Author: Muindi

The Co-operative Bank of Kenya emerged as the overall winner of the customer satisfaction survey conducted by the Kenya Bankers Association (KBA. The survey by KBA revealed that the preference for human interaction in customer service support among bank customers rose in 2022. However, the preference for automated banking channels grew, rising to 67 per cent in 2022 from 58 per cent in 2021. The Banking Industry Customer Satisfaction Survey (2022) estimated that 15 per cent of bank clients preferred contact bank services to self-service platforms such as chatbots and the Internet. This shift aligns with the preference for human-assisted…

The Competition Authority of Kenya has given its approval to Somalia’s Premier Bank to acquire a 62.5% stake in Kenya’s First Community Bank. “It is notified for general information that in the exercise of the powers conferred upon the Competition Authority of Kenya…(it) has authorised the implementation of the proposed acquisition of 62.5 per cent stake in First Community Bank Ltd by Premier Bank Ltd (Somalia),” said CAK acting Director General Adano Wario. First Community started operations in Kenya on June 1, 2008. Premier Bank is a privately owned Sharia-compliant commercial bank incorporated in Somalia in 2013 and licensed by…

Absa Bank Kenya has picked Abdi Mohamed as its new chief executive officer, replacing Jeremy Awori. Abdi takes over from Yusuf Omari, who served in an acting capacity after Awori’s exit. “This appointment follows a rigorous recruitment process conducted between October 2022 and February 2023,” read a statement from the lender. Abdi has over twenty-eight years of experience in the financial sector and has held various executive positions within Absa Group. He is currently the Managing Director of Absa Bank Tanzania and acting Managing Executive for Retail and Business Banking, Africa Regional Operations, Absa- a role that spans multiple geographies…

Do you remember the last time you were in a banking hall to initiate a bank transaction? Most of us have not been in one in a long while.  That situation can be attributed to the advancement in banking technologies that have allowed us to use mobile phones and other digital banking channels from the comfort of our homes, offices, schools, or wherever else we may be.  The truth, however, is that as customers have changed their transacting habits because of these technologies, criminals have also evolved.  Instead of waiting for customers outside banking halls to rob them of their…

Edenbridge Capital Limited, a credit-only micro-finance company licensed in Kenya, has rebranded itself. It aims to fortify its presence by building on its SME portfolio by expanding in six areas. “Our branding and logo is the new face of our journey,” said Reuben Kimani, the Managing Director. “Today, we are big and better.” “We want to continue offering people better services. Our rebrand marks the next phase of our journey and a new opportunity to help our partners grow, advance financially and achieve what matters most to them.” Mr Kimani disclosed that they chose blue and orange to symbolise trust…

The annual inflation rate for consumer prices increased to 9.2 per cent in February, up from 9 per cent in January, according to figures compiled by the Kenya National Bureau of Statistics (KNBS). “The rise in inflation was largely due to an increase in prices of commodities under food and non-alcoholic beverages (13.3 per cent); housing, water, electricity, gas and other fuels (7.6 per cent); and transport (12.9 per cent) between February 2022 and February 2023,” said KNBS on Tuesday. The Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed…