Ascent Rift valley Fund buys majority in Valley Hospital in Nakuru

Ascent Rift Valley Fund II LP, a leading East African private equity firm in the region has acquired a significant equity stake of Valley Hospital Limited (“Valley Hospital”) located in Nakuru City, Kenya. David Owino, Managing Partner of Ascent Capital Advisory Services LLP commented, “We are very excited about the fund’s investment into Valley Hospital. It is a hospital with enormous potential, and we look forward to serving the residents of Nakuru County by offering high-quality affordable healthcare as well as working with the medical community and other stakeholders. Together with…

FAMILY BANK AGM APPROVES KES.1.1 BILLION DIVIDEND FOLLOWING IMPRESSIVE RESULTS IN 2021

By Michelle Anzaya Family Bank shareholders have approved a KES 1.1 billion, KES 0.83 per Share, dividend pay-out at the 15th Annual General Meeting. This follows an impressive 2021 full year results that saw the bank book a Ksh3.3 billion Profit Before Tax. It was a 132 per cent increase in earning compared to the full year results of 2020. “It is on back of our strong 2021 full year performance and improved liquidity that as a Board we approved this dividend pay-out. I would like to thank our shareholders for their patience, understanding and continued trust in our decisions over the years as we strike…

How mTek is Betting on Technology to drive Kenya’s Insurance Uptake

The local insurance landscape has continued to evolve over the years shifting the balance from a rich mans’ venture to the low and medium income segments. This has been as a result of the improvement in technology and customization of the policy offerings to suit the middle and low income earners. With the adoption of technology and smart solutions insurers have managed to turn the tide against con artists in the sector. For decades, insurance companies have agonised over fraudulent claims from policyholders. Fraud is now at an all-time high…

Mushe and Constellation set to revolutionize the decentralized exchanges market

Mushe (XMU) and Constellation Network have announced a partnership that is set to revolutionize the decentralized exchanges (DEX) market. The collaboration is a positive shift for investors in cryptocurrency as it brings a new level of security, overcomes network congestion, reduces transaction fees and offers cross-chain interoperability. It is a game-changer that could well render today’s DEX platforms obsolete.     Peer-to-peer decentralized exchanges are booming, driving huge changes in global financial institutions and making the world of crypto more accessible. They manage huge volumes of transactions with no third-party…

Value and the public sector: ACCA announces its online 2022 Africa Public Sector Roundtable

By Nemuel Ondima Covid-19 has placed intense economic and social pressures on the public sector around the world and across the African continent. To explore these issues, ACCA will be hosting an online Public Sector Roundtable for the Africa region on 30 March 2022 titled ‘A More Responsive Public Sector: Creating Value for Sustainable Development’. Jamil Ampomah, ACCA Director – Africa says: ‘Increasingly, investors seek a commitment to sustainability, placing a premium on long-term economic stability rather than the instant gratification of a quick dollar. Clearly, this is good news…

Family Bank Records 132% Increase In Earnings To Kshs. 3.3 Billion Profit Before Tax For The Year Ended

By Michelle Anzaya Family Bank Group “The Group” has recorded a KES 3.3 billion Profit Before Tax for the year ended 31 December 2021, marking a 131.6% growth in earnings. The growth in earnings was largely driven by an increase in interest income, marginal growth in interest expenses and operating expenses coupled with a reduction in the loan loss provisions. The Group’s total assets grew by 23% to close at KES 111.7 billion driven by net loans and advances which expanded by 18.2% to KES 66.9 billion while investment in government…

Family Bank unveils a Multi-Currency Forex Card targeting e-commerce traders and the Youth

Family Bank has unveiled a series of prepaid cards targeting, among others, the youth and traders in the ever-growing e-commerce trade with China allowing customers to transact in multiple currencies including the Yuan.   The Multi-Currency Forex Card will allow traders, travellers, Diaspora and business community to load multiple currencies in USD, GBP, Yuan and Euro on a single card accessible internationally and benefit from features such as waived off ATM access fee withdrawals, zero cross-currency charges, get insurance against unauthorized transactions on the card and access to lower transaction charges than international credit or debit…

SASRA Signs MoU with DCI to Combat Fraud in SACCOs

The Sacco Societies Regulatory Authority (SASRA) has signed a Memorandum of Understanding (MOU) with the Directorate of Criminal Investigations (DCI) to formalize the establishment of the Sacco Societies Fraud Investigation Unit (SSFIU). The signing of the MOU signifies an important milestone towards the realisation of the Authority’s reform agenda of entrenching corporate governance practices among SACCOs as well as the fulfilment of President Uhuru Kenyatta’s directive issued in July 2019 to establish the Unit. Speaking during the MOU signing ceremony, SASRA Chairman John Munuve said: ‘’ We view this MOU as an…

CREDIT BANK RECEIVES BEST SME BANK AND BEST MOBILE BANKING AWARDS

Credit Bank Plc, Kenya’s leading SME bank, has received the ‘Best SME Bank in Kenya’ and ‘Best Mobile Banking in Kenya’ awards from International Business Magazine. The International Business Magazine Awards recognize the best in class achievements pertaining to global leaders and corporates across varied spheres in the International Business and Finance Arena. The judging process, led by subject matter experts, involves a meticulous look into the institution’s talent, leadership skills, service quality, and capability among other things. “The two awards by International Business Magazine Awards reflects Credit Bank’s unparalleled…

We plan to take M-Pesa to a new level, says Safaricom CEO Peter Ndegwa.

Credits CNN In an interview with CNN’s Richard Quest, the CEO of Safaricom PLC, Peter Ndegwa, outlined how he expects M-Pesa to develop in the wake of the coronavirus pandemic. Ndegwa also states that the company is rolling out products targeted at helping small and medium-sized enterprises (SMEs) that have been worst affected by the coronavirus, saying that: “Covid-19 crisis is much more about socio-economic crisis”. Here we take a look at the key issues said by the CEO of Safaricom Peter Ndegwa. Peter Ndegwa on the future of M-Pesa: “We want…