Author: David Indeje

Telkom Kenya says it will restructure its service delivery units to be headed by a managing director and chief officer to strategic direction. According to the telco, this will help it to grow its market share currently dominated by Safaricom. Telkom Kenya, is 60 percent owned by UK private equity firm Helios Investment Partners, while the balance 40 percent is owned by the Kenyan government. “Given our vast infrastructure asset base, terrestrial fiber, and our 4G network, we are confident in this new direction, one that has also been strengthened by the accelerated digital transformation, making both businesses and individuals…

Inadequate access to affordable trade finance remains a challenge for Kenyan Small Medium Enterprises (SMEs) restricting them in accessing global markets. However, Sidian Bank says it wants to be the preferred partner in realizing the entrepreneurial potential in the country by enabling entrepreneurs to create wealth through the provision of transformational financial solutions. “We are on a journey of positioning Sidian Bank as the go-to bank for Trade Financing and with this solution, we will propel the business to onboard more customers to grow their businesses through our ease to access finances through our innovative products,” says Chege Thumbi, CEO…

After issuing a Force Majeure, Tullow and its partners have withdrawn it paving way for the resumption of oil exploration for blocks 10BB and 13  in the South Lokichar basin scheme in Kenya. “The lifting of Force Majeure notices has been facilitated by the improvement in COVID-19 pandemic restrictions worldwide and the resumption of local and international flights, allowing the restart of the various workstreams under the Project,” said Africa Oil Corp, Tullow’s operating partner in a statement. In May, they declared Force Majeure on its main licences in Kenya citing the effect of restrictions caused by Covid-19 on Tullow’s…

Equity Group says it will be using 0763 000 000, as the single line of contact from Equity to customers to reduce the risk of financial fraud across its business platforms. The lender said moving forward, customers will be contacted using the number under Equitel’s main prefix ‘0763’. Group Managing Director and chief executive Dr James Mwangi said the rollout of the universal number is part of the bank’s recent rebranding, where the company now presents itself as One Equity, a unified brand one-stop-shop offering integrated financial services provider under one roof. “The number embodies this goal by unifying all…

Jamii Bora Bank (JBB) has been renamed Kingdom Bank following its acquisition by the Co-operative Bank of Kenya. The acquisition became effective on August 21, 2020 with Co-operative Bank (Co-op Bank)acquiring 90 percent of Jamii Bora Bank Limited. This was through the subscription of 224,153,154 new class of ordinary shares that will enable Co-op Bank to inject KSh1 billion and appoint a board to run the business. “Pursuant to Central Bank of Kenya approvals, the former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited,” said Co-op Bank in a statement on Tuesday. Kingdom…

Regional retailer Tuskys Supermarket shareholders on Tuesday said it has signed terms of agreement with a Mauritius fund based company for financing facility worth Ksh 2.0 billion. “This funding will help alleviate our current capital constraints impacted by Covid-19 and further reposition the business for increasing stakeholder’s value,” said Benard Kahianyu, Chairman of the Board. However, the transaction details are subject to condition. “The Tuskys Board and Management will engage all stakeholders in the coming days to agree on business going forward.” https://twitter.com/TuskysOfficial/status/1298238546709536768?s=20 READ Transition: Tuskys Shareholders Approve Sale of Majority Stake  The cash-strapped retailer has paid Ksh.700 million to…