Mauritius-based SBM Holdings, through its Kenya subsidiary, will temporarily shut down all its branches over the weekend for a systems upgrade. The bank in a notice on Thursday to its customers said that it will be integrating its core banking systems “to enable you to enjoy a convenient banking experience and a wider range of products and services.” “We shall be carrying out the final steps of a scheduled core banking system integration this weekend,” said the bank in an emailed notice beginning December 1st and 2 December. “Full banking operations resume on Monday 3rd December at their respective banking…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Oil marketer Libya Oil Kenya Limited has unveiled a new identity under the brand OLA Energy for its network of 1,100 retail outlets and petroleum products spread in 17 African countries. The new name is a short form of Oil Libya Africa. “This new brand captures the essence of our company as a modern energy player across our footprint in Kenya and Africa; it characterizes our strength and success, and expresses the drive and ambition felt throughout our Group in this phase of its evolution,” the Libya Oil Holdings CEO, Mazin Ramadan, commented. Under the new name and brand, OLA…
On Tuesday, the Monetary Policy Committee (MPC) maintained its benchmark interest rate at 9.00% for a second time with expectations that the headline inflation will remain within the 2.50% – 7.50% target band. “Inflation expectations remained well anchored within the target range,” Governor Patrick Njoroge said. It was evident that the biggest challenge for the central bank is the rate cap which continues to interfere with the monetary policy-making transmission with further evidence of perverse outcomes. “An updated assessment showed that the caps had weakened the effectiveness of monetary policy transmission, with further evidence of perverse outcomes. In particular, the…
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has partnered with Africa’s largest online shopping company Jumia to provide a secure and convenient way for Carrefour Kenya customers to shop for groceries and household goods online starting early January 2019. Through this partnership, more shoppers will now have access to a variety of Carrefour products, providing them with a shopping experience that is safe, convenient and stress-free from the comfort of their homes. Shoppers will enjoy the same great value prices and quality of products they enjoy at Carrefour…
Kenya’s central bank held its key lending rate unchanged at 9.00 percent noting that “inflation expectations remained well anchored within the target range, and that the economy was operating close to its potential.” “The MPC concluded that the current policy stance remains appropriate, and will continue to monitor any perverse response to its previous decisions,” said Dr. Patrick Njoroge, CBK Governor on Tuesday when the MPC met. The committee noted that the meeting was held against a backdrop of macroeconomic stability, increased optimism on the economic growth prospects, and heightened uncertainties in the global financial markets. “Although global growth has continued…
Jambojet has appointed Allan Kilavuka as its Chief Executive Officer replacing Willem Hondius. He becomes the second CEO for the Kenya Airway’s owned subsidiary. He will officially take over in January 2019. “He has extensive knowledge and experience in the Africa business environment and has successfully delivered high outcomes at lower costs and led in driving efficiencies and simplification in his previous roles,” said Mr Vincent Rague, Jambojet’s chairman. Kilavuka served as the Executive for global operations at General Electric (GE) Africa.