(NAIROBI, KENYA) – Equity Group CEO James Mwangi’s stake in the lender climbed to a record KES13.42 billion ($104 million / £81.9 million) on Thursday as the bank’s share price extended a six session gaining streak on the Nairobi Securities Exchange (NSE). Mwangi, who owns 127,809,180 Equity shares, has seenContinue Reading
(NAIROBI, KENYA) – Standard Bank Group aims to strengthen its position in East Africa through internal growth rather than acquisitions, even as South African rivals Absa Group and Nedbank Group complete major deals in Kenya. Standard Bank Chief Executive Officer Sim Tshabalala said the bank plans to expand in theContinue Reading
(KIAMBU, KENYA) – Kiambu County could soon host the tallest building outside Nairobi after Tatu City proposed two high rise towers in Ruiru, with the taller structure reaching 30 floors. The mixed use development will be built on 9,518 square metres of land at Tatu Central’s central business district inContinue 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’s aviation industry is counting losses after a two day strike by airport workers grounded flights and disrupted services across the country. Kenya Airways and its subsidiary Jambojet have reported combined losses of close to KES976 million in lost revenue and related costs from the industrial actionContinue 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
(MOMBASA, KENYA) – Kenya and the Democratic Republic of Congo (DRC) are moving to strengthen cooperation between the Kenya Ports Authority (KPA) and Congolese authorities in a bid to expand trade and cement Kenya’s position as a logistics hub for Central Africa. Jomvu Member of Parliament Badi Twalib said improvedContinue Reading
(NANYUKI, KENYA) – SBM Bank Kenya has opened its 34th branch in Nanyuki, marking its entry into the Mt Kenya region as it targets customers in agriculture, tourism, real estate and small businesses across Laikipia County. The new branch, located at Peak Place Building in Nanyuki Town, is expected toContinue Reading
(NAIROBI, KENYA) – The Public Service Superannuation Fund (PSSF), Kenya’s civil servants pension scheme, is changing its investment policy to reduce its heavy reliance on fixed income securities and take on more risk in pursuit of higher returns for its members. The fund had KES 270.1 billion ($2.09 billion /Continue Reading
