Borrowing Costs Set to Decrease Following CBK Rate Slash
Borrowers can now look forward to some financial relief as the interest rates on bank loans are set to decrease. This follows a decision by the Central Bank’s Monetary Policy Committee (MPC) to lower the Central Bank Rate (CBR) from 13% to 12.75%. The MPC’s decision was influenced by a more optimistic global economic outlook […]
NCBA Bank Appoints Georgina Mukami Odhiambo as Head of IT Retail Banking
NCBA Bank has appointed Georgina Mukami Odhiambo as the new Head of IT Retail Banking. Georgina Mukami, who holds an Information Technology degree from Jomo Kenyatta University of Agriculture and Technology (JKUAT), brings a wealth of expertise to her role. Georgina has more than 15 years of extensive experience in the banking sector, with her […]
Egyptian Lender CIB Launches New Mombasa Branch
Commercial International Bank of Kenya (CIB) has launched a new branch in Mombasa, increasing its total branches in Kenya to seven. This new branch is strategically located at the Ground Floor of the Oriental Building on Nkrumah Road and offers premier services in cash and liquidity management, capital markets, foreign exchange, and derivatives. Chairman Tom […]
Absa Opens Second Branch in Eldoret
Absa Bank has inaugurated a new branch in Rupa’s Mall, Eldoret, marking its 85th branch in Kenya. This new branch, the second in Eldoret, will provide a full range of services, including transactional accounts, savings accounts, deposit accounts, Shari’ah-compliant solutions, and financial advisory services. It aims to serve the growing consumer and business markets in […]
KCB Bank Tanzania Posts TZS 26.1 Billion Profit After Tax for H1 2024
KCB Bank Tanzania profits hit TZS 26.1 billion in the first six months of 2024, up by 46 percent from the TZS 17.8 billion the Kenya banking subsidiary recorded at the beginning of the year. The bank impressively recorded pre-tax profits of TZS 38.7 billion (KES 1.89 billion). These profits were due to the high […]
I&M Bank Tanzania Posts TZS 5.1 Billion Profit after Tax for H1 2024
I&M Bank Tanzania recorded profits of TZS 5.1 billion in the first half of 2024, representing an impressive increase of 982% from TZS 0.5 billion at the beginning of 2024. The bank’s pre-tax profits saw a rise of 981%, reaching TZS 7.3 billion (Ksh 356 million). The Kenyan banking subsidiary further recorded an increase in […]
NCBA Waives Monthly Charges for Retail Bank Accounts
NCBA Group has discontinued the monthly account maintenance fees for all retail banking accounts, with both current and new clients no longer being subject to these charges from July 1, 2024. This policy change applies to a variety of account types, including consumer banking products such as salary accounts, Platinum Flexi, Platinum Pay as you […]
I&M Bank Named Most Popular Banking Brand on Social Media
I&M Bank has been recognized as the leading customer-favorite banking brand on social media in Kenya, as revealed by the 3rd annual Kenyan Banking Sentiment Index by DataEQ. The bank achieved an outstanding 45.8pp net sentiment score, surpassing NCBA Group, which secured the second position. Conducted from March 2023 to February 2024, the study aimed […]
NMB Bank Awarded Best Bank in Tanzania
NMB Bank Tanzania has been named Tanzania’s best bank by the prestigious Euromoney Awards for Excellence, once again cementing its position as the leading financial institution in the country. This marks the eleventh time in twelve years that the bank has received this top honor, highlighting its consistent dominance in the sector. The Euromoney Awards, […]
Equity Group and World Food Programme Sign Groundbreaking Pact to Boost Small-Scale Farming
Equity Group and the World Food Programme (WFP) have established a groundbreaking framework agreement, enabling WFP country offices to connect value chain participants in food and agriculture with financial literacy training and concessional financing via Equity Bank subsidiaries. This agreement, signed by Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, and Cindy […]