Author: David Indeje

The chief executive of Safaricom, Bob Collymore might have had a premonition that his tenure would be extended. On Thursday,  he told reporters that he was there to stay until 2020. But how? Collymore might have given a hint when the telco announced its 2019 Full Year Results in May when he spoke about 5G networks as the next generation of mobile internet connectivity. He said the telco would go into 5 G but not in 2019, “But, do not expect me to stand here next year and talk about 5G,” he said amidst laughter from the audience who were…

Safaricom chief executive officer Bob Collymore has had his contract extended for another one year, till 2020. Bob will remain as Safaricom boss until August 2020 to compensate time spent while he was away on sick leave. His was to end his tenure in August citing health reasons. “I am not going anywhere. I will be here for another one year till 2020,” said Bob at the sidelines of the ongoing  2019 Africa Shared Value Summit. “I actually owe the company about a year, because I was sick for a year,” he said. “There’s a lot of stuff that I…

Kenya’s first mortgage refinancing company that will advance cash to financial institutions enabling them to give affordable loans to account holders or members to buy or build homes was launched on Wednesday. This is part of President Uhuru Kenyatta’s affordable housing plan, which will advance cash to commercial banks, saccos and mortgage companies on a wholesale basis. “Housing mortgage finance in Kenya remains below its potential,” said President Kenyatta during KMRC’s launch. To bridge the current housing deficit, in the country, Kenyata said the Government is making deliberate interventions in the housing sector under the Big 4 Agenda, to make…

Think Business Limited Unit presented its 14th annual awards for the 2019 Banking Awards. The awards recognises banks and micro-lenders for outstanding product innovation and services to both retailers and Small and Medium Enterprises. “Our aim is to draw the attention of the banking public to the performance of the various players in the sector, consequently encouraging competition. The awards are won on a combination of merits, including financial soundness, opinion polls, market re-search and professional assessments. The overall winner, The Best Bank in Kenya, is usually the bank with an all-around appeal,” according to Think Business. Kenya’s second-biggest lender…

African Banking Corporation Limited, (ABC Bank Kenya) celebrated  Nicholas Muchami from Kaganda Village, Kiharu Constituency, Murang’a County for his zeal and passion to ease connectivity within the area. ABC recognises Muchami for ingenuity in digging a road stretching close to 2 kilometers to ease connectivity within the area after the one commonly used was blocked by the landowner. The financial institution has pledged to buy home feeds for his cows for six months as well as enlist him in a sacco where he can save his milk earnings. “In addition to supporting Muchami with his immediate needs we must also…

National Cement Company Limited, a member of the Devki Group Of Companies has entered into an agreement to acquire all cement and non-cement assets and business of ARM Cement PLC for KSh 5.0 Billion. “ARM Cement PLC (under Administration) announces that National Cement Company Limited has signed an agreement for the acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya as a going concern for a purchase price consideration of $50 million,” the firm said in a statement. Narendra Raval, Chairman of National Cement said the transaction was in line with its growth strategy…