Author: Korir Issa

The European Investment Bank (EIB), through its arm EIB Global, has committed €25 million to Amethis Fund III, a pan-African private equity fund that supports the growth of medium-sized companies across the continent. Focus on Low- and Middle-Income Populations Amethis Fund III will target companies supplying essential goods and services to low- and middle-income populations in Africa. Priority sectors include: Healthcare Business services (logistics & IT) Manufacturing and distribution (agribusiness & consumer goods) Non-banking financial services Infrastructure and energy-related services Promoting Sustainability and Social Impact The fund prioritises investments that contribute to achieving the following goals: Gender Equality: Amethis Fund…

Standard Chartered Bank Kenya reported a strong increase in profits for the first quarter of 2024. Profits jumped 39.5% to KSh 5.62 billion, compared to KSh 4.03 billion in the same period in 2023. This growth is primarily driven by a 21.4% increase in total operating income. Both funded and non-funded income saw double-digit growth, rising 20.0% and 23.9% respectively. Earnings per share (EPS) also rose significantly, by 36.7%, to KSh 14.42 from KSh 10.55 in Q1 2023. Improved Credit Quality and Loan Growth While operating expenses increased by 6.0% to KSh 5.43 billion, the bank also benefited from a reduction…

I&M Group reported a remarkable 30.9% increase in net profit, reaching KES 3.32 billion during the first quarter of trading that ended in March 2024.  The growth was driven by increased interest income. Its core earnings per share increased by 35.4% year-over-year.  Key Highlights Core earnings per share jumped 35.4% to Kshs 2.20 from Kshs 1.60 in Q1’2023. Profit after tax also rose 35.4% to Kshs 3.6 billion. Total operating income grew 20.6% to Kshs 11.5 billion, primarily due to a 37.7% increase in Net Interest Income. This increase was driven by strong growth in interest from deposits and placements and loans and advances. Operating expenses…

Marini Naturals founder Michelle Ntalami has embarked on a transformative journey of faith.  In a recent social media post, she shared how a profound encounter with God nine months ago led to a powerful spiritual awakening. Despite her success as a businesswoman, Ntalami reveals the emotional burdens she carried. “Life was beautiful,” she writes, “However, behind the success lay a heart that was deeply wounded.” Ntalami describes a pivotal moment of surrender where she questioned God’s presence. Soon after, she recounts an overwhelming experience – a voice calling her name, visions, and a sense of divine communication.  This encounter, she says,…

Tech giants Microsoft Corp. and Dubai-based AI firm G42 are investing $1 billion in a new data centre in Olkaria, southwest Kenya.   This project aims to boost cloud computing services across East Africa. What it Means East Africa is getting a state-of-the-art data centre powered by geothermal energy. This translates to faster and more reliable access to cloud services like Microsoft Azure for businesses and individuals in the region. Secondly, the data centre is expected to energize the overall digital landscape in East Africa, fostering innovation and growth. Third, the project reflects a broader trend by major tech companies like Microsoft, Amazon, and Alphabet to meet the growing demand for cloud and…

Stanbic Bank Kenya is modernizing its technology infrastructure by upgrading its core banking system, Temenos 24 (T24), to the latest version.  This multi-phase upgrade, expected to be completed by the end of 2024, aims to deliver a superior banking experience for customers. Dr. Joshua Oigara, CEO, Stanbic Bank Kenya and South Sudan emphasised the importance of technology and innovation in today’s competitive landscape.  “This upgrade adds to our technological capabilities and enables us to better serve our clients both on a local and global scale. We are proud to partner with Orion, and to leverage its strong background and expertise in driving system…