SBM Bank Launches a "Spend and Win" Campaign for its Customers

The SBM Bank has launched a three-month utilization campaign among users of its SBM prepaid, credit, and debit cards dubbed “Spend and Win” Campaign in an effort to promote the use of these cards. The campaign, championed by SBM Bank’s Card business department is set to run for three months, starting in November and continuing through the December Festive season through to the Back-to-School season in January. Speaking during the launch, Paul Kaguru, Head of Alternate Channels explained said, “The Spend and Win Campaign aims to encourage current SBM Bank…

SBM Bank Posts 30% Growth in Net Loans and Advances

SBM Bank Kenya Limited’s net loans and advances increased year on year by 30% from KShs. 27.9 Billion in Q3’2021 to KShs. 36.3 Billion in Q3’2022 supported by increased lending to its customers.   The Bank reported a Total Asset position of Kshs. 82.3 Billion as of 30 September 2022, a 1.7% increase compared to the KShs. 80.9 Billion reported in a similar period last year.   The customer deposit balances increased by 2.2% from KShs. 54.3 Billion in Q3’2021 to KShs. 55.5 Billion in Q3’2022 supported by growth in the…

Bank of Kigali’s Third Quarter Profit up By 18.4% to Ksh. 5 Billion

The Bank of Kigali (BK) Group has announced an 18.4 percent increase in net profit to KES5 billion for the period ended September 30 2022. The strong profit growth for the Nairobi Securities Exchange and Rwanda Stock Exchange listed lender was driven by an increase in interest earnings, transactions income and a significant drop in loan loss provisions. Total interest income grew 9.9 percent to KES16.5 billion, helped by a 4.4% expansion in net loans and advances to KES119.6 billion. “We are happy to see improvement in asset quality despite…

Family Bank Feted As Bank Of The Year For High-impact Agricultural SME Lending

Family Bank has been awarded and recognised as Bank of the year for high-impact agricultural lending to Small, Medium Enterprises (SMEs) by Aceli Africa. The Bank was awarded during the Aceli Africa Convention which sought to discuss the implementation of financial incentives and technical assistance to grow the Agri-SME sector. The convention brought together stakeholders from East Africa, Southern Africa, the United States, Europe and Mexico including lenders, donors, SMEs, Developmental Financial Institutions (DFIs), social impact lenders, and consultants among others. “SMEs more so those in the agricultural sector are…

FAMILY BANK RECORDS KES 3.5 BILLION PROFIT BEFORE TAX FOR THE THIRD QUARTER OF 2022.

Family Bank Group has recorded a KES 3.5 billion Profit Before Tax for the first nine months of 2022 up from KES. 2.6 billion recorded in a similar period in 2021, marking a 33.2% growth in earnings. The growth was primarily driven by strong partnerships and an increase in non-interest income. The Group’s loan book expanded by 22.7% to KES 79.8 billion while customer deposits increased by 13.8% to KES 92.7 billion in the period under review. Total non-interest income increased by 22.4 per cent to close at KES 2.7 billion…

NBK Launches Ksh. 2B Education Programme; Announces Financing Partnership With Private Schools Associations.

National Bank of Kenya (NBK) has launched its flagship education enablement program Elimu Konnect committing KShs. 2B towards the support of the education ecosystems within both Primary and Secondary schools.   In a ceremony held at the Hilton Hotel, the bank also announced financing partnership with Kenya Private Schools Association (KPSA) and UNIFIED Alternative Providers for Basic Education and Training (APBET) Schools Association-Kenya. The collaboration entails financing to support key components of quality education including quality and sufficient infrastructure development, sustainability in energy & water, ICT infrastructure & learning programs,…

NBK, Growth Match Africa, and UK Kenya Tech Hub Partner to offer board advisory program for startups

National Bank of Kenya (NBK), Growth Match Africa and UK Kenya Tech Hub have partnered in a mentorship program dubbed “StartUp & Chill” to pair startups with strong mentors and advisors that have significant domain, technical or business expertise in their respective field of business to help them realize growth. Speaking at the 2nd edition of the Start Up & Chill event, Mr. Fred Kioko the Head of Change and Integration at NBK noted that the board advisory program will ensure that the startups gain technical know-how to build their…

Small and Medium Enterprises in Blue Economy set to benefit from increased access to finance and markets.

The Stanbic Kenya Foundation has partnered with the German Development Cooperation to support micro, small and medium enterprises (MSMEs) in the blue economy sector. A Memorandum of Understanding with the implementing organization  Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, will see about 200 MSMEs benefit from increased access to finance, new markets and value chains, improving their competitiveness. Speaking during the event, Stanbic Bank Kenya CE, Mr. Charles Mudiwa, said, “Stanbic Bank Kenya has deliberately enhanced its support for MSMEs in Kenya because we acknowledge the significant contribution they make…

EQUITY GROUP DONATES KES 120 MILLION TOWARDS DROUGHT MITIGATION IN KENYA

Equity Group and the family of Dr. James Mwangi have donated Kes 120 million (USD 1 million) to address the plight of Kenyans affected by the current drought in the country. The amount is composed of Kes 60 million from Equity Group and another Kes 60 million from the family of Dr. James Mwangi.   Speaking at a consultative meeting presided over by His Excellency President H.E William Ruto to discuss the current drought situation in the country, Dr. James Mwangi, Equity Group Managing Director and CEO said, “The drought…

Huawei partners with Africa Telecommunications Union to ramp up fiber connectivity

Huawei technologies today announced a partnership with the Africa Telecommunications Union to raise the tempo of transferring services to the digital sphere over the next eight years. Kenya was among the member countries attending the AfricaCom 2022 conference in Cape Town South Africa where the ICT Ministers and their representatives signed a joint communique agreeing to institute measurable initiatives in the development of their digital economies. The relationship is expected to contribute to the overall investment in equipment, human resources and process necessary to make a successful digital transition. Reducing…