StanChart Posts KShs. 13.8bn, 15% Growth, Profit after Tax in 2023
Standard Chartered announced its Full Year 2023 financial results this morning and investors at the NSE are happy with what they see. StanChart saw increases in revenue, profit, earnings per [...]
MSMEs Embrace KBA's Inuka Program Despite Persisting Challenges
More than 70,000 Micro Small and Medium-sized Enterprises (MSMEs) across Kenya accessed the Inuka financial literacy training by the end of January this year. MSMEs account for 34% of Kenya's [...]
CBK Receives Oversubscriptions at Weekly T-Bills Auction
CBK (Central Bank of Kenya) received oversubscription on the 91-day, 182-day, and one-year Treasury Bills at this week’s auction. CBK Offer to Investors at the Auction In total, the monetary [...]
Kenya Banking Sector Balance Sheet Grows to KSh 7.7 Tn in 2023-CBK
The banking sector's aggregate balance sheet size increased by 4.2% to KSh 7.7 trillion in December 2023, from KSh 7.4 trillion in September 2023, according to findings of the latest [...]East Africa Growth Holding Acquires 10.13% Share in IM Group
East Africa Growth Holding has secured Competition Authority of Kenya's (CAK) approval to acquire 10.13 per cent of the issued share capital of IM Group from one of the bank’s [...]TDB, SMBC, Citibank, JICA Announce EUR 240mn Deal for Private Sector Growth
The Eastern and Southern African Trade and Development Bank Group (TDB Group), Japan International Cooperation Agency (JICA), Citibank, and SMBC Group (SMBC) have signed a EUR 240 million facility agreement [...]
CBK Issues Permits to 19 More Digital Lenders
CBK (Central Bank of Kenya) has licensed an additional 19 Digital Credit Providers (DCPs). This move comes as Kenyans grapple with a high cost of credit from banks and other [...]Egypt Devalues Currency, Hikes Interest Rates
The Egyptian Pound lost more than 50% of its exchange rate value against the dollar after the country's central bank adopted a flexible exchange rate, hiked interest rates The country [...]Stanbic Holdings Full-Year Profit Grows to KES12.2 Billion
Stanbic Holdings has recorded a KES 12.2 billion profit after tax for the financial year ended December 31, 2023, attributable to improved net interest margins, balance sheet growth, and strong [...]Mobile Banking Wins against Other Channels in Access to Banking Services-KBA
Mobile banking has edged out other channels in access to banking services, with banks recording fewer customers physically seeking services. “Due to higher digital adoption, customers are visiting branches less [...]Disruptive Innovation in Africa's Digital Payments
Many businesses across Africa depend on bank partnerships and Fintech solutions to facilitate cross-border payments. There are 42 different currencies in the continent derailing trade flow and limiting enterprise expansion. [...]Hefty Penalty Awaits Banks in New CBK Draft Rules
The Central Bank of Kenya (CBK) has tightened grip on the oversight role of banks with a new set of rules carrying hefty penalties in case of violation. The draft [...]
