Author: Lynet Awino

Somali lender, Premier Bank, has acquired a 62.5 per cent stake in Kenya’s First Community Bank Limited (FCB). First Community Bank Limited was licensed in 2008 and is classified as a small bank with a market share of 0.3% as of December 31, 2022. According to the Central Bank of Kenya, completion of the acquisition will be effective March 27, 2023. Premier Bank will make history as the first Somali bank to own more than half of a banking subsidiary in Kenya. “The acquisition will strengthen the trade and investment ties between Kenya and Somalia,” the CBK said in a…

All female Old Mutual Kenya employees will be entitled to 120 days of maternity leave and one month of paternity leave. In addition, employees will have extended breaks for women who experience child loss during pregnancy. The decision was announced at the Old Mutual Women Network (OWN) event during International Women’s Day, which brought together women from across the organisation to share and connect. OWN was created in 2016 to provide women with a forum to share, connect, and develop themselves, and it operates in Kenya, Uganda, Tanzania, Rwanda, and South Sudan.  OWN’s activities are centered around six pillars: community…

Aviation firm 748 Air Services has suspended its passenger flights business in Kenya. The airline says it will focus on its core business. “After extensive review of our business strategy, we have opted to focus on our core business, the Humanitarian Aviation, currently operating in seven African countries,” Moses Mwangi, the Managing Director, said in an emailed statement. The suspension now leaves carriers like Jambojet, Safarilink, and Renegade Air, which also operate in some of their destinations. 748 Air, which has already suspended operations on the Nairobi-Kisumu route, will also stop flying to Mombasa, Diani, Malindi, and Maasai Mara. “We,…

Safaricom will pay an interim dividend of KSh 0.58 per share, or KSh 23.42 billion, to shareholders due to lower earnings from six months to September 2022. The interim dividend will be payable by March 31 to shareholders on its register as at the close of business on March 15. Previously, Safaricom paid KSh 0.64 per share, equivalent to KSh 25.64 billion. Safaricom’s half-year Net Income to September was Ksh 33,472.2 million, compared to Ksh 37,172.2 million a year ago. Its net profit for the period came to KSh33.5 billion because of macroeconomic effects and a reduction in mobile termination rates.…

Kenya’s tourism earnings nearly doubled to $2.12 billion (Ksh 268.09 billion) in 2022, driven by a 70% rise in international visitors compared to Ksh 146.51 billion in 2021. International tourist arrivals in the year were 1483752, compared to 2021 arrivals of 870465, mainly from the United States and India. About 12% came from Uganda, and 10% came from the United Kingdom. ”Because of the nature of the relationship we have with the U.S., of course, and of course, the nature of the numbers, says Peninah Malonza, minister of tourism, wildlife and heritage, during the launch Kenya’s tourism sector performance report…

Meta has introduced new broadcast channels on Instagram, a one-to-many messaging tool allowing creators to engage directly with their followers at scale. Broadcast channels are a public one-to-many messaging tool where creators can invite all their followers in and share text, video and photo updates. Meta CEO Mark Zuckerberg announced the social networking platform with his “Meta Channel.” “Creators can also use voice notes to share their latest updates and behind-the-scenes moments, and even create polls to crowdsource fan feedback,” the company said in a blogpost. How it works Once a creator gets access to broadcast channels and sends the…