(NAIROBI, KENYA) – Investors in six suspended stocks at the Nairobi Securities Exchange are demanding answers from the Capital Markets Authority over delays in resolving receiverships. The stocks of Mumias Sugar, ARM Cement and Deacons East Africa have now been frozen from trading for eight years. The six suspended stocksContinue Reading
(NAIROBI, KENYA) – Kenya’s customs collections face fresh pressure after President William Ruto ordered the minimum customs charge for consolidated containerised cargo to be lowered to KES2 million ($15,500 / £12,200), a move that reverses a higher benchmark recently set by the Kenya Revenue Authority (KRA). The directive, issued onContinue Reading
(NAIROBI, KENYA) – Kenya has stepped up efforts to secure its removal from the Financial Action Task Force (FATF) grey list, with top law enforcement and financial crime agencies reviewing outstanding reforms needed to strengthen the country’s anti-money laundering and counter-terrorism financing regime. Director of Public Prosecutions Renson Ingonga chairedContinue Reading
(NAIROBI, KENYA) – The Public Service Superannuation Fund (PSSF) has grown its membership to 529,635 and expanded its assets under management to KES 340.4 billion ($2.64 billion / £2.09 billion / €2.43 billion), five years after the contributory pension scheme began operations. PSSF Chief Executive Officer Dr Jonah Aiyabei saidContinue Reading
(NAIROBI, KENYA) – Kenya is moving to borrow KES 38.74 billion ($300.1 million / £237.4 million / €276.9 million) against future betting tax collections to complete 33 stadium projects across the country. The Sports, Arts and Social Development Fund (SASDF) has started looking for a transaction advisor and lead arrangerContinue Reading
(NAIROBI, KENYA) – Safaricom has begun paying shareholders its final dividend of KES 46.08 billion (about $351 million / £276 million / €322 million) ahead of the official 4th September payment date, giving investors early access to the telecommunications firm’s record payout. The company approved a final dividend of KESContinue Reading
(NAIROBI, KENYA) – The Kenya Union of Savings and Credit Co-operatives (Kuscco) has entered formal liquidation after members voted to wind up the umbrella body, a move that will see its estimated KES 5.4 billion (about $41 million / £32 million / €38 million) in assets distributed among creditors owedContinue Reading
(FORT PORTAL, UGANDA) – King Oyo Nyimba Kabamba Iguru Rukidi IV, the Omukama of Tooro who died on Thursday 27th August at the age of 34, leaves behind a financial legacy tied to land, government support and the weight of a 200 year old institution. His personal wealth was modestContinue Reading
(NAIROBI, KENYA) – Kenyan farmers, businesses and private consumers will gain access to expanded vehicle and agricultural equipment financing under a new partnership between Absa Bank Kenya PLC and Simba Corporation. The two companies have signed a Memorandum of Understanding (MoU) that combines Simba Corporation’s automotive and agricultural machinery rangeContinue Reading
(NAIROBI, KENYA) – Visa, _able and Onafriq have partnered to help financial institutions expand access to formal credit in Kenya and other markets across Central and Eastern Europe, the Middle East and Africa, using existing debit and prepaid cards. The partnership is aimed at allowing eligible financial institutions to addContinue Reading
