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Browsing: Kenya
Kenya’s Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence, validating its role in delivering simple, fast, convenient and affordable banking products and services to customers.
Equity has been recognised for being a bank that shows true leadership in its digital offerings, both in corporate and retail banking, and uses technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.
Digitisation has seen 93 per cent of loans disbursed by the bank, being accessed through the mobile channels, while 97 per cent of all cash-based transactions are happening outside Equity Bank branches, with mobile and agency channels taking the lion’s share.
READ ALSO:Fintech drives Equity Bank’s diaspora remittances to Ksh100Bn
Digitisation of the customer journey has eased customer experience leading to growth of digital payment transactions by 94 per cent in the …
In her quest to pursue more renewable energy, Kenya has injected an additional 79 megawatts of geothermal power to the national grid.
This follows the completion of Unit 1 of Olkaria V Geothermal Power Plant by the Kenya Electricity Generating Company (KenGen) PLC.
The Unit was first synchronized to the grid on the June 28 and thereafter subjected to commissioning tests. It was then taken through a series of load tests until it attained its full design output of 82.7MW.
Commenting on the milestone, KenGen Managing Director & CEO, Mrs. Rebecca Miano, said the additional capacity would play a significant role in supporting Kenya’s power needs while enhancing the amount of green energy in the national grid.
“We are delighted to announce the completion of the first unit of Olkaria V Geothermal Power Plant and subsequently injecting 79 MW to the national grid. This brings to 612MW the total amount …
African Infrastructure Investment Managers (AIIM), one of Africa’s largest and most experienced infrastructure-focused private equity fund managers, has announced the final close of its flagship pan-African infrastructure fund, AIIF3, which raised US$320mn from a diverse investor base across Africa, Europe and Asia.
Since inception, AIIM has raised cumulative commitments of US$2.2bn over 7 funds and executed more than 56 transactions in target pan-African markets.
With a focus on diversification and predictable cash flows, AIIF3 targets significant influence investments across the power, transport and midstream energy sectors in Sub-Saharan Africa – areas with the biggest disconnect between demand for critical infrastructure and supply of available capital.
The Fund focuses on mid-market opportunities in these sectors, a space which is less competitive and carries less execution risk than the larger marque deals; gaining exposure to opportunities in countries with high growth prospects but lacking the scale to support mega deals.
A key …
The Bill proposes a big brother-like real-time monitoring system using the Communications Authority of Kenya (CA).…
MEST Africa, one of the pioneer incubation centers in Africa has seen a change of guard. Out goes Aaron Fu and in comes Ashwin Ravichandran.
The incubation house has announced the appointment of Ashwin Ravichandran as its new Managing Director, as the Pan-African entrepreneurial training program, seed fund and incubator continues to grow and strengthen its portfolio of startups and expand its reach and impact across the continent.
Aaron Fu who has been influential in the management of the institution for two years announced through his social media accounts that he was seeking new challenges and has joined South African based Africa Leadership Academy as a venture partner.
Ashwin joined MEST in 2015 as a Technology Teaching Fellow and has since served as the Incubator Manager for MEST Accra, and currently is Director of Portfolio Support and Country Director of Ghana. With a background in Computer Science and Engineering and …
The Central Bank of Kenya (CBK) has retained its benchmark lending rate at 9.0 per cent for the sixth straight time since bringing it down in July 30 2018, sparing borrowers higher cost of loans.
The Monetary Policy Committee (MPC) which is CBK’s top decision making organ met on Wednesday to review the country’s macroeconomics.
Chaired by CBK governor Patrick Njoroge, the committee held retained the rates where there have been for almost a year, even as the capping of interest rates continues to affect lending trends by banks.
President Uhuru Kenyatta signed into law a Bill capping bank interest rates at 4 per cent above the Central Bank Benchmark Rate, in August 2016.
With the bench mark rate at 9.0 per cent, banks can only charge interest of up to 13 per cent.
READ ALSO:Why banks in Kenya will lend at a maximum 13%
Why retain
Among the …
PepsiCo, has announced that it has entered into an agreement to acquire all the outstanding shares of South African based company, Pioneer Foods Group Ltd. for R110.00 per share in cash (approximately US $1.7 billion).
This represents a 56% premium to the 30-day volume-weighted average price prior to the cautionary announcement on July 15, 2019.
Pioneer Foods has a robust, locally relevant product portfolio that complements PepsiCo’s current lineup, with strong positions in cereals, juices, and other African nutritional food staples, including well-known, scaled brands like Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko, and White Star.
Pioneer Foods is one of the largest South African producers and distributors of a range of branded food and beverage products and posted revenue of R20.2 billion in 2018. The Group operates mainly across South Africa and exports to more than 80 countries across the globe inclusive of a number of countries in
Masisi’s visit to Kenya has an agenda to have the East African nation reconsider its stance on “the utilisation of natural resources”.…
Stanbic Bank Kenya and Industrial Commercial Bank of China (ICBC) have partnered with Chinese Trade Agent Zhejiang International Trading Supply Chain Co. Ltd (Guomao) to launch the Africa China Agent Proposition (ACAP) initiative.
The initiative which has been launched in different parts of Africa aims to assist African importers source and validate quality goods, safely and efficiently, from the most competitive suppliers in China.
The ACAP offering is expected to revolutionize African importers’ view of China’s supplier universe. It will also ease the cash flow of African importers by providing access to financing while empowering importers with sight and control of the entire importing and logistics process.
It was initially launched in Nigeria and Ghana in May 2019 with roll out to South Africa and Kenya following.
Currently African importers order from only a handful of trusted Chinese suppliers. This limits the negotiating power of African importers while stacking the …
A first-of-its-kind study has found that worldwide illegal streaming of the English Premier League (EPL) delivers £1M in uncaptured sponsorship media value per match.
The study –– produced by sponsorship valuation firm GumGum Sports in partnership with digital piracy authority MUSO at the behest of an unnamed elite EPL club –– focused on eight matches spanning the 2018-19 season. On average, each match saw an audience of 7.1 million fans across as many as 149 countries.
The pirated audience was largest in China, where illegal streams served more than 1 million fans per match. After China, illegal streaming was most prolific in Vietnam, Kenya, India, and Nigeria.
The U.S. and the U.K. had the 10th and 11th largest piracy audiences streaming the match. The global study also broke down its £1M-per-match finding by an on-pitch sponsor, noting that, of the seven deal placements analyzed, the majority of value came from …
