Author: Muindi

DIB Bank Kenya has successfully relocated its Goodman Towers branch to a more accessible and convenient location at the Sarit Center in Westlands, Nairobi. This strategic move aligns with the bank’s commitment to continue providing exceptional banking experiences for its customers. The relocation of the branch is part of DIB’s ongoing commitment to providing conducive banking services by improving accessibility and convenience for its customers. The Sarit location provides customers with easy access to banking services in a bustling and fitting environment. “The relocation of this branch to a more convenient location heralds our commitment to growing our presence in…

Biscuit manufacturer Britannia, a prominent player in the food industry, is on the brink of liquidation following its placement under administration in 2021. Britannia encountered financial troubles after defaulting on loans amounting to more than KSh1.3 billion, sourced from Diamond Trust Bank (DTB) and other creditors. The liquidation process was confirmed in a Kenya Gazette notice released by the appointed liquidator, Peter Kahi of PKF Consulting. https://twitter.com/AmbokoJH/status/1677298640040198146?s=20 Britannia’s entire business, including its state-of-the-art plant located in Nairobi’s Industrial Area, factory buildings, and raw materials, will be liquidated. Despite efforts to restructure the company and negotiate repayment plans, Britannia was unable…

Kenya’s private sector activity fell in June, due to slowing business in services, wholesale, and retail sectors. High inflation and weak consumer spending power contributed to the tough trading conditions, according to a survey by Stanbic Bank Kenya. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 47.8 in June from 49.4 a month earlier, marking the fifth month in a row that the PMI has stayed below 50, signalling a contraction in activity. Inflation in Kenya eased to 7.9% year-on-year in June from 8.0% a month earlier, while the shilling has hit repeated record lows since late 2021.…

The fourth edition of Safaricom Chapa Dimba is set to kick off on July 8th in the Western region, with defending champions Blue Saints and Bishop Njenga Girls among the teams competing. The tournament, which returns after a three-year break, has drawn 441 teams from the Western region, an increase from the previous session. Kakamega has registered the highest number of teams with 162, followed by Bungoma (152), Busia (64), and Vihiga (63), respectively. Safaricom CEO Peter Ndegwa expressed delight at the high number of registrations and anticipates a bigger and better tournament. Key teams include defending champions Blue Saints…

Standard Chartered Kenya, in partnership with @iBizAfrica- Strathmore University, has announced fifteen women-led startups joining the 2023 sixth cohort of their Women in Tech program.  The twelve-week business incubation training program will culminate in seven Kenyan women-led businesses receiving USD 10,000 each in funding to grow their businesses.  Standard Chartered Women in Tech (WiT) supports female-led entrepreneurial teams with business management training, mentoring, and seed funding. This year’s top 15 teams were selected from a pool of over 250 startups that applied for the program from different sectors, such as agritech, fintech, healthcare, mobility tech, disability tech, and construction.  This…

The Kenyan Government has secured a USD 500 million Syndicated Medium-Term Loan Facility to finance development projects in the 2023/4 budget. The loan, with a tenure of 3 and 5 years, was facilitated by Citibank, Rand Merchant Bank (RMB), The Standard Bank of South Africa, and Standard Chartered Bank, who were appointed as Bookrunners and Initial Mandated Lead Arrangers. The Africa Export-Import Bank also joined as a Bookrunner and Mandated Lead Arranger, directing its contributions towards the longer-term tranche. The National Treasury will channel the proceeds to support the implementation of development projects outlined in the approved development budget for…