Author: Khusoko

Head of Public Service Joseph Kinyua on Thursday directed the demolitions of property be stopped immediately until further notice. “It is notified for the General Information of the Public that the Government has forthwith directed the immediate suspension of all demolition of properties in all parts of the Country until further notice,” Mr Kinyua said in a short statement. “Further guidance will be issued following consultations with all relevant State agencies and stakeholders.” In August, the government begun the process of bringing down about 1,437 condemned residential buildings based on audit reports by the National Buildings Chief Quantity Surveyor…

Western Kenya residents can look forward to a hassle-free journey this festive season as Safarilink has added an extra flight at low fares on the Kisumu route. “Due to high demand, we have added a third flight to Kisumu on Friday 21st December at 7:30am and Saturday 22nd December at 10:45am. Direct from Wilson Airport,” announced the low-cost carrier on its Social feed. Besides, it has announced the fixed low fares for one-way trips as low as Ksh 3500. https://twitter.com/Flysafarilink/status/1075055196819079168 In September, Safarilink launched twice-daily flights to Kisumu. “Our Kisumu service will allow passengers a convenient immediate connection to all…

The Capital Markets Authority (CMA Kenya) has granted a licence to Standard Investment Bank to operate in the online foreign exchange trading space. “As a money manager, SIB is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investments strategy. SIB will also communicate client’s buy and sell order positions through a licensed online forex trading broker, to meet client’s investment goals. The money manager will conduct financial analysis and monitor foreign exchange portfolio investments on behalf of its clients,” CMA Chief Executive Paul Muthaura said. SIB becomes the second company in Kenya…

Housing Finance Group appointed Robert Kibaara as its new chief executive on Tuesday. Kibaara’s appointment ends Frank Ireri’s 13 years of being at the position. The former NIC Bank Director for Retail Banking will now provide strategic leadership and oversight of the Group’s turnaround strategy. “He is a seasoned career banker and business executive with an accomplishment in successfully driving change, revenue mobilisation and delivering outstanding business results,” said Steve Mainda, HF Group Chairman. “The appointment of Mr Kibaara marks a critical milestone for the group as it comes at a time when HF has embarked on a new turnaround…

“Depositors who will be claiming their funds for the first time through KCB Bank are required to open an account with any of the KCB Bank branches and shall complete a claim form with the assistance of the bank officials who will forward the same to IBL for processing,” KDIC said in a published notice. https://twitter.com/KDICkenya/status/1074695038142013440 Those who had previously claimed part of their deposits through KCB are only required to counter check their account status with their respective branches. “This is a significant milestone which is yet another convincing marker of Kenya’s financial sector’s ability to offer viable…

Kenya’s listed banks saw their quality of assets deteriorate in the third quarter evidenced by the rising non-performing loans. This was attributed to the rising non-performing loans mainly in the manufacturing, retail and real estate sectors. Cytonn Investments Q3’2018 Banking Sector Report, however, showed that an increased emphasis on operating efficiency by banks seems to be bearing fruit, with the listed banking sector’s operating efficiency improving, supported by revenue expansion as well as cost containment. “The sector’s operational efficiency improved, as shown by the decline in the cost to income ratio to 56.3% from 59.4% in Q3’2017, supported by the…