Author: Korir Issa

Safaricom has expanded its financial services portfolio by securing a license for its Ziidi Money Market Fund (MMF) from the Capital Markets Authority (CMA). The new fund, a partnership between Safaricom, Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited, will be accessible through the popular M-PESA platform, similar to the existing M-PESA Fund. Wycliffe Shamiah, CMA’s CEO, said the development, “underscores the commitment to foster innovation which also enables Safaricom enhance its footprint in the finance services sector.” A Growing Market Money market funds, which invest in low-risk, short-term debt securities, have gained significant popularity in…

Absa Bank Kenya has implemented new limits on account-to-mobile wallet transfers. The maximum per-transaction amount has been reduced from KSh500,000 to KSh150,000. Additionally, the daily transaction limit has been lowered to KSh300,000. The bank has also adjusted the daily limit for Absa-to-Absa account transfers to KSh500,000. While the bank has not provided a specific reason for these changes, it has emphasised its commitment to enhancing customer security and safety. ”This decision was taken purely in the interest of enhancing the security and safety of customer transactions. Customers can still transact to their maximum limit of 500k on our other channels…

KCB Group PLC posted a robust financial performance for the nine months ending September 2024, with a 49% surge in profit after tax to KSh45.8 billion from KSh30.7 billion posted a similar period last year. This growth was driven by sustained revenue expansion. Key Highlights Revenue Growth: Total revenue increased by 22% to Sh142.9 billion, fueled by growth in both funded and non-funded income lines across subsidiaries. Balance Sheet Expansion: The group’s balance sheet expanded to Sh2 trillion, solidifying its position as the leading financial institution in East and Central Africa. Diversification Benefits: Contributions from subsidiaries outside of Kenya, particularly…

Remittance inflows to Kenya increased by 22.9% in September 2024 compared to the same period in 2023, reaching USD 418.5 million. This uptick contributed to a 14% year-on-year increase in cumulative inflows for the 12 months to September 2024. The United States remains the primary source of remittances to Kenya, accounting for over 55% of the total. However, there was a slight 2.5% decline in inflows from the US in September. Saudi Arabia has emerged as a significant source of remittances, surpassing the UK. This shift reflects changing migration patterns, with more Kenyans seeking employment opportunities in Gulf countries. Africa…

HF Group has received regulatory approval from the Capital Markets Authority (CMA) to raise Ksh.6 billion through a Rights Issue. The approved Rights Issue will offer up to 1,499,995,255 new ordinary shares at a price of Ksh. 4.00 per share. Shareholders will receive two new shares for every existing share held, with the option to apply for additional shares. To accommodate potential oversubscription, a green shoe option of up to 30% (approximately 384,614,168 shares) has been approved. The new shares will be listed on the Nairobi Securities Exchange. Strategic Use of Funds The raised capital will be used to: expand…

Every year on 19th October, gin lovers and enthusiasts across the world raise their glasses to celebrate International Gin and Tonic Day, a day set aside to celebrate one of the most popular cocktails in the world. With a legacy stretching back over centuries, the Gin and Tonic (G&T) is not only a refreshing drink, but also a symbol of simplicity and sophistication, infusing complex flavours of gin with tonic water. Right from classy cocktail bars to casual home gatherings, gin and tonic remain a staple for gin enthusiasts in every part of the world. Gin and Tonic Day is…