The Automobile Association of Kenya (AA Kenya) has announced a Restricted Public Offer (RPO) to raise capital from its shareholders. AA Kenya says the strategic decision aligns with its plan to diversify into new business lines, expand its geographical reach, and establish itself as a mobility centre of excellence. The RPO, a type of securities offer made only to professional investors in a restricted market sub-segment, was announced in a public notice on Monday, October 9. The capital raised from the offer will be used to digitize operations, marking a key step in AA’s strategic evolution. This announcement comes on…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
NCBA Group borrowers will start paying more for their loans effective November 1, 2023. In a public notice, NCBA Group disclosed that it would be revising its loan rates to 14.5 per cent from 13 per cent for the shilling-denominated loans. Subsequently, rates for dollar loans will also increase to 11 per cent from 10.5 per cent. “Due to the current macroeconomic environment and rising interest rates, we wish to advise that our base lending rate will increase to 14.5 per cent for shilling-denominated loans and to 11 per cent for dollar facilities effective November 8, 2023,” NCBA Bank said…
The United Bank for Africa (UBA) has launched the UBA Braille Account Opening Form in Kenya, a first-of-its-kind initiative designed to cater to the financial needs of the visually impaired. This marks a significant step towards enhancing inclusivity and accessibility in banking services for visually impaired people. In a statement, the bank said the introduction of Braille Account Opening Forms underscores its commitment to empowering persons living with disabilities by providing them with tailored solutions to access banking services independently and with ease. This initiative aligns with UBA Kenya’s core values of inclusivity, diversity, and customer-centricity. UBA Kenya is dedicated…
Naivas Supermarket, a leading retail chain store in Kenya, opened its 99th outlet as part of its ‘Road to 100’ expansion strategy. 🎉Duka letu la 99 hapa Tudor, Saba Saba (Mombasa) sasa lilefunguliwa rasmi! 🛒Karibuni shopping, offers ni kem kem! Umefika au uko njiani?#AsanteKenyaAsanteTudor #Roadto100 pic.twitter.com/fN2xHtnTYO — Naivas Supermarket (@naivas_kenya) October 5, 2023 The new store is strategically located along Ronald Ngala Street in Tudor, Sabasaba, within Mombasa County. This move is part of Naivas’ ambitious plan to enhance shopping accessibility for its customers. By offering convenience, the retailer aims to cater to the evolving preferences of consumers. The new…
In September, Kenya’s private sector saw a downturn, largely due to inflation and escalating fuel costs. These factors diminished consumer demand and led to a pessimistic outlook. This is according to the Stanbic Bank Kenya Purchasing Managers’ Index (PMI), which fell from 50.6 in August to 47.8 in September. A PMI above 50 signifies growth, while a score below 50 indicates contraction. Despite the promising growth in August, where the PMI exceeded 50 for the first time since January, rising from 45.5 in July to 50.6, the latest figures suggest a worrying trend for Kenya’s private sector. “Elevated inflationary pressures…
Amazon Web Services, Inc. (AWS), a subsidiary of Amazon, has inaugurated a new African Development Centre in Kenya. This is the second AWS hub in Africa, with the first one situated in Cape Town, South Africa. The Development Centre will serve as a base for AWS Research & Development teams, creating numerous highly skilled jobs in software development, cloud support, and software engineering. The new Amazon Web Services African Development Centre is located at Riverside Drive in Nairobi. Uwem Ukpong, Vice President of Global Services at AWS, stated that this centre would allow the local market to access an incredible…