It is now official that Paul Muriithi Muthaura is the new CEO of Capital Markets Authority after serving in an acting capacity for nearly four years. On market regulations, he has proved that developing an orderly way of keeping companies in check at the Nairobi Security Exchange for instance, can go a long way. A classic example is how they handled Uchumi Supermarkets that was once under receivership thanks to liquidity problems in circumstances where senior management was accused of creative accounting resulting in material misstatements in the financial reports. Then came Kenya Airways – highlighted after the release of…
Author: Editor
The Central bank of Kenya (CBK) has created a liquidity support framework with the aim of helping out banks and microfinance banks that may be in need of assistance if they find themselves limited in terms of resources. The central bank of Kenya governor, Patrick Njoroge at a press conference at his offices at the CBK premises last month explained on how the new liquidity support framework is important especially after the case of Chase bank which left many depositors in a state of worry after it was put under receivership. The governor emphasized on the framework saying it is…
Davis & Shirtliff is in plans to launch 50 new products in the course of this year in a bid to cement its position as a leading water and solar solutions provider in the region. The firm, which celebrates 70 years of operations in Kenya this month, is eyeing smallholder farmers and the rural market with the range of new products, in particular solar powered water pumps. The pumps are ideal for areas that do not have access to electricity. The products have been manufactured at the Davis & Shirtliff’s facility in Nairobi’s Industrial Area and are branded Dayliff. “The…
BY VICTOR ADAR One area of life that has undergone a radical change is that of social security, particularly with regard to poverty in old age. In the traditional African society, social security systems were assured. These took the form of practices and social norms that ensured that the elderly were taken care of by younger members of the society. The socio-economic changes are increasingly leading to a breakdown in traditional systems of old age security. Taking charge of your post-working life should be a proper plan especially if you want to live a modern lifestyle. As stories are told…
BY VICTOR ADAR At 34, Ms Penny Njire, the Event Hub co-founder has a bright future. She got a loan of Sh1 million from her mum years back to set up a successful company and has vivid memories of how she started up small, taking one project at a time seven years ago. Her dream to run a high growth enterprise did not die because of luck of access to capital from financial institutions. “I didn’t have anything that I could put forward as security, that’s why I didn’t approach the banks,” she says, adding that a loan from her…
QG Africa Hotel LP, a Mauritius-based fund managed by QG Investments Africa Management Ltd, a company of the Quantum Global group has acquired 100% interest in the Hotel Lusaka from Kingdom Hotel Investments for a gross consideration of $35.9 million. The transaction closed on 31 March 2016. Considered a city landmark, the InterContinental Hotel Lusaka is situated at a prime location in Zambia’s capital. The 244-room hotel benefits from a strong image amongst international travellers, and offers significant repositioning and expansion potential. Commenting on the acquisition, Jean-Claude Bastos de Morais, Founder of Quantum Global said, “I’m very pleased with this…
Family Bank shareholders have approved plans to raise more funds through a rights issue as the lender eyes opportunities beyond Kenya. The lender is seeking to raise Sh4Billion – not only to ensure it stays way above the statutory enhanced capital ratios but also to fund its growth strategy. This will be the fifth cash call by the bank in six years. In 2014 the Bank raised Sh3.1 billion; Sh977 million in 2010 and by Sh1.1 billion raised in 2012 The cash call has been prompted by the unprecedented growth realized by the bank. The lender was feted last year…
The Bill & Melinda Gates Foundation will join the first meeting of the SWIFT African Advisory Group (AAG) to look at areas for collaboration on delivering financial services to Africa’s unbanked population. The Foundation will also join the African Regional Conference (ARC) and participate in the Opening Plenary looking at the Megatrends affecting Africa. David Lubinski, senior program officer at the Bill & Melinda Gates Foundation’s Financial Services for the Poor program, will discuss the Foundation’s work around financial inclusion with the AAG on May 16. He will speak specifically about how the program is working to expand financial inclusion…
Ingenico Group, a global leader in seamless payment, jointly with its local partner Tracom, has deployed a revenue collection solution in the County of Nyeri. This initiative was sponsored by Equity Bank and reinforces the emerging cashless-based culture by collecting County fees such as parking, land rates, business permits, market stall fees through electronic payment. Its benefits include stronger accountability for funds collected and effective cost reduction thanks to a fully electronic process. People in Nyeri can now save time: instead of waiting in long queues, they can pay the County fees from the area of operations without wasting time…
By David Wanjala Finally, Kenya’s hope of sharing the proposed Sh400 billion crude oil pipeline with Uganda has hit a dead end, with Uganda Preferring Tanzania’s Tanga Port to Mombasa. Uganda made the announcement in its capital city, Kampala last month at a summit of the East African Community bloc, which brings together, Kenya, Uganda, Tanzania, Burundi, Rwanda and South Sudan. Passing the pipeline through Kenya as had previously been agreed would have saved Uganda big time on project costs as the distance is much less than the 1, 400km Tanga route. Missing out on the joint facility, Kenya now…