Stanbic Bank Scores Major Client with Devki Group
Stanbic Bank Kenya has pulled off a major coup in the Kenyan banking sector, successfully attracting the Devki Group of Companies as a new client. This marks a turning point for Devki Group, which has enjoyed a long-standing partnership with KCB Bank Kenya for over four decades. Devki Group Chairman, the influential industrialist Narendra Raval, […]
MASTERCARD AND EQUITY BANK TO REVOLUTIONIZE CROSS BORDER MONEY TRANSFERS IN KENYA
Mastercard and Equity Bank have announced a strategic collaboration that will enable Equity Bank customers to send money safely and securely to 30 countries. This collaboration marks a significant milestone for cross-border financial transactions in Kenya. The collaboration also promises to transform cross-border remittances in Kenya, offering a customer-centric and cost-effective solution and driving financial […]
3 Factors Behind I&M Bank’s Rapid Growth in Personal Accounts
I&M Bank personal accounts are witnessing remarkable growth. In 2023, the bank nearly doubled its personal accounts, adding 68,666 new accounts, up from 33,359 in 2022. By December 2023, the total number of personal accounts had reached 326,054. This growth is driven by three core strategies: 1. Eliminating Transaction Fees In February 2023, I&M Bank […]
World Bank Explains 3 Reasons Why The Shilling is Gaining
The World Bank has hailed various measures taken by the Central Bank of Kenya (CBK) as a key factor in the recent appreciation of the Kenyan shilling against the US dollar. This comes as the usd to ksh exchange rate reached a positive milestone, with 1 US Dollar now equaling approximately 130.14 Kenyan Shilling on […]
Why Your M-Pesa Balance Doesn’t Earn Interest
Millions of Kenyans using M-Pesa and other mobile money services might be surprised to learn they could be earning interest on their deposits. A 2014 law stands in the way, making Kenya an exception compared to its African counterparts where mobile money flourishes. Before 2014, the system operated differently. Vodafone, the parent company of Safaricom, […]
NCBA Tops in Interest Income Earned in FY’2023 Financial Results
NCBA Bank Kenya emerged top in interest income for the 2023 financial year with a whopping increase of 24.5% to Kshs 65.22 billion. This growth can be attributed to the expansion of the bank’s equity lending portfolio. Its loan portfolio achieved impressive growth, with consumer loans reaching Kshs 337.02 billion, an impressive growth of 20.83% […]
Tony Elumelu Foundation Announces 10th Cohort of Entrepreneurship Programme – 20,000 Entrepreneurs Funded Across Africa
Nairobi, Kenya – March 25 2024 – The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs from all 54 African countries, has announced the successful entrepreneurs in its tenth selection for the TEF Entrepreneurship Programme. 37 Kenyans among the 1,104 African entrepreneurs are set to receive non-refundable USD 5,000 seed capital as […]
Lillian Ngala’s Success Story in Kenya’s HR
Lillian Ngala has been recognized in the SeamlessHR Super 100 list of outstanding HR leaders. With over 15 years of experience, she has made remarkable contributions to policy formulation, talent management, workforce planning, coaching, mentoring, and culture management in Kenya. Lilian currently serves as the Director of Human Resources at Diamond Trust Bank. She also […]
Stanbic Bank’s Financial Triumph in FY’2023: A Comprehensive Analysis
Stanbic Holdings Plc recently announced its strong financial results for the fiscal year 2023. The company reported a remarkable 34.20% increase in post-tax profit, reaching Ksh 12.16 billion. The notable growth in post-tax profit is attributed to various factors that have contributed to Stanbic’s financial success. Chief among these are improved net interest margins, balance […]
Sidian Bank Expands Presence in Mombasa by Opening Nyali Branch
Sidian Bank has broadened its scope in Mombasa by inaugurating its Nyali branch. This strategic move highlights the bank’s commitment to fortifying support for the local business community along the coast and providing specialized financial solutions to Small and Medium Enterprises (SMEs) in Nyali and adjacent areas. The commencement of operations at the Nyali branch, […]