Author: David Indeje

Equity Group has secured approval from the Insurance Regulatory Authority (IRA) to set up a General Insurance Company. The bank says the entry into general insurance follows the success it has achieved in the Life Insurance business under Equity Life Assurance Kenya (ELAK). ELAK currently has a gross written premium amounting to Ksh 3.99 billion having issued policies totaling 4.1 million. Life Assurance also reported a net profit of Ksh 281 million as assets grew over the period to stand at Ksh 5.5 billion. Equity Group’s board has similarly appointed Jonas Mushosho as the inaugural chairman, subject to the approval…

Safaricom, in partnership with the Football Kenya Federation (FKF),  has started the process for clubs to register for the Safaricom Chapa Dimba football tournament, which will take place from June 2023 to January 2024. The tournament which is in its 4th edition, will cater to male and female players aged between 16 and 20. It has been transforming the lives of Kenyan youth since 2017.  The tournament provides a platform for talented young footballers to showcase their skills and kickstart their careers. “Previous seasons of the tournament have been a huge success, and we intend to enrol even more participants this season.…

Global rating agency Moody’s cut Kenya’s senior unsecured debt rating as well as long-term foreign-currency and local-currency issuer ratings to B3 from B2. “The rating downgrade is driven by an increase in government liquidity risks,” the agency said. “Domestic funding conditions have deteriorated considerably over the past two months, with very low net domestic issuance contributing to financing shortfalls and delays in government spending,” according to the ratings agency. Moody’s also said it was placing Kenya’s ratings on review for downgrade, “prompted by the risk that the deterioration in Kenya’s domestic financing conditions persists amid still constrained external financing options.”…

Safaricom PLC’s profit fell for the third year in a row by 22.2% to Ksh 52.48 billion for the year ending March 2023, due to investments in its Ethiopian subsidiary. The increase in operating expenses was mainly driven by the injection of Kshs 55.8 billion capital investment expenditure into Safaricom Telecommunications Ethiopia PLC during the fourth quarter of FY’2023 The drop was coupled with tax hikes, cuts to the mobile termination rate, and foreign exchange challenges in Kenya. Profit for the year ended March 2022 stood at Ksh 67.496 billion. During the period, Safaricom increased its Group Service Revenue by…

Safaricom and KCB Bank Kenya have launched Fuliza ya Biashara, a credit facility for business owners on Lipa Na M-PESA to complete payments even with insufficient funds. Fuliza ya Biashara will advance an overdraft of up to Ksh 400,000 depending on the business’ limit. The service will apply when making transactions from a Lipa Na M-PESA Business Till to other Till Numbers and PayBill Numbers, when sending money to an individual, and when withdrawing to the nominated number or at an agent. The service attracts a two per cent daily access fee for up to 29 days and a daily…

Safaricom will invest Ksh400 million in season four of the Chapa Dimba football tournament, which will officially kick off on 3rd June after a two-year hiatus. Season 4 of the tournament was launched on Saturday at Camp Toyoyo Grounds in Jericho, Nairobi. “We are proud to announce the return of Chapa Dimba na Safaricom after a break due to the coronavirus pandemic. As a firm we have invested KSh400 million in the fourth edition of this competition which has played a big role in the growth of football in the country,” said Safaricom CEO Peter Ndegwa.  “This year, the tournament…