Author: David Indeje

ICEA Lion Group has launched its online “Money Market Fund” dubbed DigiTrust and is open for subscription with a minimum of Ksh 500. The scheme will allow investors to create and track their investment goals online. https://twitter.com/icealion/status/1349247293136973824?s=20 Money Market Funds are liquid and low-risk because of the instruments your cash is invested in.  MMF earns interest daily and it is compounded and annualized. The rate of interest is known as daily yield and effective annual yield. The daily yield is the daily interest which is computed on the funds daily and credited to your account and the effective annual yield…

Kenya’s creditors Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Republic of Korea, Spain and the US under Paris Club creditors have accepted to provide to Kenya a time-bound suspension of debt service due from January 1 to June 30, 2021. “The Government of the Republic of Kenya is committed to devote the resources freed by this initiative to increase spending in order to mitigate the health, economic and social impact of the COVID19-crisis. The Government of the Republic of Kenya is also committed to seek from all its other bilateral official creditors a debt service treatment that is in…

The East African Business Council (EABC) is urging for lowering and harmonization of COVID-19 related charges in the East African Community, in a bid to ease the cost of doing business and boost intra-EAC trade. EABC chief executive Peter Mathuki says whereas Tanzania and Burundi are charging a standard rate of $100 (KSh10,960) for both nationals and foreigners, other partner States’ charges vary. Mathuki said this had turned out to be another form of a Non tariff Barrier (NTB) preventing a rebound of cross-border regional trade. The regional partner states of Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda have…

The Kenyan government should put up more regulations to support capital markets and encourage more players in the field Cytonn Investments, an independent investments management firm says. The independent investments management firm also says that the government needed to encourage more players in the field. “Capital markets influence economic growth by providing the capital that is required for investment in the real economy.  It is also important that the issuers together with the Regulatory bodies ensure that proper products are put out in the market to ensure that all issued products get back to the investors what was truly promised,”…

The tier three bank will merge its Upper Hill branch with Hurlingham branch Spire Bank closed its upper Hill branch in an overhaul of its network in line with its strategic plan. The loss-making bank says it will move all Upper Hill Branch’s accounts to Hurlin*gham Branch after the Central Bank of Kenya approved its application. In a notice to its customers, Brain Kilonzo, Ag. Managing Director said their strategic plan is “driven by digital banking solutions and branch network optimisation.” The relocation took effect Thursday. “Please note that there will be no change to your account number and any…

Kenya’s current account deficit for the 12 months to November narrowed compared to a year earlier, helped by diaspora remittances and earnings from exports. Latest Central Bank of Kenya data shows that the current account deficit as a percentage of gross domestic product (GDP) stood at 4.7 per cent to 4.7 percent of GDP in the year to November 2020 compared to 5.4 percent of GDP in the year to November 2019. Central bank said the trade deficit narrowed due to improvement was attributed to savings from oil imports, resilient earnings from exports and remittances. Current Account is the sum…