Author: Khusoko

The Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC) have accepted the binding offer received from KCB Group to acquire Imperial Bank Limited. This means depositors will be able to receive 12.7% of their balances. “The binding offer accepted, includes granting access to 12.7% of eligible depositor balances remaining at IBLR within 14 days of this announcement, subject to account and identity verifications,” said the joint statement. “Combining this with earlier disbursements will result in a total recovery of approximately 35% of original eligible deposits held at the date of receivership.” In the accepted offer KCB…

Bonfese Wanjala, a maize farmer from Siaya has been named as Wefarm’s latest Champion Farmer in Kenya, having increased his output 35-fold and led the way in raising the productivity of his fellow farmers on the Wefarm network. Wefarm, which provides more than a million East African smallholders with a digital platform for share farming knowhow, has launched the monthly Champion Farmer initiative to reward farmers who are individually driving forwards Kenya’s agricultural productivity through information sharing. Bonfese, who has won Sh10,000 of farm inputs as well as his Champion Farmer title, learnt first hand of the difference other farmers’…

Kenya’s Director of Public Prosecution Noordin Haji has called on all stakeholders in financial institutions and banking sector to work together to strengthen the fight against mobile money fraud and cybercrime. Speaking during a forum that brought together stakeholders in banking and financial sectors, Haji noted that there was need to fortify governance and law enforcement to fight crime. “There is need to include critical components of mobile money and fraud prevention strategy in order to collaboratively fight this crime which is evolving by the day,” said Mr. Haji. He noted that while all measures have been put in place…

Control Risks, the specialist global risk consultancy says that a US policy of China containment is set to emerge as a pillar of the new world order in 2019. The US-China dynamic tops Control Risks’ list of Top Five Risks for business in 2019. The forecast comes in Control Risks’ annual RiskMap, a political and security risk forecast for business leaders and policymakers across the world, published Tuesday. Richard Fenning, CEO of Control Risks, said: “In 2019, what started as a trade war will ultimately harden into a more permanent stance. The confrontation on trade between the United States and…

YZ-ME International, sanitary product’s dispenser  Kenyan startup won Ksh 1,000,000 capital injection for her business at the 2018 Sinapis Business Plan Competition. Ms.Lynda Njeru, the co-founder on receiving the seed money for the business said, the inspiration to begin YZ-ME began on a long haul flight during which she urgently needed a sanitary pad and was unable to easily find anything. Lynda decided to start a company that provides sanitary products, wipes and baby diapers in small quantities via vending machines. https://twitter.com/sinapisgroup/status/1071423374541381632 This was the 5th business competition being organised by Sinapis hitting 1,000 SMEs who have been trained since inception.…

The Nairobi Metropolitan Area serviced apartment sector posted strong performance growth at 80% occupancy rate in 2018, compared to 72% recorded in 2017, according to research from Cytonn Investments. Cytonn’s analysis of the serviced apartments market performance in 2018, “Overall, serviced apartments recorded improved performance with the average rental yield coming in at 7.4%, which is 2.1% points higher than 5.3% recorded in 2017.” Other factors included the stable political environment and improved security, making Nairobi an ideal destination for both business and holiday travelers.                              …