Tala Celebrates Five Years of Advancing Financial Inclusion in Kenya

Tala, the leading consumer lending app in emerging markets, has disbursed loans to over 2.5 million customers globally. This was revealed during the celebrations to mark the company’s five-year anniversary. When Tala (formerly Mkopo Rahisi) launched in Kenya in 2014, it was the first in the world to offer unsecured mobile lending direct to consumers. Since then, Tala has expanded credit access across Kenya by using alternative data to instantly underwrite and disburse credit to people who have been excluded from traditional finance due to lack of credit history or…

Co-op Bank re-calibrates its ATMs for new currency

The Co-operative bank has already started re-calibration of the ATM’s machines across all the Counties to accommodate the new currencies launched during Madaraka celebration in Narok. The exercise is expected to end in mid-July where 580 ATM machines across the Country will be fully operational. The Co-op bank is the only financial institution in Kenya which has started the exercise of the automation. “We’ve 580 ATMs, re calibration expected to be concluded in a months’ time, say mid- July,” reads a statement. The small nature and new features of the…

StanChart shifts focus to youth as it launched new community investment strategy

Kariuki Ngari, CEO Standard Chartered Bank Kenya. Through its Futuremakers programme, the Bank’s global ambition is to raise USD50 million and build the entrepreneurship capability of 50,000 micro, small businesses Standard Chartered Bank has launched a new community investment approach that focuses more on youth empowerment through education, employability and entrepreneurship opportunities. The new social investment strategy dubbed Futuremakers seeks to build on the community impact and achievements of Seeing is Believing, the Standard Chartered Marathon mantra. “More than 20% of Kenyans are youth, yet the economic opportunities to finding…

Saccos receive Sh3.8b dividend from Co-op Bank

Savings and credit societies (SACCOs) which together have a controlling stake at Co-operative Bank, have received an Sh3.8 billion dividend windfall. This year’s dividend payment is the highest ever and matches the entire initial investment by the co-operative movement in the bank, thereby enabling them to recoup their investment in full. Co-operative Bank Chairman John Murugu and Chief Executive Gideon Muriuki handed over an Sh3.78 billion cheque to the saccos’ umbrella body, Co-op Holdings Co-operative Society after the AGM. The Chairman of Co-op holding  Co-operative Society Mr. Macloud Malonza has…

NATIONAL BANK RECORDS KES 106 MILLION PROFIT IN Q1

National Bank of Kenya has today announced an after tax profit of Kes 106 million for the period ending March 31, 2019. This represents 138% increase in profitability from the loss position in quarter one 2018 which was occasioned by one-off exceptional item. The profit is mainly attributed to growth in operating income from. Customer deposits increased to Kes 89 billion compared to Kes 86 billion in quarter one 2018 as the banks strategy of driving business growth through enhanced mobile offering, diaspora and MSME continued to bear fruit. This…

Co-op Bank unveils Sh15.2 billion customer networking program

By Amos Mburu Cooperative Bank has unveiled a Customer Networking Forum that will enable the firm build the capacity of its customers countrywide as part of a strategy to grow their businesses in changing operating environments. These forums are part of the Ksh15.2 billion programs that the bank, in partnership with the International Finance Corporation (IFC), launched in mid-2018 to provide affordable financing and business training to Kenyan MSMEs. Speaking Director Retail & Business Banking at Cooperative Bank, Arthur Muchangi said that Customer Networking Forums are a key part of…

Co-op Bank to offer up to 95% financing for purchase of Isuzu vehicles’

By Amos Mburu Through asset financing, Cooperative Bank of Kenya and local vehicle assembler Isuzu East Africa (Isuzu EA) has agreed to work together with business community to accelerate economic growth. In the partnership, Isuzu customers are set to enjoy Ksh 300,000 working capital to empower their business payable in 12 months, a 60-day repayment holiday that will allow SMEs to generate monthly installments, the lowest market negotiation fee of one per cent and the longest re-payment period of 60 months in the market. Also read:Co-op Bank Leasing firm awarded…

Co-operative Bank, Isuzu East Africa partner to address SMEs’ challenge

By Amos Mburu Through asset financing, Cooperative Bank of Kenya and local vehicle assembler Isuzu East Africa (Isuzu EA) has agreed to work together with business community to accelerate economic growth. In the partnership, Isuzu customers are set to enjoy Ksh 300,000 working capital to empower their business payable in 12 months, a 60-day repayment holiday that will allow SMEs to generate monthly installments, the lowest market negotiation fee of one per cent and the longest re-payment period of 60 months in the market. Co-operative Bank Director for Retail &…

Co-op Bank Leasing firm awarded Sh 890 million Government fleet deal

By Amos Njau Co-operative bank’s recently-established firm dubbed Co-op Bank Fleet Africa Leasing Limited has been awarded a deal worth Sh890 million by the government. The new venture is joint partnership between the bank and global leasing specialist Super Group based in South Africa which operates locally through a subsidiary known as Fleet Africa Limited. The Sh 890 million maiden transactions is part of larger of Sh2.2 billion deal, entails the financing and delivery of a fleet of 125 vehicles to the Ministry of Interior, the National Police Service and…

Co-op Bank feted as Best Bank in Kenya at EMEA Finance Awards 2018 in London

By Barbra Onkoba The Co-operative Bank has been feted as the Best Bank in Kenya 2018 at this year’s EMEA Finance Awards. The EMEA Finance Awards are given to banks which, through their client focus and steady management, continue to increase profits, deliver credit to the retail and wholesale markets, and support local and transnational corporations do business. Also read:Xpress Money partners with Co-operative Bank to ease business operations The award gala was hosted in London, with Co-operative Bank Head of Investor Relations & Strategy James Kaburu and Co-op Bank…