I&M Bank Partners with Mastercard to Introduce Business Credit Card for Expense Control
I&M Bank and Mastercard have teamed up to introduce a new Business Credit Card solution, designed to help businesses efficiently manage daily expenses and support their global operations. This new solution includes the Business Credit Card and the World Business Credit Card, both tailored for the business and corporate banking sectors. The Mastercard Business and […]
South Africa’s Transnet Secures $1 Billion from African Development Bank
The African Development Bank has sanctioned a $1 billion (ZAR 18.85 billion) loan to Transnet, South Africa’s leading freight and logistics corporation, to support its recovery and growth initiatives. The 25-year loan, fully backed by the South African government, will fund the initial phase of Transnet’s $8.1 billion (ZAR 152.8 billion) five-year capital investment strategy, […]
Absa Bank and Old Mutual Roll Out Linda Biz to Support SMEs
Absa Bank and Old Mutual Kenya have introduced Linda Biz, a collaborative insurance product aimed at small and medium-sized enterprises (SMEs). This offering includes asset protection, medical coverage, and life insurance. Linda Biz will issue extensive medical insurance with options for outpatient, inpatient, dental, optical, and maternity care. It will also provide valuable benefits such […]
Equity Group and Zepz Extend Partnership to Enhance Cross-Border Money Transfers
Equity Group and Zepz, the powerhouse behind leading global remittance brands WorldRemit and Sendwave, have announced the renewal of their longstanding partnership. This agreement reaffirms their commitment to providing Equity Group members in Kenya, Tanzania, Uganda, and soon the Democratic Republic of Congo (DRC), Rwanda, and South Sudan with secure, convenient, and affordable ways to […]
Kenyan Banks Serve 39 Million Customers, New Survey Finds
The number of customers served by Kenyan banks has hit 39 million, according to the 2024 Kenya Banking Industry customer experience survey. The research was conducted in the three major cities in Kenya, Nairobi (41%), Mombasa (34%) and Kisumu (25%), to obtain nuanced information on customer experience across the country. The survey included 661 respondents […]
UBA Joins Forces with AfCFTA to Support SMEs
The United Bank of Africa (UBA) has partnered with the African Continental Free Trade Area (AfCFTA) to offer up to Ksh 20,000,000 in financing for Small and Medium-sized Enterprises (SMEs) across all 20 African countries that UBA bank operates in. This partnership targets Africa-based registered SMEs in sectors including agro-processing, transport and logistics, pharmaceuticals and automotive. […]
Kingdom Bank Opens 22nd Branch in Meru
Kingdom Bank, a subsidiary of the Co-operative Bank of Kenya, has opened its 22nd branch in Meru County, aiming to serve the region’s agricultural community and small-to-medium enterprises (SMEs). This addition also comes as part of the bank’s ongoing expansion strategy for 2024, with Meru being the third new location opened this year. The focus […]
Faulu Secures Ksh 900M for Digital MSME Banking Solutions
Faulu Microfinance Bank has announced a strategic refocus aimed at bolstering its digital banking capabilities and optimizing its operational structure to foster sustainable growth. Supported by a significant investment of over Ksh 900 million from its parent company, Old Mutual, Faulu is poised to enhance its digital finance offerings and streamline its distribution channels. CEO […]
Stanbic Bank Affirms Support for SMEs at Changamka Shopping Festival
Stanbic Bank has reiterated its dedication to fostering SME growth and capacity building through innovative, tailored, and pertinent solutions. This declaration was made during the Kenya Annual Manufacturing Summit & Expo, also known as the Changamka Shopping Festival, organized in collaboration with the Ministry of Investments, Trade, and Industry. Highlighting the festival’s theme, “Celebrating Kenya’s […]
KCB Reaches Agreement with Competition Authority Over Misleading Credit Card Advertisement
The Competition Authority of Kenya (CAK) has reached a settlement with KCB Bank Kenya following a complaint lodged by a customer who was misled by the bank’s credit card advertisement. The issue stemmed from a discrepancy between the advertised benefits and the actual terms of the KCB Platinum Credit Card. According to a CAK report, […]