Author: Korir Issa

Stanbic Holdings reported a strong financial performance for the year ending December 31, 2023. The group’s net profit jumped 34% to Sh12.2 billion, compared to Sh9.1 billion in 2022. This growth was attributed to a significant increase in core lending activities and non-interest income. The bank’s Chief Financial and Value Officer, Mr. Dennis Musau, noted that the bank’s previous three-year strategy delivered the envisioned goal of a sustainable growth trajectory, with all the key metrics depicting better returns. “Today’s results are demonstrable proof that our three-year strategy yielded a positive and sustainable growth trajectory, delivering 39%, 26%, and 34% growth in…

Kenya’s Sweetwaters Chimpanzee Sanctuary, located at the world-famous Ol Pejeta Conservancy, is set to reopen its doors on March 1, 2024, after a three-year hiatus due to the COVID-19 pandemic. “We are thrilled to announce the grand reopening of the Sweetwaters Chimpanzee Sanctuary, which marks not just a return to normalcy but also the unveiling of a new, immersive experience that allows visitors an up-close encounter with one of nature’s most fascinating creatures,” said Ol Pejeta Conservancy CEO, Justin Heath. After a brief hiatus due to the challenges posed by the COVID-19 pandemic, we have worked tirelessly to ensure the…

Kenyans expect a revamped healthcare financing system in March as the government prepares to launch the Social Health Insurance Fund (SHIF). The SHIF program, announced by Health Cabinet Secretary Susan Nakhumicha, aims to replace the existing National Health Insurance Fund (NHIF). Registration for SHIF will kick off in March and conclude in June. Kenyans will then begin contributing to the fund at a rate of 2.75% of their gross salary, with a minimum monthly payment of Sh300, starting in July. “We aim to commence registration from the first week of March,” explained CS Nakhumicha. “This will go on up to…

The Basketball Africa League (BAL) announced a thrilling 2024 season with five new teams, three new participating countries, and a record 48 games across four host cities.  The season begins on March 9th in Pretoria, South Africa. Morocco’s FUS Rabat will face Angolan powerhouse Petro de Luanda in Pretoria, followed by South Africa’s Cape Town Tigers taking on Burundi’s Dynamo Basketball Club. The fourth BAL season will feature a record 48 games in Pretoria, Cairo, Egypt, Dakar, Senegal, and Kigali, Rwanda, marking the first BAL games in South Africa and the first time the league will play games in four…

Absa Bank Kenya has made homeownership easier with an affordable 105% mortgage offering with fixed rates, flexible terms, and coverage of all fees.  This offering enables prospective homebuyers or those planning to construct their homes to access financing of up to Ksh 10.5 million, repayable over a flexible tenure of up to 25 years. The 105% offering covers all associated costs, including due diligence, valuation, stamp duty, legal fees, and transactional expenses. Head of Mortgages at Absa Bank Kenya PLC, John Kaburu, stated that the product was developed in response to the current operating environment, aiming to assist more Kenyans…

British American Tobacco Kenya Plc (BAT Kenya) experienced a decline of 18.8% in net profit for the fiscal year 2023.  The company’s net profit dropped from KSh 6.9 billion in 2022 to KSh 5.6 billion in 2023.  The decrease in profit was due to factors such as affordability issues, illicit trade, and regulatory uncertainty. “2023 was a very challenging year characterized by significant economic turbulence across both our domestic and export markets. Geopolitical disruptions, cost of living pressures, currency devaluation, rising interest rates and tax increases adversely impacted the trading environment,” disclosed the company. The gross sales of BAT Kenya…