Author: Muindi

Standard Chartered Bank Kenya has removed the 1% upfront admin fee on its SC Shilingi Funds, a digital platform that allows customers to invest in money market funds through the SC Mobile app.  The move is aimed at making the platform more accessible and affordable for customers who want to save and invest for their short to medium-term goals. “We’ve removed the 1% upfront admin fee giving you the best investment experience and attractive returns of up to 10.7%* p.a*.,” said Paul Njoki, Head of Affluent Banking and Wealth Management, Kenya & East Africa. SC Shilingi Funds is a 100%…

Standard Chartered Bank Kenya has announced its financial results for the period ended 30 June 2023, showing a strong profit before-tax growth of 27 per cent. The bank’s Chief Executive Officer, Kariuki Ngari, attributed the result to strong top-line growth of 34 per cent from both businesses, Wealth Management and Financial Markets, and Retail products.  Kariuki also said the bank managed to control its operating expenses, which grew by 17 per cent, resulting in a healthy cost-income ratio of 17 per cent. However, he noted that the loan impairment charge increased by Ksh 1.9 billion, reflecting a volatile and challenging…

INGOT Brokers, a leading regulated brokerage firm, has partnered with Hisa, a popular trading app in Kenya, to offer clients access to international markets. The partnership was announced on August 19 at Mövenpick Hotel & Residence, Nairobi. The collaboration aims to transform the trading and investment scene in Kenya and Africa by enabling traders to diversify their portfolios and invest in various asset classes such as commodities, stocks, indices, EFTs, and currencies. In addition, the partnership also seeks to empower Africa’s youth to take charge of their financial future by providing them with educational resources and tools to trade confidently…

The Kenyan government recently disclosed that it faced a cyber attack on some of its key platforms and critical infrastructure on Thursday, July 27.  The attack had a significant impact on service-oriented platforms, including e-citizen, which facilitates essential services such as license booking, visa applications, and vehicle registration.  A group calling itself ‘Anonymous Sudan,’ claimed responsibility for the orchestrated cyber incident, executed primarily through a Distributed Denial of Service (DDOS) method. A DDOS attack is a malicious tactic aiming to overwhelm a targeted network or service by flooding it with an excessive volume of traffic, thereby disrupting normal functioning and…

The East African Community (EAC) recorded a 13.4 per cent growth in its total trade in 2022, reaching $74.1 billion (Sh10.55 trillion), according to data released by the regional body. The Secretary General of the EAC, Peter Mathuki, attributed the growth, partly to the admission of the Democratic Republic of Congo (DRC) as a member of the regional bloc in July 2022. He said that the entry of the DRC, which has a population of over 100 million and a GDP of $48 billion, expanded the market size and opportunities for trade and investment in the region. EAC member states…

Kenya received a record amount of money from its citizens living and working abroad in July 2023, according to the latest data from the Central Bank of Kenya (CBK). The CBK said remittances surged to Sh54 billion in July, up from Sh49 billion in June. This was the highest monthly inflow ever recorded, surpassing the previous peak of Sh51 billion in December 2022. “Remittance inflows in July 2023 hit a record monthly high of $378.1 million compared to $319.4 million in July 2022, an 18.4 per cent increase,” said the CBK. The cumulative inflows for the 12 months to July…