Author: Muindi

The Central Bank of Kenya (CBK) on Tuesday confirmed the acquisition of 84.89 per cent shareholding of Century Microfinance Bank Limited (Century MFB) by Branch International Limited (Branch) effective January 1, 2022. This follows CBK’s approval on December 30, 2021, under Section 19 (4) of the Microfinance Act and approval by the Cabinet Secretary for the National Treasury and Planning on January 7, 2022, pursuant to Section 19(3)(b) of the Microfinance Act. “CBK welcomes this transaction that is a critical component of Century MFB’s transformation plan. It will strengthen Century MFB and support the stability of the microfinance banking sector,”…

The Kenya Ladies Open that tees off at Vipingo Ridge on Thursday received KSh 20 million and KSh 5 million sponsorship boost from Safaricom and KCB Group. The tournament, organised by U.COM Event, is part of the Ladies European Tour and will see participants rub shoulders for four days at the Baobab Course in Kilifi County – the only PGA accredited golf course in Africa. The first edition of the Magical Kenya Ladies Open took place in 2019. The tournament will be a 72-stroke play golf competition and over 100 players are set to take to the course over four…

African digital music platform Mdundo, recorded 20 million users at the end of Q4, up from 16.3 million in Q3. The upward growth represents a 22 per cent attributed to increased demand for an easy-to-use music service and expansion into new territories in Africa. “We have noted increased demand for music served online mainly among the youthful consumer segment, an audience that is actively looking for new products and solutions to support their lifestyle,” says Rachel Karanu, head of Brand Partnerships at Mdundo said. The most notable growth was recorded in Tanzania, Nigeria and Kenya powered by the rising popularity…

Little Cab, Kenya’s fastest-growing ride-hailing company, on Monday said it has expanded operations in Ethiopia.  Its initial plans had been delayed due to the Covid-19 pandemic. “LittleApp is happy to announce that we are now fully operational in Addis Ababa, Ethiopia. Thanks to our team in Ethiopia …,” LittleApp Chief Operating Officer Niladri Roy shared the news on LinkedIn. In Ethiopia, Kamal Budhabhatti the Chief Executive Officer of Little, in 2021 had disclosed that they would invest $5 million in the next five years. “When we saw Safaricom heading to Ethiopia, we got the courage to get there. It is…

Equity Group and Kenya Commercial Bank (KCB) are among the world’s top 500 lenders by brand value according to the latest report by Brand Finance. Equity Group was ranked at position 338 and KCB at 366 from  454 in 2021 which was attributed to positive sentiments from their customers. Customers rated the two on quality, reputation, and customer satisfaction. Brand Finance assigned Equity and KCB a value of $388 million (KSh44.1 billion) and $338 million (KSh38.4 billion) respectively.  Brand value was described as the net economic benefit that owners would achieve by licensing their brand in the open market. It…

The M-PESA Foundation Academy can now offer these exams through a partnership with Uni-Abroad and IDP, the co-owner of the IELTS test.