Author: Khusoko

Equity Group Holdings PLC (EGH) on Thursday reported a 20 percent decline in Profit before Tax at Ksh 19.8 billion for the September quarter of the current fiscal year.  According to the lender, its loan book grew by 30 percent from Kshs 348.9 billion in September 2019 to Kshs 453.9 billion as at 30th September 2020. Customer deposits registered a 45 percent growth from Kshs478 billion to Kshs 691 billion driven by 51 percent growth in Uganda, 21 percent growth in Kenya and an additional Kshs130 billion from the acquisition of BCDC in DRC.  Loans to customers grew by 30…

Half of Kenyan households have struggled to keep up with their loan payments due to the negative effects of the Covid-19 pandemic on their livelihoods, a new survey by financial recovery firm Collect Pro has revealed. The firm conducted a survey to understand the burden of debt on individuals brought about by the depressed economy attributed to the Covid-19 Pandemic. Dubbed the Indebtedness Survey, the study uncovered hard-hitting realities for individuals and institutions alike, which if not addressed will accelerate the downward spiral of the current credit crisis in the country. 10 percent of the surveyed households reported they are unable to service…

Prime Bank Kenya customers will now be able to instantly and securely send money internationally to bank accounts or mobile wallets via the bank’s digital platform PrimeMobi. The Kenyan private lender said it has tied-up with London-based FinTech SimbaPay to send money across 15 countries in Africa, Europe, and Asia including India, United Kingdom, China (WeChat Pay), Germany, Uganda. Prime Bank’s Director for Business Development, Vijay Kantaria said the tier 2 lender has embarked on investment in technology through partnering with various FinTechs to accelerate its digital integration plan. “Through our digital platforms, we aim to make available a one-stop…

Shareholders of Nairobi Business Ventures (NBV) have approved the sale of 84% of the firm to Delta International FZE for Kshs 83 million. The transaction which awaits regulatory approval involves allot and issue up to a maximum of 415,000,000 ordinary shares of Ksh0.50 each in the company to Delta International subject to payment of the aggregate subscription price of Ksh83 million being Ksh 0.20 per new share. Shareholders further approved to split the nominal capital of the company from Ksh50,000,000 divided into 50,000,000 shares of Ksh1 each, to Ksh50,000,000 divided into 100,000,000 ordinary shares of Ksh0.50 each. There was an…

Ruth Kamande, a former Lang’ata Women’s Prison beauty queen will continue serving her death sentence for stabbing her late boyfriend 25 times after she failed in her appeal. Appellate Court Judges, Justice Hannah Okwengu, Mohamed Warsame, and Jamila Mohamed said there was no reasonable doubt that Kamande inflicted the injuries that caused the death of Farid Mohamed Halim at Buruburu estate, Nairobi in September 2015. “Having carefully examined the evidence on record, we find Kamande violently, intentionally and unlawfully killed the deceased inescapable.” Kamande was in 2018 sentenced to death after being found guilty of killing Farid.  Kamande appealed the…

Kenya’s Parliament has adopted a report endorsing the appointment of Immaculate Kassait as Data Commissioner.  The chairperson of the Committee on Communication, Information, and Innovation William Kisa’ng moved a special motion for the house to approve Kassait’s nomination as Data Commissioner. The committee had vetted Kassait on Tuesday 3 November following her nomination by the President on October 13. https://twitter.com/NAssemblyKE/status/1324333725438627841?s=20 This paves way for the president to confirm her appointment consequently giving Kenya her first data commissioner serving for a single term of six (6) years and shall not be eligible for a re-appointment. Kassait served as Director of Voter Education…