Author: Muindi

M-shwari,  mobile loan platform owned by Safaricom and NCBA Bank says that borrowers seeking loans below Ksh2,000 will now have to use the Fuliza overdraft service. This is after the minimum loan limit was raised to Ksh2,000 from Ksh500. The M-Shwari Loan Account is a micro-credit product that allows subscribers to borrow money in times of need or to complement their savings towards an investment or enterprise.  A one-time fee of 7.5 percent is levied for each loan. Consequently, subscribers who fail to qualify will have the option of using the daily overdraft service Fuliza. Fuliza attracts a daily fee…

Betting firm Betika on Thursday extended KSh77 million sponsorship contract for Sofapaka for another two years. The new deal is an increase from the KSh15 million for in 2017/2018 period as well as KSh 35 Million given in 2019. “We are glad to see the partnership with Betika growing from strength to strength. We have been in partnership for four years now and they have come again to our rescue at a time when we as a club are facing difficult times with the pandemic, it clearly shows that they believe in us and we will strive not let them…

Jumia Technologies, an e-commerce company from Africa posted a  gross profit of KSh2.98 billion in the first half ended June 30. The financial performance was driven by a 40 percent rise in the number of active consumers to reach 6.8 million and an 8 percent jump in demand during the period. “Across all geographies, we have seen increased demand from brands and sellers to join and expand their business on our platform as the COVID-19 crisis further established e-commerce as an important route to market,” said the New York-listed e-commerce firm. The company reduced its operating loss by 44 percent…

The Kenyan housing prices index contracted by 0.20 percent during the second quarter of 2020 compared to 0.51 percent in the first quarter, KBA-HPI said on Monday. According to the Kenya Bankers Association House Price Index for the second quarter, despite still being on the negative side, the growth of house prices pointed to a stabilising market. “With demand remaining depressed, the concluded sales during the second quarter of the year represented a nearly 40 percent drop from the previous quarter,” notes the KBA-HPI, adding that while demand during the quarter was muted due to a weak economy, the price…

Low-cost carrier Jambojet has been given the green light to operate scheduled non-stop flights within its domestic market without stopping at its Nairobi hub. In May, it had applied for approval from the Kenya Civil Aviation Authority (KCAA)  to operate two hubs from where it will fly nine new domestic routes and 12 additional international routes. This means it will fly to five new routes from Mombasa to Kisumu, Eldoret, Malindi, and Lamu using its B737, DHC8, ATR72 based at JKIA and Mombasa. “With the approval, we shall now do conventional cargo that will basically involve the belly freight as…

The Kenya’s Ministry of Agriculture has appointed an interim management committee that will oversee the leasing of the five state-owned sugar mills. Agriculture CS Peter Munya, through Gazette Notice No. 5473, says “In the period leading up to the leasing and in order to strengthen the fiduciary responsibilities of management, the Ministry has set up an Interim Management Committee to oversee the operations of the Sugar Mills during this transition period before the eventual takeover by the successful bidders.” The members of the committee include: Agriculture Cabinet Administrative Secretary Anne Nyaga will chair the team and members include: Anthony Murithi,…