Author: Muindi

Sidian Bank has secured KSh500 million ($5 million) from African Guarantee Fund (AGF) to support the growth of Kenyan SMEs. The Guarantee line will be in place for a period of 4 years commencing 2021. AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through the provision of credit facilities. Speaking at the signing ceremony the CEO of Sidian Bank Mr Chege Thumbi said, “This last year (2020) has been particularly difficult for SMEs, having to grapple with a lot of uncertainty. We expect that this guarantee facility and our…

Carrefour, owned and operated by Majid Al Futtaim, Monday announced its plans to make a foray into the western Kenya market and will open two stores in the first year in Kisumu city. Franck Moreau, Country Manager of Carrefour Kenya said the stores — which are located at the Market MEGA and the United Mall — will open in July and August respectively.  The stores will offer a convenient assortment, focusing on fast-moving consumer goods (FMCG) at Carrefour prices. “Our continuous commitment to contribute towards the Kenyan economy is reflected in the increase of job opportunities for local communities where…

Manufacturers from Kenya and Tanzania on Friday called for the speedy resolution of non-tariff barriers and the review of the East African Community Common External Tariff (EAC CET) emphasising that they have hampered trade in the region as exports decline. Confederation of Tanzania Industries (CTI) chairman, Paul Makanza, said the two countries have enjoyed good relationships but trade between them had slowed down due to barriers. “We hope to leverage on this renewed collaboration between the two countries to grow our economies. Both Kenya and Tanzania must eliminate non-trade barriers, and conclude the review of the EAC common external tariff,”…

The Co-operative Bank of Kenya has made it easier for its customers to own a home through their pension contributions and a long-term loan in partnership with Enwealth Financial Services Limited. The pension-backed mortgage facility has a repayment period of up to 20 years, subject to the retirement age of the borrower.  The facility in the market has been made possible by the recent changes to the Retirement Benefits (Mortgage Loans) Act, Regulations Amendment 2020. The amendment to Section 38 (1A) of the Act allows members of pension schemes to utilise up to 40 per cent of their accrued pension…

Average tea prices at the Mombasa auction fell with a kilo selling at $1.65 (KSh178.12, driven by low demand and a huge supply.  This price was last seen in 2017. According to the East African Tea Trade Association (EATTA), the price of the commodity declined to KSh181 last week, down from KSh187. “Out of 13 million kilos available for sale, 10.3 million were sold while 20 per cent remained unsold,” said the EATTA. On the other hand, Tea exports rose 18.9 per cent in the first quarter of this year as compared to a similar period in 2020, according to…

Insurance group Jubilee Holdings increased its stake in Uganda’s hydroelectric power plant Bujagali,  to 40.9 per cent. Jubilee’s stake before the end of 2020 was 25 per cent before investing an additional KSh4.4 billion. The further investment in Bujagali is part of JHL’s strategy to hold a broadly diversified and conservative portfolio of investments. Bujagali was commissioned in August 2012, putting an end to years of constrained economic growth caused by an insufficient and unreliable power supply in Uganda. It remains the first independent power producer in Uganda and one of the largest Clean Development Mechanism projects. https://khusoko.com/2021/05/04/allianz-completes-acquisition-of-66-stake-in-jubilee-holdings/