Author: Wanjiku Njugunah

Standard Chartered Kenya has partnered with business accelerator Somo to launch a program that would allow women to access loans ranging between KSh250,000 and KSh2 million at an interest rate of 5% Disadvantaged women in Kenya have a chance of accessing small-ticket loans to support their businesses The loans, which are designed to help the women restore and revitalise their businesses, will be payable over a period of up to 3 years Disadvantaged women in Kenya have a chance of accessing small-ticket loans to support their businesses under a plan by Standard Chartered Kenya in partnership with business accelerator Somo.…

Mastercard said plans are in motion to remove PVC plastics from payment cards on its network by 2028 The global payment solutions company said the move would further reinforce their sustainability commitments  All newly–produced plastic payment cards will be required to be made from more sustainable materials – including recycled or bio-sourced plastics such as rPVC, rPET, or PLA Mastercard said it is planning to remove PVC plastics from payment cards on its network by 2028. In a statement, the global payment solutions company said the move would further reinforce their sustainability commitments and scale the accessibility of more sustainable card…

Kenyan youth are frequently asked to consider farming as a way of making a living Some agree while others rubbish the trade saying it is difficult Challenges facing farmers in Kenya include the high cost of farming inputs, cartels along the production chain and lack of sufficient land for farming commercially Kenyan youth have been urged time and time again to turn to farming to make a living, amid high levels of unemployment. They are also frequently asked to use farming as a means of increasing the amount of food produced in the economy to aid food security. For instance,…

Kenya has invited German businessmen to invest in the country’s micro, small and medium-sized enterprises President William Ruto said the country stands to benefit from the world’s most experienced, organised and resourced German establishments Food processing, the digital economy, and intellectual property rights, among others, are some of the potential areas Germans want to invest in Kenya has invited German businessmen to invest in the country’s micro, small and medium-sized enterprises. Speaking on Monday, 27 March, 2023, Kenya’s President William Ruto said the country stands to benefit from the world’s most experienced, organised and resourced German establishments. Dr Ruto noted that the…

Diageo UK has announced that it has successfully completed the partial tender offer to acquire an additional 15.0% stake in East African Breweries Plc (EABL) Prior to the tender offer, Diageo Kenya PLC held 395.6 million shares out of the total 790.8 million outstanding shares, equivalent to 50.0% of the entire shareholding Following the completion of the Tender Offer, Diageo Kenya now holds the largest stake in EABL at 65.0% with 514.0 million shares Diageo UK, through its wholly owned indirect subsidiary Diageo Kenya, has announced that it has successfully completed the partial tender offer to acquire an additional 15.0%…

Thousands if not millions, of Kenyans, earn a living through their smartphone Taxi drivers and cloth sellers are among the people who have created their own jobs through smartphone use A report by the Communications Authority of Kenya covering the first quarter of the 2021/2022 financial year revealed that one of every two Kenyans has a smartphone Without a doubt, smartphones are helping thousands if not millions of Kenyans and around the world to make a living. In fact, a Statista report shows that the mobile ecosystem employed 26 million people globally in 2021, with a whopping 12 million being…

Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform The deal is expected to enable Tigo Pesa customers to transact on global payments platforms Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale. The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform. According to the partners, the deal is expected to enable Tigo Pesa customers to transact on global payments platforms.…

CIC Insurance Group has reported a 64% rise in its net profit to hit KSh 1.1 billion in the year ended December 2022 The regional insurer said the performance was driven by the continued execution of their transformational initiatives focusing on customer experience and performance management CIC Group’s gross written premium grew by 20% from KSh 19.7 Billion reported in 2021 to KSh 23.7 Billion in 2022. The net earned premiums grew from KSh 14.7 Billion to KSh 17.5 Billion CIC Insurance Group has reported a net profit of KSh 1.1 billion in the year ended December 2022, marking a…

Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of First Community Bank Limited (FCB) effective 27th March 2023 FCB is classified as a Tier 3 bank in Kenya with 18 branches and a market share of 0.3% as of December 2022 PBLS is the first bank in Somalia to establish a majority-owned banking subsidiary in Kenya CBK said that the acquisition will strengthen the trade and investment ties between Kenya and Somalia The Central Bank of Kenya (CBK) has announced that Premier Bank Limited Somalia (PBLS) has completed the acquisition of a 62.5% shareholding of…

Bangkok-based hotel chain Dusit International has announced plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’ The upper-middle class property will comprise a hybrid of 56 one-bedroom and 30 studio apartments and 14 deluxe hotel rooms The opening of ‘Dusit Princes Hotel Residences’ comes after the closure of ‘DusitD2 Nairobi’ in 2021, a luxury hotel branch of Dusit International which was located at 14 Riverside Complex in Westlands Dusit International says it plans to open a hotel-serviced apartment in Westlands Nairobi in 2023 dubbed ‘Dusit Princes Hotel Residences’, along Mimosa Lane off Church…