Bupa Global, a leading international private medical insurance (IPMI) provider, has established its first African office in Nairobi, Kenya, following licensing approval from the Insurance Regulatory Authority (IRA). Kenya, East Africa’s largest economy, is identified as a strategic growth market for Bupa Global’s IPMI operations. The country’s sustained GDP growth and Vision 2030 goal of achieving middle-income status by 2030 align with the projected growth of Kenya’s health insurance market, estimated to increase from $1.42 billion in 2022 to $2.77 billion. The Nairobi office will employ a local team and non-executive directors, ensuring market responsiveness. Uditha Jayaratne has been appointed…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
KCB Group has acquired a 75% stake in fintech firm Riverbank Solutions Limited, aiming to strengthen its regional distribution network. The transaction’s completion is contingent upon customary conditions, including regulatory approvals from the Central Bank of Kenya. This acquisition will enhance KCB’s digital capabilities by integrating Riverbank’s established presence in banking agency, social payments, and business solutions across Kenya, Uganda, and Rwanda. KCB will leverage Riverbank’s expertise in payment ecosystems and non-banking services, encompassing capability building, network expansion, and marketplace solutions. Riverbank’s technology platform, “Zed 360,” will enable KCB to provide SME and MSME customers with essential business management tools,…
Kenya Airways reported a record Ksh 5.4 billion profit after tax for the full-year period ending December 31, 2024. The airline says its net profit, which has risen by 124pc from a loss of Ksh 22.7 billion reported last year, is attributed to higher passenger numbers and an increase in operating profit during the period. “This achievement marks a major turnaround of the performance of the airline, which emphasizes on customer obsession, operational excellence, financial discipline, culture transformation innovation and sustainability,” said Michael Joseph, KQ Chairman. The flag carrier also recorded a 58pc surge in operating profit which increased by…
Ecobank Kenya has received a capital injection of KSh 3.5 billion (approximately USD 27 million), increasing its total capital to KSh 8.5 billion (approximately USD 65 million). This positions the bank closer to meeting the regulatory capital requirement of KSh 10 billion mandated by 2029. This capital infusion will bolster Ecobank Kenya’s capacity to support business expansion, facilitate regional trade, and enhance financial inclusion. The bank will focus on providing financial services to key economic sectors, including regional businesses, SMEs, FinTechs, and women-led enterprises. Specifically, it aims to strengthen its presence in high-impact areas such as agriculture, manufacturing, ICT and…
Nine startups from the inaugural cohort of the Safaricom Spark Accelerator Program participated in an investor demo day on Friday. This event marked the culmination of their program participation and was a milestone for showcasing their achievements and potential to prospective investors. The investor demo day, the final phase of the accelerator program, aimed to facilitate funding opportunities for the nine startups from leading venture capital funds. “At Safaricom, we believe technology is a catalyst for change and solutions, and that’s why we incentivize and support innovative startups with the tools they need to reach the next level. Through the…
Standard Chartered Bank Kenya will issue a dividend payout of KSh 45 per ordinary share, a substantial 55% increase compared to the previous year. This remarkable distribution follows a year of exceptional financial performance, with the bank’s net profit surging by 45% to KSh 20.06 billion. CEO and Managing Director, Kariuki Ngari, attributed this success to a “record performance in 2024,” driven by “strong topline growth, good business momentum and excellent execution of our strategy.” The dividend comprises a final payment of KSh 37 per share, supplemented by an interim dividend of KSh 8. The total dividend payout to…