CIC Corporate Bond gets 211% subscription

The CIC Insurance Group Corporate Bond has been oversubscribed by 111 percent raising a sum of Sh6.34 billion from the initial target of Sh3 billion. The group’s Managing Director Nelson Kuria said the subscription was from across all market segments among them local institutional investors, financial institutions, the insurance sector and the general public.The company will accept an additional Sh2 billion from the total amount raised. [...]

M-Pesa beats 34 banks in global cash transfers list

The latest Central Bank of Kenya money transfer data for up to August shows the telecommunications firm now handles slightly more than 4% of all cash remitted to Kenya from foreign countries. Equity Bank is in pole position having handled Sh10.3 billion or 12.36% of total remittances sent in the eight months to August followed by Co-operative Bank, which processed Sh8.7 billion or 10.36% [...]

Equity Bank Issues Taisys Mobile Banking Smart SIM

Taisys Technologies Co Ltd yesterday announced that Kenya’s Equity Bank will be issuing an ultra-thin mobile banking smart SIM with patented technology from Taisys. Equity Bank customers can now enjoy funds transfer, micro-payments and other mobile financial services that are agnostic across mobile devices, including traditional basic-feature phones using Taisys’s ‘m-Banking’ and ‘duo-SIM’. [...]

Shilling remains steady against dollar as traders shrug off President Uhuru's court date

The shilling held steady yesterday as traders shrugged off news that their President would become the first sitting world leader to appear in front of the International Criminal Court. At the opening of trading, commercial banks quoted the shilling at 89.15/35 to the dollar, compared to Monday's close of 89.25/35. [...]

Ethiopia mulls bond market debut by early January

Ethiopia aims to make its first foray into the international bond markets by early January, the Finance ministry has said in a plan that would be closely watched by investors who have snapped up other African countries' debt. The government has said it was considering issuing a Eurobond and other bonds after similar moves elsewhere on the continent. [...]