NCBA Group, a financial services conglomerate with prominent shareholders from some of Kenya’s richest families, has announced plans to increase the cost of its loans. This decision comes as borrowers face mounting challenges in servicing their credit facilities. The move follows a previous increase in interest rates by the CentralContinue Reading
Moroccan real estate tycoon and Alliances Group founder, Alami Lazraq, has witnessed a substantial decrease in the market value of his stake in Alliances Developpement Immobiliere (ADI) following a recent decline in the company’s share price on the Casablanca bourse. Data tracked by Billionaires.Africa reveals that Lazraq, an influential figure in theContinue Reading
In a noteworthy acknowledgment of Kenya’s global trade influence, Kenya’s Investments, Trade and Industry Minister Rebecca Miano has been invited to participate in the G7 Trade Ministers’ Summit slated for October 28th in Osaka, Japan. This distinguished conclave brings together international ministers of trade to discuss the promotion of openContinue Reading
At least1,000 smallholder maize farmers in Embu County are set to benefit from access to digital credit for inputs and insurance to boost agricultural production. Through a financing agreement between Family Bank and DigiFarm, the farmers based in Mbeere North and South sub-counties will be able to borrow and access the funds digitallyContinue Reading
Sahimiye Foundation has called on De La Rue, the world’s biggest printer of banknotes, to cancel a contentious $9.6 million contract to print 380 billion SL shillings for the Somaliland government. In an open letter to De La Rue, Sahamiye notes the decision to increase money supply in Somaliland willContinue Reading
Reclusive Billionaire businessman and Equity Group Founder Peter Munga is confronting yet another financial challenge as creditors move to auction off his multimillion-dollar properties in an effort to recover unpaid debts. This marks the latest chapter in Munga’s ongoing struggle with debt, which has seen him narrowly escape property auctionsContinue Reading
By The Splash Team Co-operative Bank of Kenya has posted a 5.8 per cent post-tax profit growth in the half year ended June to Sh12.1 billion compared to Sh11.4 billion it posted in the same period last year. During the period in review, Co-op’s interest expenses also increased significantly asContinue Reading
Zetech University which has its main campus in Ruiru, Kiambu has committed Sh 10 millions annually that it said will go towards nurturing sports talents with deserving students getting fully paid academic scholarships. The university Vice Chancellor Prof. Njenga Munene noted that the initiative seeks to motivate sportsmen and women Continue Reading
Safaricom (NSE: SCOM), and EDOMx have partnered to launch Faraja, a service that will enable more than 32 million customers buy on credit from businesses on Lipa Na M-PESA. Faraja enables customers to make purchases of between KSh. 20 and KSh. 100,000 at zero interest fee and complete the payment withinContinue Reading
The Co-operative Bank of Kenya has received a long-term 7-year funding facility amounting to USD 100 million (Kshs 13.8 Billion) from a consortium of financial institutions led by DEG for on-lending mainly to Micro, Small and Medium-sized Enterprises (MSMEs) in Kenya. The loan is a Tier II Facility that hasContinue Reading