Sidian Bank has secured KSh1.1 billion from Triodos Investment Management for onward lending to Micro, Small and Medium Enterprises (MSMEs) in Kenya. The credit facility will be used for the expansion of Sidian Bank’s loan portfolio to Micro, Small and Medium-Sized Enterprises. “As Sidian Bank, we are passionate about supporting the growth of Micro and SME customers in line with our goal to be the preferred bank for provision of financial solutions to entrepreneurs,” said Sidian chief executive officer Chege Thumbi in a statement in late October. “Our partnership with Triodos Investment Management comes at an ideal time when the…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
Chandarana Foodplus Supermarket has announced the expansion of its retail sales network by adding its store as the anchor tenant at the prestigious ultra-modern Golden Life Mall in Nakuru, taking its total count to 23 in the country. Golden Life Mall Nakuru is situated along the main Nakuru-Eldoret Road within Nakuru Town, a project of the Egerton University Retirement Benefits Scheme. Chandarana Foodplus will occupy the mall’s retail centre which has three levels -Lower Ground floor (39,954 sq.ft), Upper Ground floor (40,891 sq.ft) and First Floor (38,681 sq.ft). Chandarana Foodplus is an independent chain of supermarkets locally owned, located in…
African digital music platform Mdundo says its platform recorded 16.4 Million unique users for the quarter ending September 2021, a 10 per cent growth, from the previous quarter. The platform attributes this to a significant increase in Tanzania, Kenya and South Africa. Tanzania had the platform’s biggest user base in the quarter, recording 4.1 Million unique users, with Nigeria and Kenya recording 3.1 Million and 2.6 Million users respectively. In Kenya, Mdundo grew by 13 per cent to 2.6 Million unique users contributing 15 per cent of the platform’s total audience in the period. “The rapid growth across the region…
The governments of Kenya and the Democratic Republic of Congo in partnership with Equity Group to lead a 15-day trade mission to DRC in an effort to deepen trade relations between the two nations. The Kenya-DRC Trade Mission is targeting over 200 investors and business participants from Kenya, and a similar number from DRC will be held between 29th November and 13th December 2021. The Trade Mission will highlight trade and investment opportunities in DRC and in line with both governments’ agenda of fostering regional trade and driving business growth by unlocking investment opportunities in East and Central Africa. “DRC…
Kenya’s foreign exchange reserves declined by KSh38.4billion in October, the Central Bank data shows. The country’s dollar reserves currently stand at $9.175billion ( KSh1.02trillion), according to the CBK latest weekly bulletin. This is equivalent to 5.6-months of import cover. In the months of June and July, the reserves were boosted by USD 407.0 million IMF disbursement and USD 130.0 million World Bank loan financing received in June 2021 and the USD 1.0 billion proceeds from the Eurobond issued in July 2021 respectively. In addition, improved diaspora remittances evidenced by an 18.8 per cent y/y increase to USD 309.8 million in…
Listed utility company Kenya Power & Lighting Company Plc (KPLC) posted KSh 1.5 billion profit after tax for the financial year ended June 30, 2021. Kenya Power says its profit before tax of Kshs.8.2 billion for the period represented a 216 per cent YoY growth compared to a loss before tax of Kshs 7.04 billion the previous year. Vivienne Yeda, the Boards Chair attributed the strong performance to the company’s 2020 turn-around strategy that focused on improving customer experience, growing sales, enhancing revenue collection, enhancing system efficiency, and prudent cost management. Unit sales for the year under review recorded a…