Category: Finance News

May 22, 2019 0

High Court suspends interest rate capping for 12 months

By mykenyancareers

NAIROBI, Kenya, Mar 14 – The High Court has ruled that regulating Bank interest rates is unconstitutional. Judges Francis Tuiyot , Jackline Kamau and Rachael Ngetich ruled that a section of the Banking Amendment Act 2016 that gives the Central Bank of Kenya authority to set interest rates disrupts the existing relationship between banks and … Continue reading “High Court suspends interest rate capping for 12 months”

May 22, 2019 0

CIC Insurance posts FY profit of Sh625m boosted by premiums

By mykenyancareers

NAIROBI, Kenya, Mar 15 – CIC insurance group has recorded Sh625.3 million in profits for the year ending December 31, 2018 compared to Sh478.4 million in the previous year largely contributed by gross premiums. CIC insurance saw its total assets increase by 8 per cent to Sh33 Billion and profit before tax grew by 64 … Continue reading “CIC Insurance posts FY profit of Sh625m boosted by premiums”

May 22, 2019 0

Second SME joins NSE Ibuka incubation program

By mykenyancareers

NAIROBI, Kenya, Mar 15 – The Nairobi Securities Exchange (NSE) has today admitted Globetrotter Agency Limited (Globetrotter) as the second company to join the Ibuka program, NSE’s incubation and acceleration program. The admission comes following a rigorous evaluation and vetting process that resulted in Globetrotter becoming the second among a group of enterprises expected to … Continue reading “Second SME joins NSE Ibuka incubation program”

May 22, 2019 0

LISTEN: Top in Business – Market-driven interest rates back, Price of petrol up, 4,000 youths graduate from Generation Kenya

By mykenyancareers

NAIROBI, Kenya, Mar 15 – These are the business stories making headlines, on the local, regional and international scene. All eyes are now on Parliament as following Thursday’s High Court ruling effectively giving legislators a year to amend sections of the Banking Act declaring regulating interest rates unconstitutional. === The price of petrol, diesel and … Continue reading “LISTEN: Top in Business – Market-driven interest rates back, Price of petrol up, 4,000 youths graduate from Generation Kenya”

May 22, 2019 0

Asia markets extend rally as eyes turn to Fed meeting

By mykenyancareers

HONG KONG, China , Mar 18 – Asian markets rose Monday as investors tracked a positive lead from Wall Street on optimism over the China-US trade talks, while attention turns to the Federal Reserve’s next policy meeting this week. The pound held gains as Prime Minister Theresa May tries to push her EU divorce deal … Continue reading “Asia markets extend rally as eyes turn to Fed meeting”

May 22, 2019 0

I&M Bank to finance vehicles imported from UK, Australia and Japan

By mykenyancareers

NAIROBI, Kenya, Mar 18 – I&M Bank has signed a deal with MHH International to finance up to 80 percent cost of importing vehicles from the UK, Australia and Japan. The partnership will see the Bank provide Asset Financing to its new and existing Premium, Business and Corporate customers to import high-quality vehicles. In addition, … Continue reading “I&M Bank to finance vehicles imported from UK, Australia and Japan”

May 22, 2019 0

M-Akiba bond hits 79pc subscription rate raising Sh197m in two weeks

By mykenyancareers

NAIROBI, Kenya, Mar 18 – The mobile-based infrastructure bond, M-Akiba, has closed with a 79 percent subscription rate having raised Sh197 million against a target of Sh250 million. This tranche which was on offer from February 25 to March 10, 2019 attracted over 82,000 new registrations, pushing the total number of registered M-Akiba accounts to … Continue reading “M-Akiba bond hits 79pc subscription rate raising Sh197m in two weeks”

May 22, 2019 0

COFEK appeals against removal of interest rates cap

By mykenyancareers

NAIROBI, Kenya, Mar 18 – The Consumer Federation of Kenya (COFEK) has filed an appeal challenging the judgement of the High Court that removed the cap on interest rates. The Federation through lawyer Henry Kurauka, says the move will affect many Kenyans who may not afford the interest rates to be charged by banks. “The … Continue reading “COFEK appeals against removal of interest rates cap”

May 22, 2019 0

KCB signs deal with Morocco’s biggest bank to facilitate cross-border trade

By mykenyancareers

Casablanca, Morocco, Mar 21 – KCB Bank Kenya Limited has signed a deal with Morocco’s giant lender Attijariwafa Bank Group to drive cross-border trade and deepen financial inclusion. The agreement inked in Casablanca is expected to help promote the sharing of best practices in the banking, financial and business in East and North Africa. KCB Group … Continue reading “KCB signs deal with Morocco’s biggest bank to facilitate cross-border trade”

May 22, 2019 0

Barclays Bank of Kenya deploys dogs to sniff out suspicious safe deposit boxes

By mykenyancareers

NAIROBI, Kenya, Mar 21 – Barclays Bank of Kenya bank is using sniffer dogs to ascertain and assure the public that there is no threat posed by the items contained in the safe deposit boxes following fake $20 million notes that were found in a deposit box at its Queensway branch on Tuesday. Sniffer dogs … Continue reading “Barclays Bank of Kenya deploys dogs to sniff out suspicious safe deposit boxes”