Browsing: Kenya banking sector

East African Breweries Plc is seeking to raise KSh11Bn shortly after they retired their KSh6Bn Medium Term Note (MTN) on the 28th of June. (The early redemption was averred as part of their balance sheet and costs of funds optimization).

The five-year tenure – with an interest rate of 12.25 per cent p.a. – was in line with our projection of a near term corporate bond issue.

The rationale behind this was the contemporary high costs attached to the alternative sources of income against the backdrop of the pandemic impact on the macroeconomic environment.…

Kenyan based Digital banking platform Kwara has announced the launch of its Kwara Pronto digital banking platform which is planned to help SACCOs at risk of disruption from the Coronavirus pandemic (COVID-19) to quickly go digital, remain in operation and continue serving members.

The platform will be offered free for 3 months and will be available for the first 50 SACCOs who qualify.

Due to government-enforced restrictions on movement and social distancing measures during COVID-19, SACCOs are unable to operate at full capacity. As a result, members face challenges applying for loans, transacting and accessing their funds.

Kwara is offering access to an essential version of its core digital banking platform, which will enable SACCOs who qualify to quickly onboard and bring their operations online, at no cost, for the next 3 months. This is an effort to enable SACCOs and their members to keep transacting while observing social distancing.…