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Banking / Investment in Kenya

  • Moody’s set to downgrade 3 top banks

    KENYA, 2017/10/17 World ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating deficit situation. The agency said it had placed on review for downgrade the B1 world scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya Limited (Equity Bank) , and Co-operative Bank of Kenya Limited (Co-op Bank).
  • Why governments need to support the financial sector to meet the unserved needs of smallholder farmers

    BOTSWANA, 2017/09/09 This year, under the leadership of H.E. President Alassane Ouattara and the theme of “Accelerating Africa’s Path to Prosperity: Growing Inclusive Economies and Jobs through Agriculture”, the African Green Revolution Forum (AGRF) 2017 is shaping up as a premier platform to showcase ongoing evolution in Africa’s agricultural transformation schedule and to scale up the political, policy, and financial commitments needed to achieve the Malabo Declaration and the world development schedule around the Sustainable Development Goals (SDGs). Following the launch of the landmark annual Africa Agriculture Status Statement (ASSR) at the AGRF taking place in Cote d’Ivoire from 4-8 September 2017, the major conclusion centres around the power of entrepreneurs and the free market in driving Africa’s economic increase from food production. This is owing to the fact that a lot of businesses are waking up to opportunities of a rapidly growing food market in Africa that may be worth additional than $1 trillion each year by 2030 to substitute imports with high price food made in Africa.
  • The Steady Growth of Islamic Banking in Kenya

    KENYA, 2016/02/08 While the political and social inter-religious relationships between Kenyans hog all the headlines - and not always for the right reasons - a quiet revolution is taking place in the banking and finance sector; the steady increase of Islamic banking in the country. And the majority noteworthy aspect of it is that the vast majority of the clientele is non-Muslim. At the same time as the concept of Islamic banking, additional correctly known as Sharia-compliant finance because its practical application must conform to the requirements of Islamic law, was initial introduced in Kenya about 10 years ago, it was taken up by only a handful of Muslim elites. Not any longer.
  • East Africa’s FDI hits $7b, boosted by flows into Kenya, Burundi

    BURUNDI, 2015/07/29 Kenya and Burundi’s 2014 foreign direct investment grew significantly, pushing the in general regional [FDI] inflows completed the $7 billion mark. This is according to the new statement released by the United Nations Conference on Trade and Improvment(UNCTAD). Kenya’s inflows grew by 95.84 % to $989 million, from $505 million in 2013, while Burundi’s rose five fold to $32 million last year, up from $6 million. The World Investment Statement 2015showed that the East African region had a combined total FDI inflow of $7.09 billion last year, up from $6.2 billion in 2013, with Rwanda and Uganda registering $267.7 million and $1.14 billion respectively.
  • Kenya’s Equity Bank Seeks Investment Opportunities within Health Sector

    KENYA, 2015/03/05 Kenyan-based Equity Bank says it is interested in exploring investment opportunities within the country’s health sector, as it seeks to exploit increasing request for healthcare in the country. The bank intends to open a chain of clinics across the East African country under the name ‘Equity Afia’. The new business will operate as a franchised network under the social arm of the bank, Equity Group Foundation (EGF). It will offer “affordable and high quality” healthcare, the lender says. “EGF, a non-profit-making operating foundation registered in Kenya, plans to execute a sustainable, integrated health model that uses a franchise approach to provide standardised, quality health care,” Business Daily quoted the bank as having said in a notice.
  • East Africa: Regional Microfinance Institutions Advised to Apply for Observer Status

    DJIBOUTI CITY, 2015/01/04 Regional microfinance institutions are poised to benefit from regional integration, if they apply for an observer status at the East African community secretariat, Innocent Safari, the permanent secretary, Ministry of East Africa community affairs has said. The advice follows plans by sector players to move towards integrating legal and regulatory frameworks during the recently concluded microfinance CEO's summit in Kigali. During the summit, top micro finance managers resolved to explore ways in which laws, regulations and supervisory frameworks governing the sector can be harmonised to enhance cross-border business.
  • Mobile Banking Prioritised As Kenya, Morocco Woo Investors

    KENYA, 2013/06/29 The Morocco government this Monday held closed door discussions with senior Kenya government officials in effort to overcome barriers of trade between the two sea-port endowed nations. The talks, which as well highlighted the opportunity that exists within mobile banking, were held in the sidelines of a business exchange visit to Nairobi by over 106 Moroccan investors under the banner of the Maroc Export Promotion Centre. Trade Minister for Morocco, Dr Abdelkader Amara while addressing a room packed with Kenyan and Moroccan business class, termed an agreement signed between the two nations as a “significant initial step towards improved trade volumes between the two nations.”
  • DR JAMES MWANGI, Managing Director and CEO of Equity Bank

    KENYA, 2012/12/17 The visionary leaders of the independence days focused on solving the socio-economic and political problems of the continent. They were extremely focused, committed and passionate. “Today we have another generation that has experienced poverty in a world of plenty, a generation that is highly educated, knowledgeable and not only looking to address the political challenges that have to be dealt with, but the social and economic challenges as well,” says Dr James Mwangi, managing director and CEO of Kenya’s Equity Bank.
  • Kenyan banks to usher in “the great migration to EMV”

    KENYA, 2012/12/16 In a campaign launched in Nairobi by stakeholders in the banking industry, the ever growing cases of insecurity affecting the sector are now set to abate following the launch of new modifications seeking to mitigate cybercrime issues and loopholes created in the past and current periods. Dubbed “The great migration to EMV”, the campaign is amount about encouraging the banking sector to elevate from the old magnetic stripe platform mainly used in the Automobile Teller Machines (ATMs), debit and credit cards and instead introduce high security, multifunctional pin and chip cards to their customers. Stakeholders involved include regional card processor Paynet, Mastercard and world security printer De La Rue.
  • Kenya’s sixth largest lender,

    KENYA, 2012/12/08 CfC Stanbic Bank, Kenya’s sixth largest lender, has launched a new service aimed at high net worth individuals with investible assets of over US$1 million. The Private Clients offering provides rich customers with a full spectrum of services, including specialised lending and investment solutions. They will as well have a dedicated relationship manager to attend to their needs. “Our aim is to bring exclusivity back to banking,” commented Anjali Harkoo, chief of the Private Clients business.