Browsing: CBK

  • Equity Bank (Kenya) Limited (EBKL), has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals. 
  • With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers will now transition to become EBKL customers, having new Equity Bank accounts. 
  • The decision to acquire Spire Bank’s certain assets and liabilities was inspired largely by the banks’ history with teachers who have continued to support the Bank over the years.

Equity Bank Kenya Limited (EBKL) has completed the acquisition of certain assets and liabilities of Kenyan teachers’ owned Spire Bank Limited following receipt of regulatory approvals. 

The bank had to get approvals from the Cabinet Secretary Treasury and Planning under Section 9 (1) of the Banking Act, the Central Bank of Kenya under Section 9, ( 5) of the Banking Act, the

  • Centum Investment Company has aborted its plans to sell its majority stake at Sidian Bank to Nigeria’s Access Bank PLC after a time lapse in effecting the $34 million deal. 
  • The Long Stop Date of the Share Purchase Agreement has passed without all the conditions being fulfilled or waived, despite the support and guidance of the Central Bank of Kenya. 
  • Further, Centum has not been able to reach acceptable terms with Access Bank PLC for a further extension of the Share Purchase Agreement.  

Kenya’s  Centum Investment Company has aborted its plans to sell its majority stake at Sidian Bank  to Nigeria’s Access Bank PLC after a time lapse in effecting the $34 million deal. 

Centum Chief Executive Officer James Mworia said the Long Stop Date of the Share Purchase Agreement has passed without all the conditions being fulfilled or waived, despite the support and guidance of the Central Bank of

  • The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC)
  • CBK noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC)
  • It also effectively expands the region’s market size and offers a path between the seas for trade and cultural integration and new investment and employment opportunities for a dynamic population of about 300 million

The Central Bank of Kenya (CBK) has welcomed the admission of the Democratic Republic of Congo (DRC) into the East African Community (EAC).

In a statement seen by The Exchange Africa, CBK said noted that DRC’s admission to the EAC also means it joins the institutions of the community, including the EAC’s Monetary Affairs Committee (MAC).

The occasion was marked by depositing the instrument of ratification with the Secretary-General …

Microfinance institutions are trying to cope with the changing times as the market is moving to fast delivering digital systems of money transfer.

Chinese investors in lending apps

A couple of lending apps in Kenya cannot be mentioned without referring to Yahui Zhou, the chief executive of Kunlun Tech. Company Limited.

Zhou is famous for two things; his gaming company and his very expensive divorce settlement; he gave his ex-wife shares of Kunlun Tech worth US$1.1 billion.…

  • Kenyan women living in the diaspora send more money home for household activities and needs than men
  • They also tend to prioritize money for household needs has been attributed to the desire to meet the various needs of families back at home
  • There remains a high appetite for investment opportunities in Africa from the diaspora with nearly 56 per cent who had never invested in Africa in the past being interested to start and receive more information about investing

A new study has revealed that Kenyan women living in the diaspora send more money home for household activities and needs than men.

The report, which was submitted to Pangea Trust by Samawati Capital Partners and Blue Inventure Limited and was conducted in the period of April-June 2021, reveals that on the other hand, men send funds home for investment purposes.

“We see the diaspora as a largely untapped resource in …

Yet for SME and corporate lending, credit decisions remain an extended process as information is gathered manually and appraised over, sometimes, weeks, to establish the creditworthiness of the borrower.

The need to abandon such cumbersome processes has recently seen leading banks adopt technology, such as our CreditQuest, to automate credit origination, and manage credit workflow, appraisals, documents, customer ratings and credit decisions.

This kind of technology draws all current and historical credit data onto a unified platform, giving the bank’s analysts a true single customer view of credits and collaterals.…

Just days after Kenya repealed a rate cap which portends the return of expensive loans for borrowers, the International Monetary Fund (IMF) visited the country to “discuss economic development”.

The IMF has held that the country’s real GDP growth averaged 5.6 per cent in the first half of 2019 and is expected to accelerate in the second half of 2019 and 2020.

It adds, “Inflation has remained within the target band and stood at 5.0 per cent in October (year-on-year).”

The IMF visit to Kenya

A staff team from the IMF led by Benedict Clements, visited Kenya from November 18-22, 2019, to among other things discuss “recent economic developments and the government’s reform plans”.

Another mission is planned in early 2020 to hold discussions on a new precautionary stand-by arrangement and undertake the Article IV consultation discussions.

According to the team, Kenya’s economy has continued to perform well.

At the …