Author: David Indeje

Equity Group Holdings Ltd. recorded strong growth despite economic headwinds for its 2023 full-year financial results. The Group’s net profit declined by 6.48% to Ksh 43.7 billion from Ksh 46.1 billion in 2022 after the lender doubled its bad loan provision. Despite a profit decline, the Group demonstrated resilience in a challenging economic environment marked by high inflation, interest rates, and currency volatility. “Despite the rise in the cost of funding, we did not adjust the base rate on personal loans equivalent to 32% of our loan book, effectively keeping them at 13%. This means that our interest income grew…

The United Nations General Assembly unanimously adopted the first global resolution on artificial intelligence on Thursday.  The resolution encourages the protection of personal data, monitoring of AI risks, and safeguarding of human rights. “Today, all 193 members of the United Nations General Assembly have spoken in one voice, and together, chosen to govern artificial intelligence rather than let it govern us,” US Ambassador to the United Nations Linda Thomas-Greenfield said. The non-binding resolution, proposed by the United States and co-sponsored by China and 121 other nations, represents the first time the Assembly has adopted a resolution regulating the emerging field. …

KCB Group has agreed to sell its National Bank of Kenya (NBK) subsidiary to Nigeria’s Access Group. This move strengthens Access Bank’s footprint in the East African market. The successful completion of the transaction is subject to approvals from regulators like the Central Bank of Kenya, the Central Bank of Nigeria, and the COMESA Competition Commission. KCB Group CEO Paul Russo views the sale as an opportunity to maximize shareholder value while strengthening its competitive position.  KCB Group holds 1,432,130,033 ordinary shares comprising 97.17% of the total issued share capital of NBK. “The past four years have been defining NBK as…

Leading smartphone manufacturer OPPO has established the OPPO AI Center, which is dedicated to advancing AI research and development.  The Center will focus on user-centric AI applications and features to equip future OPPO devices with cutting-edge AI capabilities. OPPO also revealed plans to integrate generative AI features into the Reno11 series globally by Q2 2024. This includes the innovative OPPO AI Eraser function, alongside potentially more functionalities. “Following feature phones and smartphones, next-gen AI smartphones will represent the third major transformative stage in the mobile phone industry. In the era of AI smartphones, the mobile phone industry and user experience…

Equity Bank has been recognized as the most loved banking brand by women in Kenya for the third time in a row, according to a recent survey conducted by IPSOS and BSD Group.  The survey, which included over 1,000 adult women from all eight former provinces in the country, aimed to provide insights for Kenyan businesses on improving their engagement with consumers and bridging gaps between organizations and brands. Overall, Equity climbed one place to third behind M-PESA and Safaricom.  Equity’s cemented position as the most beloved banking brand among women underscores the lender’s efforts to champion financial inclusion in…

Kenya is grappling with how to best regulate the rapidly evolving tech landscape.  While platforms like Meta (formerly Facebook) offer immense opportunities for entrepreneurs and creators, concerns about online safety and responsible AI use demand clear policy frameworks. Meta’s global policy head, Sir Nick Clegg, highlighted the potential of open-source AI tools and their ability to empower local innovators.  Meta’s president of global affairs and a former British deputy prime minister, Clegg, advocates for a nuanced approach to policy—regulating its impact on issues such as online safety and user rights. “My view is that the Northstar you (Kenya) should keep…