Author: David Indeje

CIC Insurance Group Plc on Wednesday swung to the full year 2021 profit from a loss the corresponding year. The insurer posted Ksh.668.4 million profit compared to a loss of Ksh 296.8 million in 2020 attributed to improving income and transformational agenda. During the period, its income grew by 14.3 percent to Ksh.19.2 billion from Ksh.16.8 billion. The CIC Group comprises CIC Life Assurance Limited, CIC General Insurance Limited, CIC Asset Management Limited, and Takaful Insurance Limited. General Insurance Business Gross Written Premium was up 12 percent to Kshs. 11.4 Billion compared to Kshs. 10.1 Billion in 2020. Profit Before…

Kenyan filmmaker, Voline Ogutu, and five other Africans emerged winners of the Netflix and UNESCO Sub-Saharan Africa’s short film competition. Other winners that emerged from the competition include Gcobisa Yako (South Africa), Loukman Ali (Uganda), Mohamed Echkouna (Mauritania), Korede Azeez (Nigeria) Walter Mzengi (Tanzania). Name Country The Mentor Project name* Language Mr. Mohamed Echkouna Mauritania Femi Odugbemi The Enmity Djinn Hassaniya Arabic & French Mr. Walter Mzengi Tanzania Tosh Gitonga, Katope KiSwahili & ciGogo Ms. Korede Azeez Nigeria Jenna Bass Adieu Salut Hausa & Fulfulde (Fula) Ms. Voline Ogutu Kenya Leila Afua Djansi Anyango and the Ogre English, KiSwahili &…

All digital lenders operating in Kenya have until September to apply for new licenses, the Central Bank said Tuesday. Dr. Patrick Njoroge, CBK Governor said this will be in compliance with the Central Bank of Kenya (Amendment) Act, 2021. The law provides for inter alia the licensing, governance, and credit operations of Digital Credit Providers (DCPs). It further provides for consumer protection, credit information sharing, and elaborates on the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) obligations of DCPs. “Regulations governing Digital Credit Providers will be gazetted later this month to pave the way for the licensing and…

The Lewa Safari Marathon, an annual event that brings together athletes and running enthusiasts worldwide to run for a worthy cause, returns as a physical event on 25th June having been held virtually for the past two years. The Lewa Wildlife Conservancy, Tusk, Safaricom Plc and Huawei Technologies (Kenya) Co Ltd. announced on Tuesday during the launch. The marathon is used to raise funds for a range of community groups, clinics, schools and wildlife conservancy projects in and around the Lewa Conservancy. The Lewa Wildlife Conservancy in northern Kenya is home to the annual Lewa Safari Marathon.  For 23 years,…

Consumer inflation across Kenya is expected to rise in March and the coming months due to high fuel prices. The Energy and Petroleum Regulatory Authority (EPRA) on Monday reviewed upwards by Ksh.5 per litre for the price of petrol and diesel. This is the first upwards review since September 2021. EPRA says the average cost of imported super petrol rose by 13.34 percent while diesel imports were up by 11.74 percent. A litre of super petrol will now cost Ksh 134.72 while diesel will cost Ksh 115.60 per litre in Nairobi. Prices are inclusive of the 8 per cent Value…

Kenya Mortgage Refinance Company PLC (KMRC) on Monday listed its Ksh 8.1 billion Corporate Bond on the Nairobi Securities Exchange (NSE).  “The response to our inaugural bond issue demonstrates the market’s confidence in the KMRC’s model and strategy and is a statement to the importance of the Company’s mandate to increase homeownership and transform the country’s housing sector,” KMRC’s CEO Johnstone Oltetia said during the bell ringing. The Company’s first tranche of the Medium-Term Note program was oversubscribed by more than 400 per cent,  worth Ksh 8.114 billion against a target of Ksh 1.4 billion.  The proceeds raised will enable…