Author: David Indeje

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…

Kenya’s horticultural exporters and Kenya Airways on Monday inked an agreement to boost the country’s exports by leveraging on the national carrier’s network.  The Fresh Produce Exporters Association of Kenya (FPEAK), Kenya Flower Council (KFC), the Fresh Produce Consortium said in Nairobi that the deal will ensure that KQ is part of the horticulture supply chain.  “Kenya Airways currently handles between 18 and 20 percent of the country’s fresh produce exports. We hope that through this agreement the figure can expand to 30 percent in the next year,” Clement Tulezi, CEO, KFC said.  “In order to grow the horticulture industry every…

The Central Bank of Kenya (CBK) is likely to keep the benchmark interest rates unchanged in 2021 according to market analysts.  According to the analysts, the central bank is likely to continue with the accommodative monetary stance keeping the hope alive for a rate cut as and when needed.  In its last MPC meeting in November, the CBK kept policy rates unchanged at 7.00 percent with Dr Patrick Njoroge disclosing that “Additional measures to strengthen the fiscal performance are under consideration.”  The CBK projected the country’s GDP to contract 3.1 per cent in the current financial year due to the pandemic from the…