KenolKobil exits Congo, Tanzania with sale of units

Oil marketer KenolKobil has sold its subsidiaries in Tanzania and the Democratic Republic of Congo, marking an exit from the two countries. The company said in a statement Wednesday it has disposed of all its interests in Kobil Tanzania, which had 17 fuel stations, and Congo SPRL whose only asset was a fuel depot in Lubumbashi [...]

Barclays unveils mobile point-of-sale devices

Barclays Bank Kenya has unveiled mobile point-of-sale (MPOS) devices, which will enable people to pay for goods and services while on the go or at their homes. The phone-like General Pocket Radio Service (GPRS) device accepts VISA, MasterCard and AMEX cards. The technology provides an easy, speedy and convenient way that will allow locals to make card payments for services like home deliveries and transportation [...]

Former L’Oréal EA chief executive Patricia Ithau named Barclays director

The former chief executive of cosmetics firm L’Oréal East Africa Patricia Ithau has been appointed as a non-executive director of Barclays Bank Kenya. She replaces Philip Kinisu, who resigned from the bank following his appointment as the chairman of the Ethics and Anti-Corruption Commission (EACC) last year [...]

M-Pesa signs deal for direct cash transfers to MasterCard holders

M-Pesa users are set to receive cash transfers from anywhere in the world on their MasterCards following a deal signed between UK telco Vodafone and the global financial services company. Vodafone and MasterCard, through its affiliate company HomeSend, have signed an agreement that will allow M-Pesa users to receive remittances through their payment cards [...]

Global consultancy says Kenya among top three PE destinations

Global consultancy Control Risks is the latest firm to vouch for Kenya’s investment attractiveness in its latest report on mergers, acquisitions and other deals. Kenya is ranked third behind Nigeria and South Africa in a list of African countries that are expected to have active foreign-driven deal making activity this year [...]

Mobile cash transfers hit record Sh2.8trn on bill payments growth

The volume of cash moved through mobile money transfer platforms grew by a fifth last year to hit a new record as Kenyans increasingly turned to the service to pay for goods and services beyond peer transfers. Mobile money payments grew to Sh2.8 trillion in the period to December 2015 compared to Sh2.3 trillion a year earlier [...]

Power struggle at Tuskys as CEO says he is in office even after ouster

A power struggle is playing out at Tuskys after chief executive Dan Githua, who was forcibly ejected from the retail chain on Tuesday, insisted that he is still in office even after the board announced that it had appointed one of its shareholders to the same position in acting capacity. George Gachwe, one of Tuskys’ heirs, was on Tuesday appointed as acting chief executive of the retail chain [...]

Moody’s tips Kenyan banks to maintain profit-making streak

Kenya banks are expected to continue making profits this year on the back of expected growth in the economy and a double-digit expansion in credit uptake, says rating agency Moody’s. Moody’s however said that banks’ margins will be under pressure due to increased competition [...]

Ex-Charterhouse chief loses bid to quash name from report

Former managing director of the collapsed Charterhouse Bank, Sanjay Shah, has lost a bid to stop the anti-graft watchdog from linking him to a Sh18 billion money laundering and tax evasion scheme [...]