Author: Korir Issa

DIB Bank Kenya, a subsidiary of Dubai Islamic Bank profit before tax surged 105% YoY to KES 6.3 million for the period ending March 31, 2024.  This marks a significant milestone for the Bank as it reports its first profit since it began its operations in Kenya the lender said. The Bank attributes this stellar performance to increased customer confidence in Shariah banking and DIB Bank Kenya’s offering, resulting in sustained balance sheet expansion over the years. Highlights Strong balance sheet expansion: Deposits and net financing grew by 49% and 38% YoY, respectively. Improved operational efficiency: The Cost-Income Ratio (CIR) significantly improved to 96%…

Fruit juice maker Del Monte Kenya has opened a biofertilizer plant.  The facility will transform pineapple residues from their cannery into four different biofertilizers, promoting a more eco-friendly approach to farming in East Africa. Located near Del Monte Kenya’s existing operations, the plant creates a closed-loop system. Instead of discarding pineapple waste, they’ll convert it into biofertilizers that nourish the soil, boost crop yields, and offer a natural alternative to traditional fertilizers. This not only reduces waste but also sets a new standard for environmental responsibility in the region. Biofertilizers are natural soil enhancers that utilize microbes to improve plant growth. These microbes increase the…

Diamond Trust Bank (DTB), a leading regional bank, listed on the Nairobi Securities Exchange (NSE) is streamlining its leadership structure to accelerate growth across East Africa.  The strategic corporate reorganisation plan includes appointing a dedicated CEO for DTB Kenya, while Nasim Devji remains Group CEO. This strategic move aims to achieve 10 million customers by 2026. Mrs. Devji will focus on building DTB’s regional presence and enhancing customer experience through digitalization. DTB Kenya will recruit a Country CEO to report to Mrs. Devji, alongside existing Country CEOs for Uganda, Tanzania, and Burundi.  “The Country CEO for DTB Kenya, along with the current Country CEOs for DTB Uganda, DTB Tanzania, and DTB…

Showmax, the Multichoice streaming platform, has launched its revamped app in Kenya. The app offers more local content, international partnerships, and mobile-friendly options. The new app, Showmax 2.0, replaces the previous version and requires users to download it from app stores.  “What happened at the time was a changeover, not an update of the previous app. As expected, we had teething issues because this is an iterative process,” said the General Manager of Showmax East Africa, Emma Gichonge.   “We know there is room for improvement, and that is why we are looking to launch in other major towns to not…

Kenyan private sector firms report a significant strengthening of their business confidence, reaching a 13-month high in April. According to the latest Stanbic Group Purchasing Manager’s Index (PMI), their optimism was driven by planned investments and growth expectations, particularly in the service sector. The PMI reached 50.1, an improvement from 49.7 in March but still lower than February’s reading of 51.3. “Expectations towards output over the next 12 months continued to recover strongly from February’s survey-record low, with overall sentiment the strongest since March 2023. Confidence reflected planned investment in marketing, capacity upgrades, new branches, recruitment and growth in other African markets,”…

Kenyan used car marketplace Peach Cars and Umba Microfinance Bank have partnered to offer a groundbreaking 24-hour car financing option.  This collaboration aims to make car ownership more accessible for Kenyans by streamlining the financing process. Improving Access to Hassle-Free Financing Through Umba Microfinance Bank, customers can now secure financing of up to 70% of the vehicle’s value, with processing times as rapid as 24 hours.  This innovative approach eliminates the traditional barriers to obtaining car financing, enabling buyers to drive away with their desired vehicle without unnecessary delays. Simplified Process, Seamless Experience The process of obtaining financing through Peach Cars and Umba…