Author: Muindi

The Insurance Regulatory Authority (IRA) has placed Invesco Assurance Company under statutory management with immediate effect due to financial distress. The insurer is barred from entering into new contracts and PCF is appointed as the Statutory Manager. Policyholders are advised to seek alternative coverage and PCF will compensate affected claimants as per the Insurance Act. “The insurer’s existing Policyholders are advised to immediately seek alternative covers from other licensed insurers to ensure that there is no unnecessary exposure,” said IRA Commissioner of Insurance Godfrey Kiptum. in a statement. Invesco Assurance Company is grappling with a backlog of unpaid claims and…

The African Export-Import Bank (Afreximbank) has announced plans to significantly increase its financing for intra-African trade from $20 billion in 2021 to $40 billion by 2026. As a result, the Pan-African multilateral financial institution has committed $1 billion to support African nations in adapting to new trading conditions under the African Continental Free Trade Area (AfCFTA). Afreximbank is partnering with the AfCFTA Secretariat and the African Union Commission to ensure the successful implementation of this system. In addition, the lender will establish and operationalize this platform for facilitating intra-African trade. To enhance the effectiveness of African multilateral financial institutions, Afreximbank…

Morgan Stanley Capital International (MSCI) has upgraded the Co-operative Bank of Kenya to the MSCI Frontier Market Index (FM) and added four other Kenyan stocks to the MSCI Frontier Markets Small Cap Indexes. This move will enhance the visibility of these companies to global investors. Co-operative Bank joins Safaricom, KCB Group, Equity Group, and East African Breweries in the Frontier Market Index. The changes will take effect on August 30, 2024, and will also apply to the MSCI All-Country World Index. The four Kenyan companies added to the MSCI Frontier Markets Small Cap Indexes are British American Tobacco, Diamond Trust…

The 2024 Paris Olympic Games concluded on Sunday, with the United States dominating the medal count. The U.S. finished at the top of the medal table, followed by China, Japan, and Australia. France, the host nation, rounded out the top five. Africa’s top performer was Kenya, securing four gold medals, two silver, and five bronze. Beatrice Chebet clinched gold in both the 5,000m and 10,000m races, while Emanuel Wanyonyi triumphed in the 800m. Faith Kipyegon set an Olympic Record in the 1,500m with a time of 3:51.29. Algeria claimed two gold and one bronze medal, with Kaylia Nemour making history…

Equity Group, Kenya’s largest bank by market capitalization, has announced a 12.5% growth in net profit for the first half of 2024. Despite challenging economic conditions, the bank’s strong interest income performance drove this positive result. The lender reported net profit of $229 million (KES29.6 billion), up from $203.4 million (KES26.3 billion) in the same period last year. Interest income rose 22% to $656 million (KES84.8 billion), outperforming the broader market. Equity Group’s robust performance is attributed in part to its strategic focus on regional expansion. As growth slows in Kenya, the bank has successfully expanded its operations across East…

Stanbic Holdings Plc registered a slight increase in net profit for the first half of 2024, reaching KES 7.2 billion from KES 7.1 billion in the same period last year. This growth was primarily driven by a combination of increased net interest income and reduced operating expenses. However, a decline in non-interest income tempered the overall profit increase. The company’s customer base expanded by 18% reaching 284,555 customers. While customer loans decreased slightly by 2.4%, deposits grew by a substantial 39%. “Despite a broadly positive economic outlook in Kenya and the region, the first half of 2024 was a mixed…