Browsing: African Development Bank (AfDB)

Equity Bank emerged as the overall best bank in Kenya for the eighth time at this year’s Think Business Banking Awards, with Equity Group Managing Director and CEO James Mwangi scooping the CEO of the Year Award for the third time consecutively.

READ:Why Equity Bank CEO James Mwangi was named Banker of the year, again

Equity Bank bagged 18 awards, garnering the top slots in 12 categories – Best Bank in Tier 1, Best Bank with the lowest charges for individuals, the most customer-centric bank, best bank in mobile banking, best in internet banking, best agency banking, best in product marketing and the best bank in SME banking.

Others are best bank in agriculture and livestock financing, best commercial bank in micro finance, best in CSR, and best lender in digital banking.

The awards validate Equity Bank’s strategy and pursuit of financial inclusion while giving customers freedom, choice and …

Kenya has unveiled a mortgage refining facility-Kenya Mortgage Refinance Company (KMRC), a short in the arm in President Uhuru Kenyatta’s affordable housing scheme under the Big Four Agenda.

KMRC is a non- deposit taking financial institution under the supervision of the Central Bank of Kenya (CBK).

The company was incorporated on April 19, 2018 with the single purpose of providing long-term funds to primary mortgage lenders (banks, micro finance banks and saccos) in order to increase the availability and affordability of mortgage loans to Kenyans.

READ:Mortgages more unaffordable as Kenya house prices increase in 2018

KMRC shareholders and funding

The company was established as a private public investment with majority ownership by the private sector at 80 per cent and government 20 per cent. Its current shareholders comprise: the national treasury and planning; eight (8) commercial banks; eleven (11) deposit taking Savings and Credit Co-operatives (Saccos) and one (1) …

Equity Bank says branches are making it easy for SMEs to access products that are right for them

 Equity Bank continues to enhance its Small and Medium-sized Enterprises (SME) offering through its supreme banking branches, as the bank embraces new technology and ways of working to meet the retail customer needs.

Thanks to the growing adoption of digital banking which has seen banks shift from brick and mortar expansion (branches), the space at banking halls has enabled SMEs to largely access supreme banking which has been targeting high net worth individuals.

Currently, 96 per cent of transactions at Equity are being done on digital platforms, the Nairobi Securities Exchange (NSE) listed lender has reported.

READ:Banks in Kenya battling for digital lending space

“This has allowed the bank to transform the branches into advice-giving arms.  This branch based venture offers preferential services customized banking solutions with exclusive privileges and unrivalled …

The government expects private sector to contribute 60% of the development

International property developers are angling themselves to tap into the housing projects in Kenya’s Big Four Agenda, a boost to President Uhuru Kenyatta’s ambition to deliver 500,000 units by 2022.

This came out at the sixth East Africa Property Investment Summit (EAPI) held in Nairobi this week, where the government called on the private sector to support the projects, assuring them of offtake.

An offtake assurance or agreement is a commitment between a producer and a buyer to purchase or sell portions of the producer’s future production.

“We want to assure the developers that whatever they build, we will buy,” Charles Hinga, Kenya’s Principal Secretary -State Department of Housing and Urban Development.

He spoke during the event  which saw Nairobi host some of the largest international and regional developers and financial investors such as USA’s Echostone housing, South Africa’s …