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Tenders for supply and provision of various goods and services are advertised daily across the country. Unfortunately, many Kenyans have been disillusioned by the concept of ‘tenderpreneurship’, where they submit applications for tenders, but the awards go to those who seem to have the ‘right’ connections. Further, many of those
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Central Bank Numismatic Museum at the Nairobi National Museum says Kenyan currency has an eight-step life cycle that runs from unwoven cotton up to when it is shredded and turned into briquettes. The life cycle begins when locally grown cotton is processed and converted into the white paper used to
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Kenyans in the diaspora sent home Sh66.6 billion using Equity Bank’s Financial Technology (FinTech) capabilities during the first half of 2019. The figure represents a 28 per cent growth from the previous year, when they used the bank’s technology platform to send home Sh52.2 billion. “The
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Former Central Bank of Kenya (CBK) Governor Phillip Ndegwa gave a portion of his wealth to his in-laws, step-mother and step-siblings. Ndegwa decreed his in-laws, who included Mr and Mrs Robert Angus Stewart in the USA inherited Sh1.2 million paid in dollars. In his Will, he gave his step-mother
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One in every five borrowers in the country has defaulted on a loan in the past one year, a new survey has established, revealing tough times for households, farmers, business owners and workers hit by the harsh economy. The Financial Sector Deepening (FSD) survey, which has the backing of the
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Regional lender Kenya Commercial Bank (KCB) profit for the first six months of 2019 hit Ksh12.7 billion ($122 million), up five percent compared to same period last year. The results were delivered on the back of a five percent rise in interest income to Ksh25.4 billion ($250 million)
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Companies Parliament has ordered the Treasury and NSSF to reject KCB’s proposed buyout of the cash-strapped National Bank of Kenya (NBK), throwing into confusion the already under way multi-billion-shilling transaction. The National Assembly’s Departmental Committee on Finance and National Planning has, in a report tabled Thursday in the
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Stanbic Holdings has posted a 14.38 percent jump in net profit in the half year ended June, boosted by higher interest and non interest income. The lender made a net profit of Sh4 billion in the period, compared to Sh3.5 billion in the same period last year. Net
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Central Bank of Kenya (CBK) has asked the media to help sensitise senior citizens in rural areas to exchange old Sh1,000 notes with new currency before October 1, saying all five denominations of the new notes are now in full circulation. Governor Patrick Njoroge said all commercial banks were
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The ongoing slide of the Kenyan shilling has been attributed to increased foreign payments by the private sector by the Central Bank of Kenya (CBK) This comes on the back of the shilling trade at a two-year low valuation against the US dollar even as the local unit takes a
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Mobile loans have been seen as a lifesaver by many but it is just a new goldrush minting billions from many Kenyans from the high interests they charge. These interest rates on mobile loans could soon be capped if a new Bill in the National Assembly becomes law. The proposed
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Postbank has announced a partnership with XpressMoney, a move that will see customers of the bank send or receive funds from 170 countries across the world. Xpress Money's convenient money transfer services are now available across all 98 branches of the bank in Kenya. Speaking during the function,