Author: Muindi

Absa Bank Kenya has announced significant changes in its top leadership structure with the introduction of a new role: Chief Operating and Digital Officer.  “In line with our ambition to build a truly digitally powered financial institution that delivers excellent customer experience across all touchpoints, we have created the roles of chief operating and digital officer at a managing principal level. This role will be responsible for driving our technology and innovation agenda,” Mr Abdi Mohamed said in a note to Absa staff. Yusuf Omari, the Chief Finance Officer, has been assigned additional responsibilities.  He will now oversee the bank’s…

The Board of Directors at East African Breweries Limited (EABL) has appointed Angela Namwakira as Company Secretary, effective October 24, 2023. Angela, a partner at Adili Corporate Services Kenya and now a member of the EABL Board, is a seasoned corporate governance and legal professional with over 15 years of experience.  Angela Namwakira has served as company secretary for various multinational companies, non-profit organizations, and small to medium-sized enterprises across multiple sectors. Angela is an expert in corporate governance and corporate secretarial practices.  She regularly advises on company law, statutory and regulatory compliance, strategic planning, corporate structuring, and immigration matters.…

Kenya Airways (KQ), the national carrier, has projected a forex loss of Ksh. 32 billion for the year ending 2023 due to the depreciation of the Kenyan shilling against the US dollar.  The airline’s CEO, Allan Kilavuka, informed the National Assembly Transport Committee that if the shilling trades at Ksh 151 against the US dollar, the airline anticipates a loss of Ksh 64.5 billion by the end of the 2024 financial year. “We are hopeful of a turnaround; however, the biggest threat is the forex losses, the reason we are looking for a strategic investor,” said Kilavuka. “Our biggest problem…

The Kenyan shilling hit a record low of 150 against the dollar on Monday. Last week, the Kenyan shilling depreciated against the US dollar by 0.4% to close at Kshs 149.8, from Kshs 149.1.  “On a year-to-date basis, the shilling has depreciated by 21.4% against the dollar, adding to the 9.0% depreciation recorded in 2022. We expect the shilling to remain under pressure in 2023,” according to Cytonn Investments. High debt levels and dwindling government revenues have driven the depreciation of the shilling.  Central Bank of Kenya data indicates that the dollar is trading slightly over 150 shillings. Commercial Bank…

KCB Bank Kenya in partnership with global payments technology company Mastercard, has launched a card scheme offering premium and private banking customers a range of exclusive benefits and privileges. The Mastercard-branded cards are available in two categories: World Elite KES Credit for high-net-worth individuals who prefer transacting in Kenyan shillings, and World Elite USD Credit for frequent international transactions in US dollars. The bank has also introduced the World Debit Card, offering exclusive benefits and privileges for a personalised banking experience.  “This exemplifies the bank’s commitment to innovation and giving its customers a delightful experience while fostering a robust cashless…

Listed utility company Kenya Power & Lighting Company Plc (KPLC) is seeking to amend its Memorandum and Articles of Association, aiming to give minority shareholders a voice in the company’s decisions.  The company has scheduled an Extraordinary General Meeting (EGM) on November 10, 2023, to seek shareholders’ approval for the amendment.  The proposed changes include restructuring the Board of Directors to reflect the company’s shareholding structure.  “The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,” KPLC announced in a statement. Currently, the government, which holds 50.09 per cent of the company’s…