Author: David Indeje

Kenya remains reluctant in accepting debt service relief under the G-20 Debt Service Suspension Initiative to assist in mitigating the impact of COVID-19. The National Treasury Cabinet Secretary Ukur Yatani Friday said Kenya “seeks a cautious approach” when he downplayed media reports that it had sought to defer $690 million (KSh75 billion) in debt payments under the G-20 debt relief initiative. “Kenya has not applied for the G-20 Debt Service Suspension,” said Yatani in a statement released Friday. “Some countries have faced challenges rearranging debt service with creditors with undesirable outcomes. In this respect, Kenya seeks a cautious approach in…

Sidian Bank says tender bidders can access up to Ksh 15 million bid bond in less than 5 minutes through its online platform to help boost its trade finance business. The Sidian Credible bid bond application platform provides verifiable bid bonds to small and medium enterprises (SME’s) targeting state tenders. The authenticity of the bid bonds generated is validated by a QR code embedded in the guarantee. In addition, the bid bonds are auto-signed by Authorized Signatories of the Bank. Sidian Credible is a self-service platform that responds to the lender’s customers’ needs for convenience, efficiency and quick turn-around time…

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…