Absa Bank Kenya is enhancing its Corporate and Investment Banking (CIB) offering in the market, aiming to provide more personalized solutions, strategic insights, and proactive support to its clients. The bank has launched a new Corporate and Investment Banking (CIB) campaign themed “Invested in Your Story” that emphasizes moving beyond simply delivering competitive solutions and services to a deeper understanding of clients’ needs and a dedication to their long-term success. This new approach to corporate and investment banking acknowledges the common human insight that banks frequently lack empathy in their client engagements and interactions, with broad sentiment indicating that banking…
Author: NBM CORRESPONDENT
In this issue, we dive deep into how Elon Musk’s Starlink is shaking up the digital market in Kenya. With its competitive pricing and faster internet speeds, Starlink is challenging Safaricom’s long-standing dominance. What does this mean for the future of connectivity in Kenya? Should Safaricom, a major player in the market, be concerned about this new entrant? Also Featured in This Issue: Tala Survey Shows Consumer Confidence on the Uptick Learn about the positive trends in consumer confidence and what they mean for the Kenyan economy. Israeli Government Eyes 25-Year Farming Deal in Kenya Explore the potential impact of…
A company that uses drones to deliver medical supplies to remote areas where geographical barriers often hinder timely access, Zipline, has conducted its first delivery to St. Joseph’s Nyabondo Mission Hospital to enhance critical medical supplies, blood, and vaccines to improve regional patient care. During the hospital’s launch, graced by President William Samoei Ruto, Zipline demonstrated its capabilities with a live drone delivery from Chemilil to the newly opened facility. The delivery showcased the efficiency and reliability of drone technology in overcoming logistical challenges, particularly in regions where uneven geographical landscapes may hinder timely access to essential medical supplies. “Over…
Kenya Power (KP) has said electricity has been restored in most parts of the country. This comes after most parts except North Rift region and sections of Western were hit by blackout on Friday, August 30. “We regret any inconvenience caused and urge for patience from our customers as we work towards restoring normalcy at the earliest opportunity,” Kenya Power said in a statement. Supply had been restored to the entire Western Region, as well as parts of Central Rift, South Nyanza and Nairobi, it said in its second update, meaning things are back to normal in Nakuru, Kericho, Bomet,…
Industrialist and philanthropist Hasmukh Kanji Patel, who owns Mombasa Cement, died on Thursday, August 29, while being rushed to a private hospital in Nyali. Patel, 58, has been running several charity projects in Mombasa, Kilifi and Kwale counties. Tudor MCA Samir Bhalo, who is also a close family member, said the body of the business mogul, who passed on at around 1pm, has been moved to Pandya Memorial Hospital, Mombasa. “Today at around 1pm, we lost Mr Hasmukh Patel, the CEO of Mombasa Cement. He was just ill for about two days. He died on the way to hospital. We…
Rosslyn Riviera Mall has reopened its doors to the public after an extensive revamp, offering an array of curated experiences and activities designed to elevate the shopping and leisure experience for all visitors. Located on Limuru Road, the mall is now more vibrant, welcoming, and packed with exciting events tailored to engage and delight mall revelers. As part of the revamp, the mall has introduced several new features and amenities that enhance the overall visitor experience. These include updated interior designs, expanded dining options, and improved retail spaces, all aimed at providing a more luxurious and convenient shopping environment. To…
Diamond Trust Bank (DTB) has posted a Sh4.9 billion net profit, representing a 12 per cent growth in its half-year results. DTB Group Chief Executive Officer and Managing Director, Mrs Nasim Devji, attributed the lender’s performance to the continued rollout of its business growth strategy, which seeks to enhance customer value through increased customer reach, digital transformation, and sustainability excellence. “We are actively focusing on enhancing the delivery of our group business growth strategy. This strategy is geared at achieving socio-economic relevance and pivoting DTB to be a customer-centric, top-tier, digitally driven Bank in East Africa,” Mrs Devji said. She…
More than half of customers in Kenya remain confident in their ability to repay loans even as they report feeling the pinch of inflation “a little less” in first half (H1) of 2024. At least 70 per cent of digital credit consumers feel confident in their ability to repay their loans as the economy crunches. This is according to the Half 1 2024 Customer Barometer data released by Tala, where they surveyed 2,637 correspondents across key markets. Borrowing habits remained largely the same as the last half of 2023 with only 20 per cent reporting to have borrowed more in…
Absa Bank Kenya has reported a profit after tax of Sh10.7 billion for the half year ended June 30, 2024, a 29 per cent increase over the same period last year, supported by strong revenue growth across all business segment. For the six months period, and in line with its purpose of Empowering Africa’s tomorrow, together… one story at a time, the Bank continued to empower its customers’ aspirations through access to finance as well as non-financial support. Loans and advances closed at Sh316.3 billion, with the Bank booking Sh64 billion in new gross lending to critical sectors of the…
KCB Group’s net profit nearly doubles to stand at Sh29.9 billion in the first half of 2024, compared to Sh16.1 billion during the same period last year, thanks to robust revenue growth across its diverse portfolio of businesses. The lender’s subsidiaries, excluding KCB Bank Kenya, played a significant role in driving profitability, contributing 37.8 per cent to the overall pretax profit, proving to be a strategic advantage for KCB. Additionally, its board of directors recommend a Sh1.5 per share interim dividend to be paid on or about 30 October 2024, to shareholders on the Register of Members at the close…