Author: David Indeje

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…

All is not lost for consumers of Huawei devices following Google’s move to suspended business with Huawei in compliance with the U.S. government’s order to place it on its Entity List. “For users of our services, Google Play and the security protections from Google Play Protect will continue to function on existing Huawei devices,” a Google spokesperson said on Monday. https://twitter.com/Android/status/1130313848332988421 According to Reuters, citing a source close to the matter, “Huawei Technologies Co Ltd will immediately lose access to updates to the Android operating system, and the next version of its smartphones outside of China will also lose access…