Author: Muindi

The Rhino Charge, an annual off-road motorsport competition, 2020 has been cancelled, the first time in its 32 year history. The competition had been scheduled for  19 October. However, the Rhino Charge Committee and the Rhino Ark Board of Directors cancelled it citing the Covid-19 pandemic and the ongoing associated risks.  The next Rhino Charge will, therefore, be held on Sunday, 30 May 2021. READ The Long Wait, Safari Rally Postponed to 2021 “This decision has been taken with great regret,” comments Christian Lambrechts, Executive Director of Rhino Ark.  “Funds raised by the Charge provide a vital part of our…

Co-operative Bank Group Thursday reported a 3.6 percent decline in Profit After Tax (PAT) to Ksh.7.2 billion in its half-year financial results on an increase in loan loss provisions. As a result, the lender reported a  higher loan loss provision of KSh1.9 billion during the period under review compared to KSh1.18 billion the same period last year, an increase of 57.9 percent. Its gross earnings shrunk marginally to KSh9.6 billion compared to KSh10.4 billion last year. Co-op Bank Group MD Gideon Muriuki said, ”We are actively engaging our customers to support them through this period by re-aligning servicing of facilities,…

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…