The Insurance Regulatory Authority (IRA) has placed Resolution Insurance Company Ltd under statutory management. IRA says the company has been facing a number of challenges, particularly relating to its inability to meet its obligations and mitigate its inherent risks prompting the regulator to intervene on several occasions. “Despite the various intervention measures taken as provided for by the Insurance Act, Resolution Insurance Company Limited has continued to slide into operational and financial difficulties,” IRA said in a statement. “In particular, the company is not able to settle claims to the detriment of claimants, policyholders, and other creditors. The insurer is also…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Swvl Holdings commenced trading in the company’s shares on the Nasdaq Stock Exchange on Thursday at an indicative price per share of $10. https://twitter.com/endeavor_global/status/1509534354824966144?s=20&t=K6xzU_LWyWHtND3a49UB5A Swvl Holdings will offer its shares on the Nasdaq through a merger with the American company Queens Gambit Growth Capital with the purpose of acquisition. https://khusoko.com/2022/02/14/ebrd-to-support-swvls-expansion-with-10mln/ Khusoko is now on Telegram. Click here to join our channel and stay updated with the latest East African business news and updates.
Kenya’s economy remains strong despite uncertainties in the global economic outlook amid the Russian invasion of Ukraine. The central bank said Wednesday it has not lowered its 2022 growth projections. “Our growth projection has not changed from what we had before. Russia and Ukraine are not significant trading partners for us and as such, our GDP projection would not dramatically deviate from the war,” CBK Governor Patrick Njoroge said after the Monetary Policy Committee meeting on Tuesday, March 29, 2022. “The indirect impact would be through global growth although we saw this from the COVID-19 crisis where the impact was…
Safaricom PLC and Gulf African Bank, have partnered to launch Halal Pesa, a Shari’ah-compliant mobile financing solution, another milestone in Kenya’s financial inclusion efforts. The mobile financing platform aims to serve Kenyans, especially those seeking mobile financial financing that adheres to Sharia principles. M-Pesa customers will be able to deposit savings in a safe way and contribute to various religious and social activities while earning Halal benefits that are abiding with Sharia-compliant. Customers accessing financing through the service will receive the amount requested in full with a repayment period of 30 days at a 5 per cent commodity Murabaha margin.…
Kenya Airways on Tuesday reported narrowing of its consolidated net loss to KSh15.8 billion for the year ended December 31, 2021. The airline had posted a net loss of Kh36.2 billion for the corresponding period of the previous fiscal, KQ said in a regulatory filing. Consolidated revenue for the period stood at KSh70.22 billion. “Kenya Airways took advantage of the lockdown period to restructure and transform our operations and products. We have seen some good recovery on our domestic, regional, and selected international routes,” KQ chairman Michael Joseph said in an emailed statement. “Following the worst year on record for…
Diamond Trust Bank (DTB) has resumed paying dividends offering shareholders a payout of KSh3 per share for the year ended December 2021. The total payout of KSh838.89 million in dividends is equivalent to 21.4 percent of its net income for the period. “The dividend payout recognises not just the performance we had in 2021 but also in making sure that we have an equitable balance between the return that we provide to the shareholders and the money that we will need to invest in the future so that we achieve our strategy of being socially and economically relevant,” said DTB…