The Institute of Certified Public Accountants of Kenya has raised alarm over Sh691.5 billion budget deficit in the Sh2.26 trillion budget for the financial year 2016-17, arguing borrowed money should only go into development projects.
Kenyan lenders have promised to immediately cut loan rates by 100 basis points, part of measures to lower borrowing costs and see off the threat of a legislative cap on rates.
Barclays Bank of Kenya is not shutting down and there are no plans at local, regional or group level to shut down our operations here. Managing Director Jeremy Awori.
Central Bank of Kenya governor Patrick Njoroge is adamant the industry-wide base lending rate, and the Kenya Banks Reference Rate, should be re-worked to have an impact on the pricing of loans by commercial banks.
Banks are from today required to charge a maximum interest of four percentage points above the CBR and pay at least 70 per cent of the CBR on term deposits.
The country’s business community has expressed fears that the 2017/2018 Gross Domestic Product will reduce by 0.3% due to the ongoing political instability.
Chase Bank reopened under the management of Kenya Commercial Bank. Central Bank agreed to KCB’s proposal to acquire majority stake in Chase Bank, days after the mid-tier bank was closed down.
The Consumer Federation of Kenya says it will lead demonstrations to push for the signing of the bill capping bank interest rates, adding it will not take a rejection.
Bob Collymore’s contract at the helm of Safaricom has been extended for another two years. The contract was due to expire in August after it was extended for another two years in May 2015.
Tourism players in Kilifi County have begun recording cancellation of bookings following fears of the outcome of the repeat presidential elections set for October 17.
Equity Bank chief executive James Mwangi said the bank has also set aside Sh100 billion for onward lending to the mass market and all loans taken from yesterday will be priced at 14.5 per cent.
Equity Group is betting big on digital platforms to drive earnings for the industry hard hit by recent interest controls on loan charges and returns on term deposits.
Stephen Mills has developed a cash flow solutions firm, Veri-Credit Trade Sector Bureau to promote best credit practices between businesses and their suppliers.
Setting up a business can be a daunting task. Finding the right location and setting up the working area or office is one of the most draining jobs – both physically and financially – for new entrepreneurs.
Industry, Trade and Cooperatives CS Adan Mohammed says the government plans to increase value addition of local agricultural produce to the tune of 50% and thus boost farmers morale to increase production.
The Kenya Tourism Board has warned of negative impact the ongoing anti-IEBC protests could have on the industry as the country gears up for the 2017 elections.
The uncertainty over the recovery of Imperial Bank on Tuesday sent the lenders chairman into tears as he questioned the Central Bank of Kenya’s sincerity to its reopening. CBK and the banks auditor’s PKF Kenya were further accused of failing in their supervisory role in the run up to the bank’s closure after a fraud […]
A section of Imperial Bank depositors through a pressure lobby group today conducted ‘peaceful’ demonstration outside the bank’s head office at Imperial Court, Westlands Road.
Barclays Bank Kenya managing director Jeremy Awori said the company will launch a stock brokerage business to increase its revenue streams. The bank recently launched agency banking and said it is also exploring new products for its mobile banking services to woo more customers.
Bankers have partnered with the High Court’s Family, Commercial and Tax divisions to speed up resolution of a growing backlog of disputes valued at hundreds of billions of shillings through court-led mediation.
KCB group has posted a net profit of Sh12.1 billion in the half year to June in a marginal improvement from last year when the company posted Sh10.3 billion.
We are delighted to extend our fuel card services to Little [Cab] drivers and offer further discount benefits to them. This move is meant to improve their experience at KenolKobil service stations across the country.
Kenya Revenue Authority, Commissioner General John Njiraini says the cargo scanners, donated by China and have been installed at the port of Mombasa, have a capacity to scan about 500 containers within 24 hours.