Metropolitan National Sacco’s assets plummeted by 89.3 percent to Sh1.07 billion in 2023, according to a new report. Capital FM reports This dramatic decline follows the revelation of a Sh12 billion loss uncovered by an audit. Data from the Sacco Societies Regulatory Authority (SASRA) indicates that total assets decreased fromContinue Reading
Co-operative Bank of Kenya Profit Before Tax for the half-year period ending 30th June 2024 hit Ksh18.2 billion, growing 10.7% from Ksh16.4 billion recorded in the same period in 2023. This translates to a profit after tax of Ksh13 billion, up from Ksh12.1 billion reported in 2023. The bank’s management saysContinue Reading
Young Kenyans looking for a bank account that resonates their tastes and economic interests will easily find a home at Cooperative Bank of Kenya. Last week, Co-op Bank re-launched its youth account, YEA, which is ideal for young people aged between 18 and 35 years. For a demographic that isContinue Reading
Uncover, a rising skincare startup led by Kenyan entrepreneur Sneha Mehta, has raised $1.4 million in Seed II funding. The round, led by EQ2 Ventures and IgniteXL Ventures, aims to facilitate Uncover’s expansion into Ghana, Uganda, and the United States. News website Billionaires. Africa reports The $1.4 million capital injectionContinue Reading
Amsons Group, a family-run business led by Tanzanian tycoon Edha Nahdi, has committed to a Ksh682.7 million ($5.31 million) breakup fee if it withdraws from its proposed acquisition of Bamburi Cement, barring legal impediments. Billionaires Africa, a business news website reports This fee — which amounts to 3 percent of the total offer — willContinue Reading
A file photo of a Bamburi cementContinue Reading
Top Co-op Bank team led by its chief executive officer Gideon Muriuki during a past shareholders meeting.Continue Reading
APA Insurance is set to replace CIC Insurance as the lead insurer of the multi-billion shillings medical scheme for police and prison officers amid complaints about the slow pace of processing of claims. Business Daily reports In changes announced by Medical Administrators Kenya Limited (MAKL), which oversees the medical schemesContinue Reading
A growing number of savings and credit cooperative societies (saccos) are blocking members from exiting and clinging to their deposits against their will, Business Daily reports quoting complaints filed with the Competition Authority of Kenya (CAK) show. Records show that in the year ended June 2023, the watchdog handled atContinue Reading
Co-operative Bank of Kenya has posted a 5.2 percent growth in net profit to Sh23.2 billion in the financial year ended December 2023 on increased income and reduced operating costs. The net profit grew from Sh22 billion posted in a similar period last year. The board has, on the backContinue Reading