Author: Njenga Hakeenah

I have 10 years of experience in multimedia journalism and I use the skills I have gained over this time to meet and ensure goal-surpassing editorial performance. Africa is my business and development on the continent is my heartbeat. Do you have a development story that has to be told? Reach me at njenga.h@theexchange.africa and we can showcase Africa together.

Nelson Omollo Nation

Insurance brokers in Kenya welcome government regulation

Kenya

Insurance brokers have welcomed the initiative by the government to regulate the insurance brokerage sector.

The sector has however noted that such a law should not stifle its growth.

Association of Insurance Brokers of Kenya (AIBK) National Chairman who is also the President of the East African Insurance Breakers Association, Nelson Omollo says insurance brokers, who act as intermediaries, welcome and embrace the advent of the Insurance (Amendment) Act 2019, as a ‘legitimate disruption to our market’.

“We certainly appreciate and respect the component of Cash and Carry regime. Our discomfort with the new Act emanated from the criminalization of premium handling. However, I am happy to report that discussions are underway between AIBK and the Insurance Regulatory Authority (IRA) to try to use different avenue in resolving the matter as opposed to pursuing purely legalistic or judicial procedures,” Omollo said.

In July, AIBK moved to court seeking to stop …

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The newly opened Exim Bank Tanzania branch in Dar es Salaam’s Mkwepu Street. This follows the bank’s successful acquisition of UBL Bank. www.theexchange.africa

Wondering which Exim Bank completed UBL Bank acquisition in Tanzania?

Countries

There are a number of -Exim Banks in the world which makes it hard to distinguish which is which.

For starters, Tanzania has officially opened its newest branch in Dar es Salaam’s Mkwepu Street following the bank’s successful acquisition of UBL Bank.

UBL is a subsidiary of Pakistan’s UBL Bank and the acquisition comes as Exim Bank plans to spread and expand nationwide.

Consolidation Tanzania’s banking sector

With the acquisition, Exim Bank becomes the first private sector bank to embark in the consolidation of the banking sector in the country.

Post-acquisition Exim Bank becomes one of the top 5 banks in the country with an asset base of TSh1.7 trillion (USD 738 million).

“We are delighted by the diverse base of customers that will be joining Exim bank family and we assure the customers that we are thrilled to have you on board, and we commit to ensure that you …

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Loans will become expensive in Kenya after repealing the rates cap law. Borrowers are at the mercy of the banking sector and Kenyans should brace themselves for expensive loans. www.theexchange.africa

World Bank, IMF biggest winners in Kenya’s interest rates cap repeal

Kenya

Three years after the Banking (Amendment) Bill, 2016, became law, it is time now for Kenyans to brace themselves for expensive loans.

The law dictated that commercial lending rates could not be more than four per cent above the Central Bank of Kenya (CBK) benchmark rate.

But now, borrowers are at the mercy of the exploitative banking sector after regaining the freedom to vary lending rates.

MPs desert parliament for law to pass

On Tuesday, November 5, 2019, parliamentarians deserted Kenyans giving President Uhuru Kenyatta a victory in his decision to repeal the interest rates cap.

As is the tradition when important matters affecting Kenyans are being discussed, only 161 MPs were present to vote. It is a constitutional requirement that any law that needs amending has to have at least 233 MPs supporting it for it to pass.

By failing to overturn Kenyatta’s reservations on the Finance Bill, 2019, …

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A Massey Ferguson tractor. Equity will finance farmers to acquire such. www.theexchange.africa

Equity Bank partnerswith AGCO to enable farmers own tractors

Kenya

Equity Bank Kenya and AGCO have signed a partnership agreement that will see their customers get up to 80 per cent financing.

AGCO is an American Company which owns the Massey Ferguson brand.

The credit is payable within 48 months on the Massey Ferguson tractors and accompanying implements.

Mechanising farmers

Equity Bank Kenya Associate Director- Credit, Sam Ndung’u, indicated that the Bank is partnering with AGCO, one of the biggest agricultural machinery companies globally to enable farmers mechanise affordably.

Through the sole franchise holder, FMD East Africa, financing will be provided to both businesses and individuals for Massey Ferguson tractors and complimenting implements.

“We share a common goal with AGCO which is to empower SMEs and especially those in the agribusiness value chain from farmers, to processors, with the aim of assisting in the achievement of food security on the continent,” said Ndung’u.

He added that this partnership will go …

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