BUSINESS

Absa Bank Kenya has increased the interest rate on deposits on its Digital Savings account to 10% per annum, up from 9% per annum. The increase will be effective from December 12, 2023, and valid until March 2024. The Bank aims to empower its customers by offering an attractive interest rate through its Digital Savings Account, fostering a culture of…

Kenyan Originals, the brand under the African Originals umbrella has won two awards at the prestigious World Beverage Innovation Awards in Germany. The company has emerged as the standout local producer of gin, ciders and mixers in Kenya.   Kenyan Originals won the awards amongst other winners including AB-Inbev, Pepsico and Monin. Kenya is the birthplace of a plethora of speciality…

The Government is in the process of rolling out incentives across the tea sub-sector to enhance value-addition initiatives aimed at unlocking the potential of Kenya’s tea across global markets. Announcing the Kenya Tea Development Agency’s (KTDA) annual directors’ conference in Nairobi today, Agriculture and Livestock Development Cabinet Secretary, Mithika Linturi, said his ministry through the Tea Board of Kenya, has…

Old Mutual Kenya (OMK) has opened a second full-suite branch in the coastal city of Mombasa, as part of a business strategy hinged on providing integrated solutions addressing customers’ financial needs at different points in their lives. The new office in Mombasa will offer clients a wide array of insurance, savings and investment solutions under one roof, as the company…

National and County governments from the Lake Region Economic Bloc (LREB) have urged businesses nationwide to embrace Public-Private sector collaborations for increased profitability, customer acquisition, and market access. The call comes amidst the country’s economic recovery from global shocks, severe drought, and the COVID-19 pandemic. Addressing delegates during the inaugural Business Ecosystem Summit in Kisumu, Cabinet Secretary for National Treasury and Economic Planning, Prof. Njuguna Ndungu, emphasized…

Kingdom Bank through the KB Growth Hub hosted at least 40 local entrepreneurs for a training and business consulting clinic in partnership with Sinapis. A social enterprise that empowers MSMEs through coaching and training.  The full-day consulting services session saw MSME owners and directors engage with experts to assess their business needs and understand their pain points from the sales…

Economic relations between Singapore and Africa continue to expand, as bilateral trade in goods grew by around 15% per annum between 2019 to 2022, reaching US$14.5 billion in 2022. Singapore companies’ investments in the African continent cumulatively reached US$23.7 billion as at 2021. As testament to the robust interest to participate in Africa’s growth opportunities, five agreements were inked at…

Faulu Microfinance Bank has kicked off the rollout of its revamped solutions to customers and SMEs across the country ensuring that they fully understand and can harness the benefits of their new offerings. The move is in line with the bank’s new commitment to foster the growth of small and medium-sized enterprises (SMEs) even as it positions itself as a leading Traders…

Majid Al Futtaim Retail, owner and operator of Carrefour in Kenya has announced the launch of its transformative Retail Graduate Programme in collaboration with 12 top universities across six countries, namely Egypt, Georgia, Jordan, Kenya, Pakistan, and the United Arab Emirates. With a steadfast commitment to promoting gender diversity, Majid Al Futtaim Retail aims to empower and recruit 75 nationals for its…

Kenya is set to host the first-ever Business Ecosystems Summit (BES) in Kisumu City on Friday, September 1st, 2023. This is in line with ongoing key government reforms aimed at stimulating business growth across the country, bolstering economic independence and prosperity. Organized by the IMC People Ltd in partnership with the Lake Region Economic Bloc (LREB), the summit is aimed at unlocking the potential…

Bank of Africa and Deluxe Truck and Buses E.A have announced a new partnership to offer affordable truck financing solutions to small businesses in Kenya. The partnership will make it easier for small business owners to purchase trucks and manage their truck financing needs. The agreement will see customers access up to 90% financing and 0% processing fees for purchasing…

KCB and National Bank of Kenya (NBK) have entered into an agreement with Britam General Insurance to distribute affordable health insurance products targeted at Small and Medium Enterprises (SMEs) across the country. In the deal, KCB Bancassurance Intermediary Limited and National Bank of Kenya Bancassurance Intermediary Limited will jointly distribute the newly launched KCB Flme Simba Health and Uzima Tele Insurance Plans. The two products are specifically designed to meet the needs of MSMEs by offering affordable premiums with a flexible…

Old Mutual has rolled out its Alternative Investment vision targeting pension schemes seeking to diversify their investments and gain long-term returns.  This is against the backdrop of an extensive engagement campaign through pension scheme training, and investment conferences showcasing the success stories of Alternative Investment. This is part of the firm’s new commitment to help its clientele unlock possibilities while adding…

Swiss Re Foundation has announced a USD 500,000 grant for Africa’s insurance sector to spur innovation of insurance solutions for the underserved. The funding, to be distributed through the FSD Africa’s supported BimaLab insurance accelerator programme, will unlock and accelerate the transformation of Africa’s insurance sector through innovative offerings for the sector’s unique landscape. Recently, there has been increased attention to Africa’s expanding and promising insurance sector. At the COP27…

Minet Kenya Insurance Brokers Limited was declared and awarded as the overall best intermediary of the year in the 2020 annual intermediaries’ awards by UAP Insurance Kenya Limited. The broker, who met the required parameters of the program was awarded with a brand-new car, VW Polo. The annual awards covered all the key intermediated distribution channels including brokers, independent agents,…

Safaricom has today announced a new partnership with the Nairobi Securities Exchange (NSE)to enable Kenyans to invest in stocks using their accrued bonga points. The service will available to all Safaricom customers, who can redeem their points through licensed Trading Participants, with ten already activated. These include NCBA Capital, Faida Investment Bank, AIB-AXYS, ABC Capital, Old Mutual Securities, Kingdom Securities,…

Emirates, the Premier Partner and Official Airline of Expo 2020 Dubai, has launched an exclusive offer for Kenyan customers to experience the excitement of the World Expo, the largest-of-its-kind event in the region. Emirates customers visiting Dubai, and travelling through Dubai, anytime during the much-awaited mega event running from 1 October 2021 to 31 March 2022, will be eligible to…

I&M Bank Limited and Crown Motors Group Ltd have entered into a Vehicle Asset Financing partnership agreement where the Bank will finance Crown Motors passenger cars and light commercial vehicles. The Nissan product range includes the popular new Y62 Nissan Patrol, Xtrail, Urvans and Pick up ranges and the soon to be introduced New Navara Range, Terra, Qashqai and Magnite.…

Standard Chartered has introduced a new mortgage offering that will see clients access mortgages at 11.9% variable rate offer for new applications submitted and approved during the campaign period. The offer is open to both existing and new clients. Those seeking to transfer their mortgage to SCB to enjoy the new rate of 11.9% will get access to waived valuations…