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Browsing: Kenyan banks
- Safaricom partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users
- The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks
- Safaricom chief executive officer (CEO) Peter Ndegwa said the card would enable its customers to make payments across the world without worry
- Besides Kenya, the service has been rolled out in Tanzania, while Mozambique, Congo, Lesotho and Ghana are target markets
Safaricom’s virtual visa card has stormed the foreign exchange market with lower rates threatening established Kenyan banks.
The giant telco partnered with Visa Kenya to launch the virtual visa card, which is accessible to over 30 million M-Pesa users.
The card enables payments across 61 visa markets, charging Sh 121.92 to the dollar, a lower rate compared to commercial banks.
- Stanbic Bank majority shareholder Standard Africa Holdings Limited (SAHL) has received regulatory approval from the Capital Markets Authority to further extend the exemption from making a complete takeover
- Under the exemption, SAHL aims to acquire a maximum of 10.6 million ordinary shares in Stanbic to bring its total shareholding to up to 75.0 per cent of Stanbic Holdings’ ordinary shares
- SAHL first announced the intention to purchase shares from willing shareholders in March 2018 to acquire 59.0 million ordinary shares at a price of KSh 95.0 per share
Standard Africa Holdings Limited (SAHL) has received regulatory approval from Kenya’s Capital Markets Authority (CMA) to acquire a bigger stake in Stanbic holdings.
Standard Africa Holdings Limited (SAHL), which is the majority shareholder in Stanbic Holdings, said it received regulatory approval from the CMA to further extend the exemption from making a complete takeover.
Under the exemption, Johannesburg Stock Exchange (JSE) listed …
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.
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UBA Kenya has defied coronavirus effects and made 199 per cent pretax profit increase in Quarter 3.
United Bank for Africa, Kenya has announced its third quarter 2020 financial results, registering a 199 percent jump in Profit Before Tax (PBT) to stand at Sh348 Million ($3.132 million), compared to Sh116 Million ($$1.044 million) reported in September last year.
The performance growth was largely driven by efficient management of the balance sheet as well as cost optimization, amid challenging business operating environment.
According to a statement from the financial institution, the bank’s asset base also grew by 37 percent mainly due to additional investments in Fixed Income securities.
According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy slowed down during the first quarter of 2020 compared to the corresponding quarter in 2019.
The loan book and deposits increased slightly by 10 percent and 25 percent respectively due to financial support …
Equity Group Holdings Plc has posted a 14 percent decline in net profit in the first three months of the year to hit Sh5.3 billion, attributable to increasing its loan loss provision by ten fold to Sh3 billion from Sh300 million the previous year.
Profit before provisions was up by 10 percent to Sh10 billion from Sh9.1 billion the previous year.
“The global Covid-19 pandemic has mutated into a global economic crisis, occasioned by a sudden standstill of economic activity as a result of the global lockdown. This has introduced unprecedented uncertainty within the global financial systems prompting us to adopt a conservative approach – fortifying our balance sheet and assuring ample liquidity to support our customers,” James Mwangi Group MD and CEO said.
The Group’s total assets went up by 14 percent year on year growth to Sh693.2 billion from Sh605.7 billion driven by a 17 percent growth in
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