Author: David Indeje

Stabex International (STABEX), an oil marketer and a fast growing petroleum company in Uganda, has invested in an disclosed amount in Liquefied Petroleum Gas (LPG) brand aiming a significant share of the market in Kenya. The company says it will be leveraging on a distribution network of more than 70 retail petrol stations. It is projected that coordinated marketing efforts by Stabex will grow LPG usage resulting in a market expansion of 6% in three years. “LPG usage has an untapped market size of about 83% and 89% in Kenya and Uganda respectively. At Stabex, we see this as a huge…

KCB Group has posted a 43% drop in net profit for the nine months that ended on 30th September 2020 to KSh 10.9 billion attributed to high loan provisions. The latest results are a decline from KSh19.2 billion posted in the same period the year before. https://twitter.com/KCBGroup/status/1326515718960058368?s=20 KCB Group’s loan provisions surged fro. KSh5.8 billion to KSh 20 billion due to the Covid-19 impact. “This has been a challenging period for the business, staff, customers, and the economy. Our focus has been on keeping our staff and customers safe while at the same time giving business support to the communities…

Kenya’s Directorate of Immigration services has scaled down passport applications due to the upsurge of COVID-19 infections in the country. However, only emergency applications will be handled. As a result, it has canceled current appointments for passport application submission as well as biometrics enrolment.  “All passport applicants are required to book new dates for submission. This is effective Monday, November 9th, 2020,” it announced. Applicants with emergency travel needs such as medical, scholarships, or government assignments are advised to contact the Directorate through their hotline 0110 922 065 during official working hours for help. “This is in line with Government…

Bank of Africa (BOA) Kenya has been exempted from a 25 percent shareholding legal provision that caps the ownership of a bank. “Bank of Africa Kenya has received approval from Cabinet Secretary for the National Treasury and Planning to recognize KSh1.5 billion as Tier 1 capital, thereby bringing the shareholding of the bank’s parent company, BOA Group SA, above the statutory threshold of 25 percent for a non-regulated entity,” BOA Kenya said in a statement on Friday. The funds have been held by the bank as a customer deposit since March 2020, as BOA Group sought the exemption of the…

Pfizer Inc and German partner BioNTech Monday said its experimental Covid-19 vaccine has been found to be 90% effective. They are the first drugmakers to show successful data from a large-scale clinical trial of a coronavirus vaccine with no serious safety concerns being found. The Phase 3 clinical trial of BNT162b2 began on July 27 and has enrolled 43,538 participants to date, 38,955 of whom have received a second dose of the vaccine candidate as of November 8, 2020. “We’re in a position potentially to be able to offer some hope,” Dr. Bill Gruber, Pfizer’s senior vice president of clinical…

Nigeria’s biggest lender Access Bank Plc Monday launched its operations in Kenya with the rebrand of Transnational Bank following its 100 percent acquisition. David Aluko, a Nigerian citizen was named Country Managing Director, Access Bank Kenya. Access bank currently has 28 branches throughout Kenya and plans to open new branches in Kiambu, Nyeri, Machakos, Kisumu, Nyandarua, Kakamega, Bungoma and Kisii. “Access Bank’s entry into the Kenyan market holds great significance for the growth and improvement of the banking sector and for the Kenyan economy. It is a welcome development that all stakeholders are happy with, “Access Bank Kenya Country Managing…