Author: Muindi

The Mombasa High Court has restrained the Kenya Deposit Insurance Corporation (KDIC) from winding up Imperial Bank. Justice John Onyiengo temporarily stopped the liquidation of the bank after businessman Ashok Doshi and his wife Amit sued over their KSh1 billion deposit. The court further barred any payments to depositors in the execution of the Central Bank of Kenya’s directive. Business Daily reported that through their lawyer Willis Oluga, they argued that on July 15, 2016, three months after the bank was placed under receivership, the lender consented to pay them their dues after they sued it. “The consent is still…

Coca-Cola Beverages Africa – Kenya has announced a partnership with Nature Kenya to grow 90 000 tree seedlings in Mt Kenya’s Hombe Forest in a three-year reforestation program. The Hombe restoration site includes a swamp on the verge of drying up. It is hoped that the newly planted trees will resuscitate this wetland as they mature. Currently, 1,900 people have benefited from the project through the sale of 15,000 seedlings that have been planted in Phase 1, with the next phase set to begin in December. Earlier in the year, Nature Kenya and CCBA-Kenya signed a three-year memorandum of understanding…

Global Trade Centre, the Ksh 40 billion business complex in Nairobi’s Westlands is the latest tourist attraction in the city. The 42 – floor -184-meter skyscraper was illuminated in an auspicious ceremony on Wednesday to mark its readiness for occupancy. The trade centre hosts three new complex towers as well as sports and hospitality facilities- JW Marriott Hotel, 184-metre GTC Tower, GTC Executive Residence and GTC Mall. This is an urban complex project integrating luxury five-star international hotels, AAA super high-rise office buildings, high-end business apartments, and international boutique supporting commerce.  “The lighting up of the GTC Office Tower was…

FSD Africa Investments (FSDAi), the investing arm of FSD Africa, has injected £3 million (KSh447.8 million) into IMFact, a fintech that uses supply chain financing to provide working capital to micro, small and medium enterprises (MSMEs). As a “pooled receivables” factoring business, IMFact purchases bulk invoices from MSMEs for a mix of upfront cash and deferred payments. This gives the sellers access to cash without the need to follow up or wait for invoices to be paid, freeing up capital to buy new inventory, pay suppliers, and grow the business. The funding comes at a critical time with Covid-19 having…

Sidian Bank has secured long-term funds worth Ksh564 million from WaterEquity for onward lending to the Water, Sanitation and Hygiene (WASH) sectors. This partnership between WaterEquity and Sidian Bank is among the initiatives that can help to bridge the gap that exists in communities in Kenya where water and sanitation services are inaccessible for various reasons. Improvement of these services will have a positive impact on the health and economic conditions of these communities especially now during the COVID 19 pandemic. According to United Nations, today 2 billion people globally lack access to safely managed drinking water services and 3.6…

Safaricom says it has rewarded 72 M-PESA business owners with pick-ups and tuk-tuks as part of the ongoing Biashara Ni M-PESA Promotion. The promotion aims to promote a cashless business payment solution that benefits more than 2 million businesses in the country. The first four weeks saw 8 business owners from the 8 regions including Coast, Western, Central, Eastern, Nairobi, Rift Valley, Nyanza and North Eastern each win a pick-up in the monthly draw while another 64 have won tuk-tuks in four weekly draws. Another more than 2,500 business owners have won more than KSh. 19 million in cash prizes.…