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…

KCB Introduces more borrowing options with revamped KCB-Mpesa Platform

KCB-MPESA customers will now enjoy more borrowing and saving options and faster transaction speeds. This follows a successful migration of the offering to a new and more robust platform, KCB Bank Kenya has said in a move that will allow KCB M-PESA users to borrow a loan, pay it back the same day and borrow again. The revamped product is part of KCB Bank digital banking proposition meant to deliver sustainable growth for the business into the future. “We are continually reimagining digital finance. There is need for us to…

Afreximbank looks to the future of African business in campaign with CNN

The African Export-Import Bank (Afreximbank) is raising awareness about investment opportunities across the African continent through a multi-faceted campaign on CNN.  The campaign, established by CNN International Commercial (CNNIC), includes a dynamic mix of event partnership, TV and digital advertising, branded content, and editorial sponsorship. This media mix is across multiple CNN platforms in order to reach a wide range of business leaders, opinion formers and decision makers interested in doing business in Africa.    The focus of the campaign is Afreximbank’s landmark Intra-African Trade Fair – a seven-day event…

Five banks penalized by CBK for misconduct

The Central Bank of Kenya has penalized five banks a total of Sh392 million for violating financial transaction rules in respect to the handling of the National Youth Service scandal that was exposed this year. The Banks include Standard Chartered Bank (StanChart), Equity Group, KCB Group, Co-operative Bank of Kenya Ltd, and Diamond Trust Bank (DTB). The five banks handled a total of Sh3.5 billion from NYS with StanChart handling the largest transaction worth Sh1.6 billion followed by Equity Bank at Sh886 million, while KCB processes Sh639 million. The regulator…

DTB bank reassures its stakeholders all is well

Nasim Devji Group Chief Executive Officer and Managing Director DTB Group has emphasized in a statement that at the moment, no penalty has been imposed by the Central Bank of Kenya. The bank is currently reviewing the report with a view to providing a detailed response to the issues raised by the Central Bank of Kenya within the stipulated period. We wish to reassure our stakeholders as a responsible corporate citizen and a regulated entity, DTB respects and complies with all laws and applicable regulatory guidelines. We also wish to…

Interest cap law calls for innovation from housing developers

By Ian-Henderson Superior-Homes-Kenya Managing Director On the face of it, the recent rates cap legislation is good news for borrowers because reduced interest rates will result in lower repayment instalments for loans. The good news is dependent on loans being granted in the first place and, as banks come to terms with the new laws and begin to figure out their impact on business, there is no doubt about one of the key outcomes – for most of us loans will be harder to secure. The reasons for this are clear.…

Finserve releases mKey keyboard app to enrich lifestyle

The audacious app, mKey, is a case study of adapting technology to customer lifestyle needs. It has redefined how we communicate and transact by fusing social conversations with the best in financial services into a lifestyle defined by ultimate user experience.  Finserve has launched mKey, Africa’s first keyboard app to converge social, and financial services into an integrated lifestyle while rewarding users as they transact. mKey brings a differentiated user experience to the market by blending the best of social conversations with the full breadth of financial services as it…

RBA reaches out to Counties to enhance national wide coverage

  By Amos Njau Retirement Benefits Authority (RBA) has extended services to informal sector to gain national wide coverage, already there are 1,248 registered schemes with 3 million members in the Country. RBA and County governments are working in collaboration to formulate structures that will entice Kenyans to save for their retirements such as tax exemption, tax-free investment income, and tax-free pension at age 65 and above. Speaking in a media Workshop, RBA CEO Mr. Nzomo Mutuku said that the authority is planning to expand coverage through targeted awareness programmes…

OKash introduces facial security protection system to edge out Scammers

By Barbra Onkoba OKash, the microlending app developed by Opay has introduced a facial recognition security system to protect the identity of any OKash borrower from potential third-party fraud. Kenyan mobile financial technology providers face multiple challenges by scammers who use personal information such as a phone or ID number to get a loan using someone else identity. On 16 May 2018, President Uhuru Kenyatta assented to the Computer Misuse and Cybercrimes Bill, 2018. The Act contains some new provisions relating to the blockchain, mobile money, and offenses related to…

KCB announce plans to venture into mobile banking, close branches

KCB Group has announced plans to venture more into mobile and agent banking in the coming future following a reduction in the revenue generated by branches. According to The Groups Chief Executive, Joshua Oigara the group recorded improved performance from mobile and agent banking and will be looking to expand more into personal banking. “Branches continue to contribute less and less of our business, we will invest more in mobile and ensure ATMs remain stable. We will no longer need to have branches when we have these agents since they…