Author: Korir Issa

NCBA Group reported a strong financial performance for the year ended December 2023, with net profit surging by 55.7% to Sh21.4 billion. The Group attributed the strong performance to revenue growth and a cost slowdown. The Group’s net interest income grew 13% to Sh34.6 billion, offsetting a slight decline in non-funded income. Its operating expenses remained flat at Sh38.2 billion due to a significant reduction in loan loss provisions. The bank declared a final dividend of Sh3 per share, bringing the total payout to Sh4.75 per share (up from Sh4.25). NCBA Group Managing Director John Gachora emphasized the strong return…

Coronation Group, Access Holdings, Safaricom, and M-PESA Africa have formed a new financial alliance.  This collaboration aims to expand remittance access across Africa and drive financial inclusion by creating solutions that empower individuals and businesses across the continent. In addition, the initiative supports the African Continental Free Trade Area (AfCFTA) by fostering more intra-African trade. The collaboration will see the convergence of Access Holdings’ robust Pan-African banking infrastructure, spanning 14 African countries, with Coronation Group’s comprehensive array of technology-infused financial services offerings in West Africa, coupled with M-PESA and Safaricom.  M-PESA is the continent’s leading mobile money and digital payments…

NCBA Group has secured a $50 million (Sh6.73 billion) loan from French development finance institution Proparco for its sustainability initiatives. This strategic partnership will see a portion of the funds, 60%, directed explicitly towards empowering small and medium-sized enterprises (SMEs). The remaining 40% will be channelled towards businesses that actively contribute to combating climate change risks. “As NCBA, collaborative efforts and strategic partnerships are integral to the value that we deliver to all our stakeholders,” NCBA’s chief executive, John Gachora, said. “I believe that with this partnership, we will deepen our shared goals to foster sustainable economic development and advance…

The wait for a passport is getting significantly shorter for Kenyan travellers, according to the Directorate of Immigration Services. The Directorate says it is implementing measures to improve passport issuance. It says it received two new, modern passport printing machines that will be operational by April 2024 to reduce processing times. In addition, new servers have been installed to handle the demand and ensure system stability. Principal Secretary for Immigration Julius Bitok Thursday said they had received an additional 112,700 passport booklets, including 92,500 50-pager series, to enhance efficiency at passport centres. With these improvements, the government aims to deliver…

East African Breweries Limited (EABL) has pledged KShs 190 million to support water conservation initiatives in Kenya.  This commitment aligns with the country’s efforts to combat climate change, reduce carbon emissions, and address water scarcity. The initiative, dubbed ‘Conservation at Scale’, is being spearheaded by the Executive Office of the President through the Office of the Climate Envoy to offer high-level critical direction and ensure alignment with national climate objectives and the outcomes of the Africa Climate Summit 2023. “This collaboration underscores the power of partnerships in addressing water challenges,” said Eddy Njoroge, President and Trustee of UTNWFT. EABL will contribute…

Agricultural firm Kakuzi Plc kept its dividend payout steady at Sh24 per share despite a nearly 50% decline in net profit for 2023.  This decision comes as the company grapples with a significant drop in macadamia earnings due to reduced global demand. The company’s net profit fell to Sh453.5 million, down from Sh845 million in 2022. During the fiscal year, its macadamia business suffered a net loss of Sh241.8 million due to a 47% decline in macadamia prices. Its total sales grew to Sh5.4 billion, partially helped by a weaker Kenyan shilling. “To mitigate some of the challenges arising from export…