Verto, a global financial technology company transforming cross-border payments and foreign exchange for businesses, has officially launched its new East African hub in Nairobi, Kenya. The strategic expansion underscores Verto’s commitment to simplifying global trade for emerging markets and deepening its footprint across Africa. Located at The Address, Muthangari Drive, the Nairobi hub will serve as a regional anchor for Verto’s operations, supporting a growing customer base across Kenya, Uganda, and Tanzania. From this base, Verto will enhance customer experience, forge regional partnerships, and deliver locally tailored payment solutions to businesses transacting across borders. “Kenya’s digital infrastructure, entrepreneurial energy, and…
Author: Korir Issa
IK, a Masinde Muliro University grad, tackles social justice through journalism. He analyses news and writes on women's rights, politics, technology, law, and global affairs.
Diamond Trust Bank Kenya Limited (NSE: DTK) will divest from DTB Burundi, marking a strategic shift in its regional footprint. The bank has entered into a conditional sale and purchase agreement to offload its entire 83.67% stake in the Burundian subsidiary to a consortium of Burundi-based investors, including the existing minority shareholder. “This decision aligns with our strategy to optimise and consolidate operations across our core markets,” said Nasim Devji, Group CEO of DTB. DTB Burundi, operational since 2009, has played a role in the country’s banking sector. The transaction is subject to regulatory approvals. Strategic Refocus on Core East…
Sanlam Kenya Plc has scheduled a virtual Extraordinary General Meeting (EGM) for Thursday, 9 October 2025, seeking shareholder approval to rebrand as Sanlam Allianz Holdings (Kenya) Plc. The proposed name change aligns with the broader integration of Sanlam and Allianz operations across Africa under the SanlamAllianz joint venture. Jubilee Holdings Exit and SanlamAllianz Formation The rebrand follows Jubilee Holdings’ full divestment from general insurance, having sold its remaining stakes in Jubilee Allianz subsidiaries to SanlamAllianz Africa. The transaction included: Kenya, Uganda, Mauritius: 34% stake each Burundi: 19% Tanzania: 15% Allianz initially entered East Africa in 2020 through a KSh 10.8…
Standard Chartered Bank Kenya Plc has issued a profit warning, forecasting a 25% reduction in net earnings for the financial year ending 31 December 2025. The anticipated decline follows a Supreme Court-backed ruling requiring the bank to pay approximately KES 7 billion in pension arrears to 629 former employees. The payout stems from a long-running dispute over pension calculations linked to the bank’s transition from a defined benefit scheme to a defined contribution model. The Retirement Benefits Appeals Tribunal, High Court, and Court of Appeal all ruled in favour of the retirees, with the Supreme Court recently dismissing StanChart’s final…
Kenya’s foreign exchange reserves rose by USD 268 million this week to USD 11.17 billion, equivalent to 4.9 months of import cover, marking a notable improvement in the country’s external position. The uptick reflects a confluence of resilient diaspora inflows, investor appetite for government securities, and a stable currency environment, as broader economic indicators signal subdued momentum. Diaspora Remittances and Export Resilience Bolster External Buffers The Central Bank of Kenya (CBK) reported USD 426.1 million in diaspora remittances for August, sustaining a 12-month cumulative growth of 9.4% to USD 5.08 billion. While this marked a slight 0.2% decline compared to…
Airtel Kenya has launched the construction of East Africa’s largest data centre at Tatu City, Nairobi. The $150 million facility, developed under Airtel’s data centre arm Nxtra by Airtel Africa, is designed to support hyperscale cloud computing, AI workloads, and enterprise-grade services across the continent. “Our estimates for the first rollout alone, across two phases, are upwards of $150 million—about 18 billion shillings. It’s a big, big investment from our side,” said Ashish Malhotra, Managing Director, Airtel Kenya. Power, Performance, and Precision The Nxtra Nairobi facility will deliver 44 megawatts (MW) of power capacity, split into two phases of 22MW…