenya has raised Ksh 81 billion in its 16-Year Infrastructure Bond issue against a Ksh 50 billion target. This is the second bond issue in 2021. According to CBK, it received bids worth Ksh 125.3 billion (250.7%). Market analysts say that the offer was oversubscribed. “We attribute the oversubscription to the bond’s tax-free nature and favorable tenor of 12.5 years (amortized), as well as high market liquidity with the flight of capital from the equities market,” Sterling Capital Research said in its note. “We also believe that a significant proportion of the subscriptions were from foreign…

Housing Finance Group PLC, a multi-dimensional financial services provider, has received a cash injection of Ksh1 billion from Britam Holdings, to strengthen the Group’s core activities. “The investment comes on the back of a formidable turnaround strategy that is poised to see the business transform into a full-service bank,” HF’s chief executive Robert Kibaara said in a statement. “This is indeed a major vote of confidence informed by the results already being witnessed through our business transformation initiatives.”  “The capital will also boost HF Group’s strategy focusing on end-user financing for affordable housing and create opportunities for Kenyans in the…

Standard Chartered, Family Bank and Diamond Trust Banks top overall in  2020 Kenya Bankers Association Customer Satisfaction Survey Bank customers opt for contactless service platforms  The coronavirus pandemic has shifted focus of Kenyan consumers towards digital experience with a majority opting for fully automated services when it comes to banking, says Kenya Bankers Association.  As per Kenya Bankers Association (KBA) Customer Satisfaction Survey (2020), 43% bank clients opted for contactless banking platforms to reduce the possibility of infection with the Coronavirus Disease (COVID-19) through currency and bank branch visits.   Only 16 percent of the survey respondents reported the need to visit their…

The Scheme became effective on January 1, 2021  Whistleblowers to be rewarded upto Ksh 1 million for concluded cases Competition Authority of Kenya (CAK) says it has operationalised its reward program to increase efficiency and effectiveness in its enforcement work.   The Informant Reward Scheme is part of the authority’s mechanisms to be applied in rewarding persons who provide actionable information to them when conducting investigations.  To start with, informants who provide credible intelligence on unfair trade practices are entitled to up to 1% of the administrative penalty imposed by CAK.   The intelligence given must lead to penalization of involved parties for the…

Hero MotoCorp’s 100 millionth vehicle was Xtreme 160R Hero reached this landmark moment after 37 years of operations. India’s largest two-wheeler maker Hero MotoCorp Thursday announced it had surpassed the 100 million cumulative production milestone from its production facility in Hardiwar, Uttarakhand.  It was the Hero Xtreme 160R. Dr Pawan Munjal, Chairman & CEO, Hero MotoCorp, said: “Hero MotoCorp has been at the forefront of providing mobility to the aspirations of millions around the world and the achievement of this milestone is the success of evolving engineering, operational excellence and sustainable practices.” “It is also the success of the holistic…

China, Kenya’s largest bilateral lender, has granted Ksh.27 billion ($245 million) debt relief to the country which was due from January through June.   Kenya has received over US$300 million in debt relief from the Paris Club, an informal group of creditors that aids borrowers in distress, under the G20-led Debt Service Suspension Initiative (DSSI).   “We are happy to announce that our engagement with China where we held about Ksh.27 billion in payments falling due between January and June,” Treasury Cabinet Secretary Ukur Yatani said in an interview with Spice FM.  “The net impact of this relief is an opportunity and break on…