CBK special units to audit 3 large banks

Central Bank of Kenya (CBK) is setting up special supervision units for Kenyan banks with regional subsidiaries to identify the risks. The International Monetary Fund (IMF) says fast expansion of banks into the region has brought fresh risks as regulation in some countries is not up to scratch. [...]

1,000 Telkom Kenya unionisable employees strike over bonus pay

More than 1,000 unionisable staff of Telkom Kenya downed their tools yesterday to press for an increase in their bonus pay. The workers issued a strike notice last week, claiming that unionisable staff were being paid a token Sh2,000 bonus while some senior staff were getting as much as Sh1 million each. [...]

World Bank optimistic about Africa's economic growth despite challenges

Significant public investment in infrastructure, increased agricultural production and expanding services in Africa's retail, telecoms, transportation and finance sectors are expected to continue to boost growth in the continent. This increase in growth is expected to occur despite lower commodity prices and lower foreign direct investment as a result of subdued global economic conditions, according to the World Bank's new Africa's Pulse report. [...]

Equity Bank partners with KEMRI in research and mobile banking services

The two have began discussions that will see a robust partnership on health research and mobile banking platform geared towards transforming the two sectors in the country. The Banks’ Chief Operating Officer Dr. Julius Kipn’getich and Director, Kenya Medical Research Institute (KEMRI), Prof. Solomon Mpoke disclosed recently. Although plans are still at advanced stage for their partnership, Equity Bank Ltd will first start enrolling scientists and researchers on its mobile phone platform as soon as the service is rolled out. [...]

Essar’s assets sale process on course, says Communications Authority Kenya

Communications Authority of Kenya (CAK) has given preliminary approval to a joint bid by Safaricom and Airtel for the mobile assets of Essar Kenya and the final nod could be given next month.  He said CAK and the competition authority approved the deal but needed to wait until the end of the month for other parties to raise any objections, in line with legal requirements, to give their final agreement. [...]