Author: Muindi

The Central Bank of Kenya (CBK) has joined the Pan African Payments and Settlement System (PAPSS), becoming the 10th African central bank to do so. This move allows Kenyan firms to conduct trade and financial transactions with other African nations. Other African central banks on the Pan African Payments and Settlement System platform include those of Nigeria, Liberia, Guinea, Djibouti, The Gambia, Sierra Leone, Zimbabwe, Zambia, and Ghana. In Kenya, Standard Chartered Bank of Kenya, Ecobank, and KCB are among the commercial banks on the PAPSS network. By 2025, all African commercial banks are expected to join PAPSS. Currently, 28…

In the 2023 Safaricom Chapa Dimba Nyanza region championship, Obunga FC and Plateau Queens, both hailing from Kisumu County, emerged as the victors. Obunga FC claimed the regional title after a heated match against Awendo Academy from Migori at Moi Stadium in Kisumu, ending with a 2-1 victory. Tyson Muluri scored the first goal for Obunga FC in the 45th minute through a penalty after Duncan Omalla was fouled. Shortly after, Clain Masaba scored the second goal. Awendo Academy managed to score a consolation goal in the 92nd minute by Elvis Odhiambo. Amos Ochieng, Coach of Obunga FC, expressed his…

The Development Bank of Kenya (DBK) has opened its first branch outside of Nairobi in Mombasa.  The new branch, located along Mombasa’s Moi Avenue in the central business district (CBD), is a testament to DBK’s commitment to serving diverse customer needs and thriving in Kenya’s growing banking industry. DBK Chairman Ndungu Githinji expressed enthusiasm for this expansion, stating, “This is a testament to our unwavering commitment to serving our customers and fulfilling their diverse needs.” “We aim to provide integrated banking products and solutions, especially to unbanked individuals, in alignment with the Central Bank of Kenya’s endeavours to foster financial…

In the aftermath of the COVID-19 pandemic, the resilience and strength of communities uniting to tackle health challenges have been evident.  The Mastercard Foundation’s youth campaign highlights the need for ongoing vigilance and action, even though the global health emergency status has changed. This campaign, led and driven by youth in collaboration with Trace Eastern Africa, underscores the significant role of young men and women as health change-makers within their communities.  By concentrating on creating healthier and more resilient communities, we can not only protect against future health crises but also stimulate economic opportunities. Young individuals are taking the initiative…

Family Bank has announced plans to hold an Extraordinary General Meeting (EGM) on Wednesday, October 18, 2023.  The primary agenda is to deliberate on a proposal to increase the company’s share capital by KES 800M.  This move will see the bank’s share capital rise from the current KES 1.5B to KES 2.3B. In addition to the capital increase, the bank’s directors will also seek approval from shareholders to offer and allot up to 800M shares at KES 1 each.  This offering will be made on a pro-rata basis, ensuring that all shareholders have an equal opportunity to increase their stake…

Sendy, a Kenyan logistics company, has entered into administration. Peter Kahi of PKF Consulting (K) Limited has been appointed as the administrator of the Group of Companies effective September 20, 2023. “This group includes Sendy Kenya Freight Limited (company number PVT-Q7UDVX5), Sendy Limited (company number CPR/2014/140428), Sendy Store Limited (company number PVT-PIUQRL9), and Sendy Kenya Marketplace Limited (company number PVT-MKUJX57),” announced PKF Consulting. The appointed administrator has asked all parties that are owed by the cash-strapped company to submit their claims. Any claim should reach PKF Consulting before October 19, 2023. Further, the claimants must attach all relevant documentation to act…