Author: David Indeje

Kenya’s first mortgage refinancing company that will advance cash to financial institutions enabling them to give affordable loans to account holders or members to buy or build homes was launched on Wednesday. This is part of President Uhuru Kenyatta’s affordable housing plan, which will advance cash to commercial banks, saccos and mortgage companies on a wholesale basis. “Housing mortgage finance in Kenya remains below its potential,” said President Kenyatta during KMRC’s launch. To bridge the current housing deficit, in the country, Kenyata said the Government is making deliberate interventions in the housing sector under the Big 4 Agenda, to make…

Think Business Limited Unit presented its 14th annual awards for the 2019 Banking Awards. The awards recognises banks and micro-lenders for outstanding product innovation and services to both retailers and Small and Medium Enterprises. “Our aim is to draw the attention of the banking public to the performance of the various players in the sector, consequently encouraging competition. The awards are won on a combination of merits, including financial soundness, opinion polls, market re-search and professional assessments. The overall winner, The Best Bank in Kenya, is usually the bank with an all-around appeal,” according to Think Business. Kenya’s second-biggest lender…

African Banking Corporation Limited, (ABC Bank Kenya) celebrated  Nicholas Muchami from Kaganda Village, Kiharu Constituency, Murang’a County for his zeal and passion to ease connectivity within the area. ABC recognises Muchami for ingenuity in digging a road stretching close to 2 kilometers to ease connectivity within the area after the one commonly used was blocked by the landowner. The financial institution has pledged to buy home feeds for his cows for six months as well as enlist him in a sacco where he can save his milk earnings. “In addition to supporting Muchami with his immediate needs we must also…

National Cement Company Limited, a member of the Devki Group Of Companies has entered into an agreement to acquire all cement and non-cement assets and business of ARM Cement PLC for KSh 5.0 Billion. “ARM Cement PLC (under Administration) announces that National Cement Company Limited has signed an agreement for the acquisition of all cement and non-cement assets and business of ARM Cement PLC in Kenya as a going concern for a purchase price consideration of $50 million,” the firm said in a statement. Narendra Raval, Chairman of National Cement said the transaction was in line with its growth strategy…

Cash-strapped clothing and footwear retailer Deacons (East Africa) PLC  (Under Administration) has announced Expression of Interest to sell its business and assets in whole or in part in a public notice. “This invitation (expression of interest) is to potential applicants for the purchase of the business and assets domiciled at the stores – 4U2 (Sarit Center), Adidas (Sarit Center and Two Rivers), Bossini (Two Rivers, Yaya Center, Village Market, Garden City and Rwanda), and FNF (Sarit Center)  via competitive bidding process.” This follows the approval of the Administrators’ proposal by the creditors on January 2019 to undertake a competitive and…

Five Kenyan commercial banks on Monday unveiled a Central Bank of Kenya backed mobile-based credit scheme dubbed Stawi aimed at improving access to funds for Small-to-midsize Enterprises. The loan product will initially be managed by five banks – Commercial Bank of Africa Limited (CBA), the Cooperative Bank of Kenya Limited, Diamond Trust Bank Kenya Limited (DTB), KCB Bank (Kenya) Limited, and NIC Group PLC. Customers will access the loan through a mobile phone application. The money will then be credited to the customer wallet. Stawi offers unsecured loan products ranging from KSh30,000 up to KSh250,000 with repayment profiles of 1-12…