Author: Muindi

Equity bank Kenya has secured a $50 million (Ksh 5.48 billion)  loan guarantee from Dutch Development Bank FMO, for onward lending to micro-, small and medium-sized enterprises (MSMEs). This is the  second NASIRA guarantee with the support of EU funding.  Linda Broekhuizen, CEO  of FMO said, “We are very happy to be able to support Equity Bank Kenya in weathering the COVID-19 storm. Funding for MSMEs is essential in lessening the impact of the pandemic on people’s livelihood and their communities. Together with the Capacity Development project we are confident small entrepreneurs will get much needed support.’’  The NASIRA loan…

The Kenya Airports Authority (KAA) has announced a Ksh.963 million rehabilitation project for the Jomo Kenyatta International Airport (JKIA) terminals 1B and 1C.  The 12-month project is aimed at refurbishing the departure halls to improve the check-in, security screening, retail operations, and passenger lounge experiences.  “The refurbishment and facelift of the terminals aim to align the passenger experiences to match what is offered at terminal 1A. The remodelling project is an integral part of the ongoing JKIA Customer Service Improvement Plan (CSIP),” said Acting KAA Managing Director Alex Gitari.  The refurbishment is part of the JKIA expansion strategy which seeks to boost the capacity of…

Universal Music Group (UMG) the world leader in music entertainment, has strengthened its presence in Africa through a new leadership to support and grow the continent’s domestic music ecosystems. The company says this will also help in creating new opportunities for African talent to reach new audiences globally. To help lead in the expansion, Sipho Dlamini has been promoted to CEO, Universal Music South Africa and Sub-Saharan Africa.  Dlamini will continue to oversee all of UMG’s operations within English-speaking Africa. In his new role, Dlamini will continue to work closely with Adam Granite, UMG’s EVP, Market Development, to identify further…

The Kenya Bureau of Standards (KEBS) has adopted eleven standards allowing Kenyan cosmetics products to access regional markets.  The new standards will also ensure the quality, fitness for use, and safety of the cosmetics to the consumers by controlling specific crucial parameters such as raw material requirements, and limits for heavy metal and microbiological contaminants. “The new standards will facilitate trade in cosmetic products produced within the Partner States in the East African Community by use of harmonized standards,” says Lt Col (Rtd.) Bernard Njiraini, Managing Director, Kenya Bureau of Standards. Some of the products covered in the standards include…

The Nairobi Securities Exchange (NSE)  launched Kenya’s first formal over-the-counter (OTC) market platform to facilitate the trading, clearing and settlement of securities of unquoted companies. According to the Nairobi bourse, the OTC will enable unlisted commercial banks, cooperative societies and private companies access the benefits of an efficient OTC market anchored on leading technology capabilities and resources. The launch follows the approval from the Capital Markets Authority (CMA) to set up the platform, formally known as the Unquoted Securities Platform (USP), which will also help unlisted firms raise capital through private placement. It will also allow trading, clearing, and settlement of…

Kenyan legislators have been ordered to pay back KSh 1.2 billion ($10 million) by the High Court which ruled that the money had been unlawfully given to them as housing allowances. A three-judge bench, Justices Pauline Nyamweya, Weldon Korir and John Mativo ordered clerks of the Senate and the National Assembly to recover in full the KSh1.2 billion from the lawmakers’ salaries and allowances within a period of 12 months.  “…pursuant to the illegal and unconstitutional decision of the Parliamentary Service Commission to set, and approve the payment of accommodation or house allowance to Members of Parliament contrary to the…