Author: Korir Issa

Access Bank, Nigeria’s largest bank by assets, is in the final stages of acquiring KCB Group’s National Bank of Kenya (NBK). KCB Group CEO Paul Russo confirmed the acquisition’s progress on Wednesday, stating that regulatory approvals are nearly finalized and NBK’s performance was included in KCB’s 2024 full-year results. “We are at advanced stages of regulatory approval from both sides. I am very confident that we are at the tail,” Russo said during the bank’s FY 2024 results announcement. The acquisition, aimed at enhancing Access Bank’s pan-African expansion and strengthening its presence in Kenya, received conditional approval from Kenya’s Competition…

Silver Box, a Middle East-based investment and technology firm, has acquired Mobius Motors Kenya for an undisclosed sum, rescuing the struggling Kenyan automotive manufacturer. This acquisition marks a turnaround for Mobius, which had ceased operations and entered liquidation in August 2024. Silver Box plans to reopen Mobius’ service center immediately and restart full-scale production of the Mobius 3 model by July 2025. Additionally, the firm intends to launch a new vehicle model by the end of 2025, aiming to expand Mobius’ market presence and introduce vehicles tailored for the African market. “Preserving and enhancing the Mobius brand was a key…

Stanbic Holdings shares surged to KSh 167.25 following a reported 12.8% increase in net profit to KSh 13.7 billion for 2024, up from KSh 12.2 billion in 2023. The profit growth was primarily attributed to a significant reduction in loan loss provisions, which fell by 51.8% to KSh 3.1 billion. This reflects a decrease in credit risk, with the gross non-performing loan (NPL) ratio standing at 9.28%, below the industry average of 16%. A final dividend of KSh 18.90 per share was declared, bringing the total dividend for 2024 to KSh 20.74, a 35% increase from KSh 15.35 in 2023.…

Nairobi City County has unveiled a draft Development Control policy, open for public participation, that proposes significant changes to building height limits across the city. The policy aims to modernize urban development and provide a clear regulatory framework. Key Proposals High-Density Zones: Areas like Upper Hill, Uhuru Highway, Tom Mboya, Haile Selassie Avenue, and University Way could see buildings up to 75 stories. Mid-Density Zones: Westlands CBD and Museum Hill are proposed for a 30-story limit. Riverside, Parklands, and Ngara West would be capped at 20 stories. Residential Zones: Muthangari, Kileleshwa, and Kilimani face a 15-story limit. Umoja, Kayole, and…

British International Investment (BII), the UK’s development finance institution, will provide $100 million in Tier 2 capital to KCB Bank Kenya Ltd. This funding will enhance KCB’s lending capacity for climate-focused projects and women-led businesses across Kenya. The investment is strategically designed to address systemic barriers faced by women entrepreneurs, particularly those in the informal sector, including discriminatory policies and cultural limitations that impede access to credit. The capital injection will bolster KCB’s ability to finance businesses adopting innovative climate technologies within renewable energy, green mobility, and sustainable agriculture value chains. This aligns with KCB’s commitment to UN Sustainable Development…

Oppo has unveiled its Find N5 foldable smartphone, aiming to “redefine foldable excellence” with its thin and light design, large inner screen, impressive battery life, and AI-powered performance.   But does the Find N5 truly live up to the hype? As Pete Lau, SVP and Chief Product Officer at Oppo, states, “Find N5 unlocks the potential of folding phones, putting tablet and laptop experiences in our hands. It’s impossibly thin and light, and ColorOS 15 is precision-tuned to do more across two immersive displays, with AI-powered tools, and advanced integration with Macs. Find N5 doesn’t close doors, it opens them, unfolding…