Browsing: Stanbic Bank

• The latest Nairobi Securities Exchange monthly Barometer shows month-on-month growth comparing January this year and December last year, with prospects looking much better after a bear run last year.
• Market capitalisation increased by 0.08 per cent in January to $9.11 billion from $9.05 billion in December 2023.
• The NSE 20 and NSE 25 Share Index recorded increases in activity of 0.89 per cent and 1.32 per cent, respectively, while the All-Share Index experienced a 0.08 per cent increase.

Nairobi Securities Exchange showing recovery signs

Kenya’s capital market is showing a sign of recovery this year, with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

This is despite interest rates in advanced economies remaining high into 2024, a trend that has seen foreign investors focus on home markets, mainly the United States.

The latest NSE monthly Barometer shows month-on-month growth comparing January …

• Stanbic Holdings Plc has announced a profit of KSh 4.8 billion for the half year ended 30 June 2022, representing a 37 per cent increase from last year’s performance
• The performance is attributable to strong business momentum, and judicious execution of its digital transformation strategy as the Group continues to support its customers in their growth journeys
• Stanbic Bank CEO Charles Mudiwa said the performance reflects resilience amidst a tough operating environment characterised by uncertainties around elections and risks posed by the Russia-Ukraine conflict

Stanbic Holdings Plc has announced a profit of KSh 4.8 billion for the half year ended 30 June 2022, representing a 37 per cent increase from last year’s performance.

According to the Kenyan lender, the performance is attributable to strong business momentum, and judicious execution of its digital transformation strategy as the Group continues to support its customers in their growth journeys.

Stanbic Bank CEO Charles …

• The 2022 edition of the Top Companies Survey Awards was sponsored by the Financial Gazette and Old Mutual Zimbabwe
• Delta Corporation has been crowned the company of the year
• This year’s theme was ‘Innovating for Growth in a VUCA (Volatile, Uncertain, Complex, and Ambiguous) Environment’

The Top Companies Survey is an annual event held to honour top-performing companies on the Zimbabwe Stock Exchange (ZSE) and the best performers in the insurance and banking sectors.

According to an article by StartupBiz dated July 26, 2022, the vision behind this initiative is best summarized by what Old Mutual once said: “Since the launch of the Top Company Survey, the survey has proved invaluable in promoting transparency, good corporate governance, ethical conduct, and corporate social responsibility as well as providing a platform for networking among corporate leaders and other guests”.

The 2022 edition of the Top Companies Survey Awards was sponsored by the …

• Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years
• Under its DADA initiative, the bank further revealed it had provided innovative solutions to women amounting to KSh 6.9 billion  ($58.5 million) in lending
• As a way of supporting women growth, the bank has been providing training and capacity building which have so far benefitted more than 17,000 women

Kenyan-based lender Stanbic Bank has revealed that it has empowered over 45,000 women entrepreneurs in the last three years.

The bank further revealed it had provided innovative solutions which have enabled Dada’s access KSh 6.9 billion  ($58.5 million) in lending.

The bank has additionally provided credit guarantee schemes to the tune of over KSh 1 billion ($8.4 million) and over KSh 40 million ($339,587) in grant funds.

Under the credit guarantee scheme, the bank is working with the African Guarantee Fund (AGF) and the …

• Stanbic Bank Kenya and the African Guarantee Fund for Small & Medium-sized Enterprises (AGF) have signed a Loan Portfolio Guarantee Facility to increase financing for SMEs
• The Portfolio Guarantee Facility of KES 1 Billion will allow Stanbic Bank Kenya to expand their lending capacity and coverage to SMEs
• The partnership agreement between Stanbic Bank and African Guarantee Fund targets women-owned businesses, as well as those in the sustainable energy sector

Stanbic Bank Kenya and the African Guarantee Fund for Small & Medium-sized Enterprises (AGF) have signed a Loan Portfolio Guarantee Facility to increase financing for Small and Medium Enterprises (SMEs).

The Portfolio Guarantee Facility of KES 1 Billion will allow Stanbic Bank Kenya to expand their lending capacity and coverage to SMEs.

The Head of Business and Commercial Clients at Stanbic Bank Kenya, Florence Wanja, said they remain committed to solving the holistic needs of their SME client segment and …

Over 30 million people from 249 countries and territories have been helped by Microsoft to acquire relevant digital skills owing to the evolving technological job market. Microsoft has surpassed its initial goal of helping 25 million last year in June. Microsoft is also extending the company’s commitment to help 250,000 companies make a skills-based hire in 2021.

Since the outbreak of Covid-19 many companies, state public departments to private owned factories saw many employers lose their jobs due to financial restraints brought about by the pandemic. From this laid-off factory workers to retail associates and truck drivers, millions of people worldwide have since turned to online learning courses from GitHub, LinkedIn, and Microsoft during the pandemic to help prepare for and secure the most in-demand roles, including customer service, project management and data analysis.

The announcement, detailed on the Official Microsoft Blog, builds on the company’s efforts to help people …

Uganda’s Central Bank appointed seven banks to compete at its auctions of treasury bonds and bills, reforming the primary dealership system in a bid to bolster the country’s economy.

At each auction, the primary dealer banks will bid above $54,040.08 and then resell the bonds to other investors on the secondary market.

The primary dealer banks include Centenary, ABSA, bank of Baroda, Development Finance Company of Uganda (DFCU), Stanbic Bank, Housing Finance Bank and Standard Chartered Bank. Experts in Uganda say that the move will improve the attractiveness of the country’s treasuries to investors at home and overseas.

These investors include overseas buyers, non-primary dealer commercial banks, firms and ordinary Ugandans that are looking to enjoy interest payments from government and to use the treasuries as collateral.

“In order to enhance liquidity in the secondary market, effective October 01, 2020, competitive bidding in the primary market for Government securities shall …

Uganda’s private sector continues to recover from the impact of the Covid-19 pandemic as business conditions improved in August after a near standstill of activities during the lockdown put in place between March and the end of May.

This is according to the latest  Stanbic Purchase Managers Index (PMI) report which shows that Uganda posted a 54.6 increase from 50.3 in July, which is the highest since February.

According to the report, the reading is above the positive threshold of 50.0 and substantially higher than the 46.5 reported for June.

The PMI is a composite index, calculated as a weighted average of five individual sub-components: New Orders (30 per cent), Output (25 per cent), Employment (20 per cent), Suppliers’ Delivery Times (15 per cent and Stocks of Purchases (10 per cent).

According to Stanbic Bank Uganda head of global markets, Kenneth Kitungulu, the steady improvement is due to the fewer …

Uganda National Oil Company (UNOC) to invest $840 million in joint infrastructure projects in the oil and gas sector in Uganda, said Proscovia Nabbanja, the Chief Executive Officer.

Nabbanja signed a memorandum of understanding with Stanbic Bank to facilitate the two entities collaborating to train local entrepreneurs ahead of oil developments.

She said a significant amount of money either through loans or the national budget will go towards investments in the refinery, pipeline, bulk trading, storage tank as well as the industrial park.

“We hope that this level of equity will be spread in a period of five years in our national budgets to ease pressure on the country’s debt burden,” she said. “The investment will be based on the medium-term expenditure framework.”

Also Read: Uganda projected growth too ambitious, World Bank

Out of the planned $4 billion in the oil refinery and $3.5 billion investment in the pipeline, UNOC …

Uganda’s Umeme has secured a $70 million syndicated loan from the International Finance Corporation (IFC), Dutch Development Bank (FMO), Standard Chartered Bank and Stanbic bank.

From the loan $28 million was from IFC, $10 million from FMO, $16 million from Standard Chartered Bank and $16 million from Stanbic bank.

Umeme chairman, Mr Patrick Bitature said the loan would partly be used to undertake capital investments to get electricity from Uganda’s newest dams.

“The planned investments are aimed at expanding the network to uptake the new generation, improve reliability and create access,” he said.

Also Read: IFC $22M partnership with Investment Funds for Health in Africa

Mr Bitature said the loan would also be utilised to prioritise Umeme’s investments in five other areas such as upgrading its network, extending power to industrial parks, building the backbone for more electricity connections to be supplied, reducing energy losses and accelerate prepayment metering.…