KCB Group is set to sell its struggling subsidiary, National Bank of Kenya (NBK), to Nigerian lender Access Bank, as confirmed by KCB Group CEO Paul Russo. The sale will be at 1.25 times NBK’s book value, reflecting KCB’s successful turnaround strategy over the past four years. Access Bank, which already has a presence in…
In Kenya, banks are vital institutions that provide a wide range of financial services to individuals and businesses. A bank essentially acts as a financial intermediary, accepting deposits from customers and providing loans while offering various other services like currency exchange, safe deposit boxes, and investment opportunities. There are different types of banks. Here are…
Kenya has secured the honor of hosting the 2024 Transform Africa Summit (TAS), organized by the Smart Africa Alliance. Scheduled from August 28-30, this summit is set to become a key event in Africa’s technology landscape. The Transform Africa Summit is an annual gathering convened by the Smart Africa Alliance, bringing together over 5,000 delegates….
During Safaricom Investment Co-operative’s 15th Annual General Meeting, shareholders approved a rebate payout of KSh 142.4 million. This rebate announcement came after Safaricom Investment Co-operative Society realized a net profit of KSh 203.4 million for the fiscal year ending December 31, 2023. In comparison, the society had reported net profits of KSh 266 million in…
The Kenya Shilling has witnessed a remarkable ascent against the US dollar, fueled by local investors’ shift away from dollars amid perceptions that the greenback shortage has eased. – The Central Bank of Kenya (CBK) closed forex markets with an exchange rate of KSh 153.2039, marking a notable uptick from the KSh 160.0000 range observed…
Longhorn Publishers, financial performance, net loss, revenue, operational challenges, strategic initiatives, macroeconomic factors, digital growth, educational publishing, Nairobi Securities Exchange, share price, fiscal year, CBC Curriculum. Longhorn Publishers disclosed a revenue of KSh 525.9 million, marking a 3.7% year-on-year increase, yet faced a widened net loss of KSh 193.3 million. Looking forward to the second…
Let’s look into the financial prowess of Equity Bank Kenya, a heavyweight in the East African financial scene. A financial powerhouse serving both individuals and businesses, with a whopping 80 percent of transactions zipping through their advanced mobile banking tech. But what sets them apart? Well, it’s the game-changing support they’re throwing behind local businesses,…
Embarking on the journey of entrepreneurship in Kenya requires more than just a groundbreaking idea; it demands financial backing to turn dreams into reality. Many aspiring business owners find themselves grappling with the challenge of securing the necessary funds, leading to setbacks in bringing their ventures to fruition. Cash flow mismanagement remains a significant pitfall…
