Author: David Indeje

Kenya’s National Treasury raised KSh37.8 billion in its re-opened two bonds, FXD4/2019/10 and FXD1/2018/20 for budgetary support. The Central Bank of Kenya on behalf of the treasury had sought  Ksh 40  billion, with investors offering KSh41.2 billion a 102.9 per cent subscription rate with the CBK accepting bids worth Ksh.37.8 billion. KSh20.3 billion came from the reopened 10-year paper first sold in 2019, while the 20-year, 2018 reopening accounted for KSh17.5 billion. “The auction results signal an upward shift in the yield curve, particularly on the medium-term tenor which stood at 12.3988 per cent as of 3rd December 2021. For…

Kenya has launched an emergency relief cash transfer program through M-Pesa, a mobile money transfer platform, to cushion and improve the livelihoods of drought victims in 23 Arid and Semi-Arid Land (ASAL) counties. The Ministry of Public Service, Gender, Senior Citizens Affairs and Special Programmes says the first cohort of 360,696 households will each receive Ksh 3,000 totalling 9.5 million dollars on a monthly basis. “The shift from food distribution to cash transfer will enhance the efficiency of the humanitarian efforts,” Prof. Margaret Kobia, Cabinet Secretary for Public Service, Gender, Senior Citizens Affairs and Special Programmes.  “The use of digital…

Kenya Deposit Insurance Corporation (KDIC) and the central bank on Thursday said the remainder of Imperial Bank will be liquidated. According to the KDIC’s Receivership Report to CBK, recommended that  IBLIR be liquidated.  “The report indicates that considering the weak status of IBLIR’s financial position, liquidation is the only feasible option.” Consequently, the CBK says from its assessment of the report, it “considered that liquidation would facilitate the orderly resolution of IBLIR…, to protect the interest of IBLIR depositors, its creditors, and the wider public interest.” “KDIC (Kenya Deposit Insurance Corporation) will release information about the liquidation … and payment…

Stanbic Bank says it has identified seven areas that can drive growth by generating employment, reducing inequalities and promoting development in a sustainable manner beyond its products and services. The banks’ latest sustainability report gives focuses on Education, Job Creation & Enterprise Development, Financial Inclusion, Health, Infrastructure, Trade, and Investment, as well as Climate Change & Sustainable Financing. “We selected these areas based on their relevance to our core business as a provider of financial products and services, and the priority needs of people, businesses and economies,” part of the report says. “Our thinking has been informed by the priority…

President Uhuru Kenyatta on Tuesday signed into law the  Central Bank of Kenya (Amendment) Bill 2021  which will allow the regulation of digital lenders. “The amended Central Bank Act, 2021, gives the Central Bank of Kenya authority to license digital lenders in the country as well as ensure the existence of fair and non-discriminatory practices in the credit market,” said the president’s office. The bill gives all digital lenders a six months ultimatum ( June 7th 2022) to be registered by the Central Bank. “Any person who before the coming into force of this Act was in the digital credit…

MTN Uganda on Monday listed 22.4 billion ordinary shares on the Uganda Securities Exchange (USE) following the successful completion of the initial public offering (IPO). It becomes the 10th local listed company on the Stock Exchange. The listing reduces the ownership of MTN Group in MTN Uganda from 96 per cent to 83.05 per cent. This aligns with the Ugandan Communications Commission’s new licensing requirement for broad-based ownership by Ugandans, with a compliance deadline of mid-2022. “With this listing, MTN Uganda becomes the Ugandan stock with the largest market capitalisation on the USE,” said MTN Group President and CEO Ralph…