Kenya’s financial sector has been rated “satisfactory” due to reduced capital and a drop in asset quality compared to a strong rating which was achieved in 2016. In its Bank Supervision Annual Report 2017, the Central Bank of Kenya (CBK) said, “The decline in the industry’s overall rating was mainly due to a decline in capital adequacy and a deterioration in asset quality in 2017.” The institutions rated strong, satisfactory, fair and marginal in December 2017 were 9, 16, 12 and 3 respectively. The institutions rated strong decreased from 11 in 2016 to 9 in 2017. During the period, fifteen…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Safaricom has unveiled “Maisha Ni Digital” campaign that aims to give at least 10 million Kenyans access to the internet through their mobile phones by offering affordable 3G devices, convenient payment terms, and personalized data offers. The three-month campaign is in partnership with Google has unveiled Kenya’s most affordable smartphone: Neon Kicka 4. “As smartphone usage and share of Internet traffic from mobile phones grow in Kenya, we are witnessing a marked difference in income generated by those with Internet-enabled devices compared to those without. Vendors have been able to increase their customer bases by leveraging online marketplaces, and bodaboda…
SBM Holdings Ltd has acquired Chase Bank Kenya Limited (In-Receivership) through its subsidiary SBM Bank. The move comes after having completed the acquisition of certain assets. In the acquisition, SBM Kenya took over 75 per cent of the value of deposits under moratorium at CBLR, all non-moratorium deposits at CBLR. It will take up over a majority of CBLR branches and employees. The remaining 25 per cent of the value of moratorium deposits and other assets and liabilities remains in CBLR. In a Tweet, Chase Bank announced to its customers, “We are not chasing you away…but it’s time to say…
Equity Group Holdings has unveiled its fintech subsidiary, Finserve, that will operate as an autonomous commercial enterprise providing solutions. Equity Group CEO and Managing Director Dr James Mwangi said that fintech will play a critical role in deepening financial inclusion and democratizing financial service provision. “Thanks to Finserve, 97 percent of all Equity transactions are now outside the branch. In the spirit of shared prosperity, and having seen the revolutionary impact that fintech capabilities have brought to the Bank, we have taken a deliberate strategy to make Finserve an independent commercial subsidiary that will focus its efforts in delivering solutions…
Liquid Telecom and France-based network provider Sigfox have signed a deal that will provide a nationwide Internet of Things (IoT) communications network of 300 new towers. This will cover up to 85% of the Kenyan population and run separately from the existing telecommunication networks the first of its kind in East Africa enabling Kenyans to monitor water and electricity meters, track wildlife and environmental changes for agricultural use. Sigfox will roll out 300 base towers by November 2019 representing 40% of Kenya’s landscape. The new base stations will be connected to Liquid Telecom’s fibre network. “Our network will allow Kenyans…
AVIC International Real Estate Kenya and Marriott International project could be delayed again after the Nairobi County halted its construction for allegedly encroaching on public land. “We wish to inform the general public especially people residing around parklands, Westlands and Riverside that we have this morning stopped the construction of the AVIC INTERNATIONAL BUILDING along the Waiyaki Way/ Chiromo road and arrested all the Chinese and Kenyan contractors on site for defying the county planning laws by encroaching on the famous Chiromo close public access which is a feeder road to Chiromo lane which feeds Chiromo road and then Waiyaki…