Standard Chartered Bank has entered into agreements with Access Bank Plc for the sale of its shareholding in its subsidiaries in Africa. These include Angola, Cameroon, The Gambia, Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. https://twitter.com/myaccessbank/status/1679899672100450312?s=20 The announcement was made at Standard Chartered’s Headquarters in London, with senior representatives from both banks present. The agreement was signed by Sunil Kaushal, Regional CEO for Africa & Middle East at Standard Chartered, and Roosevelt Ogbonna, Group Managing Director at Access Bank Plc. The transaction is subject to regulatory approval and is expected to be completed over the…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Swahili language has been added to Bard, Google’s artificial intelligence (AI) chat service. Bard is an experimental service from Google that functions like ChatGPT. Bard sources its information from the web. “The launch of Bard in Swahili is a major milestone as it allows Bard to reach even more people in Africa, where approximately 150 million people speak Swahili. This makes Bard more accessible to everyone in the region, and we believe that it has the potential to be a powerful tool for creativity and learning. We are excited to see how people in the region use Bard to…
The Safaricom Foundation has allocated Ksh 170 million to fund community investment programs in health, education, and economic empowerment, benefiting over 1.6 million Kenyans. The funds will be distributed through the Foundation’s sustainable philanthropy programs: Ndoto Zetu, Pamoja, and Usamaria. Ndoto Zetu, now in its fifth phase, supports individual Kenyans in realizing their community dreams and aspirations. https://twitter.com/SafaricomFDN/status/1678691753186979840?s=20 Ksh 100 million has been allocated to this initiative, with submissions open from July 12th to August 11th, 2023. Safaricom CEO Peter Ndegwa said the transformation seen through Ndoto Zetu affirms Kenyans’ passion for positively impacting their communities. “Each dream we help…
DIB Bank Kenya has successfully relocated its Goodman Towers branch to a more accessible and convenient location at the Sarit Center in Westlands, Nairobi. This strategic move aligns with the bank’s commitment to continue providing exceptional banking experiences for its customers. The relocation of the branch is part of DIB’s ongoing commitment to providing conducive banking services by improving accessibility and convenience for its customers. The Sarit location provides customers with easy access to banking services in a bustling and fitting environment. “The relocation of this branch to a more convenient location heralds our commitment to growing our presence in…
Biscuit manufacturer Britannia, a prominent player in the food industry, is on the brink of liquidation following its placement under administration in 2021. Britannia encountered financial troubles after defaulting on loans amounting to more than KSh1.3 billion, sourced from Diamond Trust Bank (DTB) and other creditors. The liquidation process was confirmed in a Kenya Gazette notice released by the appointed liquidator, Peter Kahi of PKF Consulting. https://twitter.com/AmbokoJH/status/1677298640040198146?s=20 Britannia’s entire business, including its state-of-the-art plant located in Nairobi’s Industrial Area, factory buildings, and raw materials, will be liquidated. Despite efforts to restructure the company and negotiate repayment plans, Britannia was unable…
Kenya’s private sector activity fell in June, due to slowing business in services, wholesale, and retail sectors. High inflation and weak consumer spending power contributed to the tough trading conditions, according to a survey by Stanbic Bank Kenya. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 47.8 in June from 49.4 a month earlier, marking the fifth month in a row that the PMI has stayed below 50, signalling a contraction in activity. Inflation in Kenya eased to 7.9% year-on-year in June from 8.0% a month earlier, while the shilling has hit repeated record lows since late 2021.…