CAK warns Safaricom on M-Pesa fees

The Competition Authority of Kenya (CAK) has ordered telecoms operator Safaricom to make public its Lipa na M-Pesa charges for businesses that levy a commission on the value of payments made through the system. Francis Wang’ombe, the CAK director-general, said Thursday that his office had received complaints over Safaricom's failure to disclose the charges consumers should incur for use of the Lipa na M-Pesa service in merchant shops or points…[...]

Diamond Trust Bank, CBA profits grow on increased lending

The Commercial Bank of Africa (CBA) and Diamond Trust Bank Thursday announced growth in their net profit for the six months to June on the back of significant earnings from their core lending business. Top tier lender CBA reported a 50 per cent growth in net profit to Sh1.86 billion while its mid-sized peer Diamond Trust Bank (DTB) saw its after-tax earnings jump 10.5 per cent to Sh3.25 billion…[...]

Barclays profit hits Sh4.6bn on return of ATM charges

Barclays Bank of Kenya’s re-introduction of ATM fees late last year boosted its non-interest income, helping to increase the lender’s after-tax profit for the half-year to June by eight per cent to Sh4.6 billion. The bank Thursday announced that its non-interest income in the period jumped 12 per cent to Sh4.8 billion…[...]

Economists call for independent study on dominance

The Institute of Economic Affairs (IEA) has called on the government to conduct a comprehensive study on the telecommunications sector to determine market share controls and identify companies that are abusing their dominant position…[...]

ERC stops licensing diesel power plants to cut costs

The energy regulator has suspended licensing of new diesel-fired plants as the country takes a big bet on its ‘green sources’ to cut down electricity cost. The Energy Regulatory Commission (ERC) says Triumph Power’s 83-megawatt plant in Athi River, which became operational last month, would be the country’s last thermal unit…[...]

Jimnah Mbaru back at Dyer helm after CEO quits

Veteran investment banker Jimnah Mbaru, 68, is back at the helm of his majority-owned Dyer & Blair brokerage house, plugging the gap left by the exit of top managers. The billionaire investor, who is the chairman of Dyer & Blair Investment Bank, will take over as chief executive in an acting capacity after the exit of Paul Orem and his deputy Paul Nyaga. The latter was head-hunted from Renaissance Capital late 2012…[...]

Foton showroom plot on sale for Sh1.2 billion

Davies Motors has put on sale its 1.14-acre piece of land on Mombasa Road for Sh1.2 billion making it one of the priciest land transactions this year. A three-storey building currently sits on the property with one of the occupants being Chinese motor company, Foton, who have a showroom on the ground floor. The top-floor has a gym associated with the land owners, Davies Motors. The rest of the land, one acre, has small workshops…[...]

Co-operative Bank of Kenya outshines banking peers with 32pc leap in half-year profits

Co-operative Bank of Kenya has signed a Sh12 billion long-term facility for onward lending from the International Finance Corporation after reporting the fastest half-year growth in Kenya’s banking sector. Group Managing Director Gideon Muriuki yesterday said his bank’s after-tax profits rose by a third to Sh6.24 billion…[...]