Author: David Indeje

Safaricom is teaming up with UNICEF Kenya for two years on the priority areas of children’s education, child protection, and emergency response in a new partnership. The new partners have pledged to work together to ensure children can access the Internet at school, are protected from violence and abuse, and receive life-saving information during droughts, floods, and disease outbreaks. In addition, the partnership brings together UNICEF’s expertise in children’s rights, advocacy and programme work with Safaricom’s range of products, services and ability to reach and communicate with a large audience.  UNICEF Kenya Deputy Representative Jean Lokenga said. “By working together,…

Kenya’s National Treasury has raised Ksh.53.7 billion from the local market against a projected target of Ksh 40 billion in November’s primary bond sale. This represents a 140 percent performance rate for the re-opened bonds; FXD2/2013/15 (7.50 years to maturity) and FXD1/2018/20 (17.4 years to maturity). The weighted average rate of accepted bids for the pair of bonds traded at 11.44 and 13.24 percent respectively in line with Central Bank of Kenya’s targeted coupon rates of 12 and 13.2 percent. Treasury projects to borrow Ksh.600 billion from the domestic markets by June next year and has since raised Ksh.152.4 billion…

The Co-operative Bank of Kenya Ltd has recorded a net profit of KSh KSh9.8 billion in the third quarter of 2020. This is a 10% drop from KSh10.9 billion a year earlier which was attributed to a sharp rise in loan loss provisions and a drop in non-interest income. Coop bank’s total non-performing loans in the third quarter expanded to KSh34.2 billion from KSh24.8 billion, a 37.8% increase.  “We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding and transactional needs as the situation unfolds,’’ Managing Director Gideon Muriuki said.…

Sidian Bank posted a consolidated net profit after tax of Ksh8 million as of Q3 2020 an improvement from the net loss of Ksh85 million in Q2 2020. The lender closed its Trade Finance business Ksh11.9 billion as of September 30, 2020. The profitability was driven by the increased loan book which grew by 29 percent to Ksh18.4 billion from Ksh14.3 billion in the prior period growing the interest income on loans and lending fees. Customer deposits grew by 24 percent to Ksh21.6 billion from Ksh17.5 billion in the prior period attributed to continued customer deposits mobilisation and increased customer…

Qatar Airways is celebrating fifteen years of flying direct flights from Nairobi, Kenya’s capital and Doha. The national carrier to the State of Qatar currently operates double-daily flights between Nairobi and Doha serviced by its modern fuel-efficient Boeing 787 Dreamliner, featuring 22 seats in Business Class and 232 seats in Economy Class. “Over the past 15 years, Nairobi has demonstrated its importance as a business and leisure market becoming one of our most popular destinations with global travelers,” Qatar Airways Vice President Commercial Africa, Hendrik Du Preez, said at the Jomo Kenyatta International Airport during the celebrations. “Famed for its…

KCB Group has received accreditation of the United Nations (UN) Green Climate Fund (GCF).  The accreditation was validated at the 27th board meeting of the GCF, which was held virtually this year. With accreditation, the lender will receive all Green Climate Funds amounting between $50M-$250M coming to Kenya.  “The Bank will supervise the implementation of these projects in line with its governance guidelines and policies that are in place as an implementing entity,” KCB Group said through its official Twitter feed. KCB is the first lender in Kenya and the private sector entity to receive the accreditation, cementing the sustainability…