Equitel loans hit Sh4bn, says Equity Bank

Loans borrowed from Equitel mobile money have hit Sh4 billion since its launch, underlining the vast potential of mobile banking in the country. Equity Bank CEO James Mwangi said an average Sh5,000 is borrowed daily, with most borrowers using the ATM non–card option to access the loans…[...]

Equity Bank completes acquisition of DR Congo ProCredit Bank

Equity Bank Wednesday announced the completion of its acquisition of ProCredit Bank of the Democratic Republic of Congo (DRC). Equity Group had earlier in May this year entered into an agreement with ProCredit Holding to acquire 79 per cent of the issued share capital of ProCredit Bank Congo S.A an SME focused bank in the DRC…[...]

Equity Bank wants say on proposed M-Pesa fees change

Safaricom does not have a unilateral right to increase M-Pesa fees charged on banks that offer mobile money services, the Equity Bank CEO James Mwangi has said. Instead, Equity and other commercial banks will have a say on the proposed M-Pesa charges for transfers of cash made from bank accounts to Safaricom’s mobile money platform, Mr Mwangi said at a media briefing on Thursday…[...]

KQ chairman Mwaniki set to retire after 10-year term

Evanson Mwaniki, the chairman of troubled national carrier Kenya Airways (KQ), is set to retire next month after a ten-year tenure. Mr Mwaniki leaves behind a mixed legacy, having chaired the board at a time when Kenya Airways thrived after privatisation, to now when the airline’s financial position has plummeted making it technically insolvent…[...]

Court gags four FEP Holdings shareholders

A Nairobi court has restrained a section of shareholders in a micro-finance company from publishing statements in the media alluding to misappropriation of funds invested in the Sh5 billion worth firm. Justice Rosyln Aburuli on Thursday issued the gag order against Mr George Njue, Mr Charles Kabaiku, Mr James Octavia Sloan and Mr Geoffrey Soyiantet…[...]

Imperial Bank appoints Naeem Shah as MD

Imperial Bank has appointed Mr Naeem Shah as interim managing director following the death Mr Abdulmalek Janmohamed. Mr Shah had worked as head of credit and asset finance at the bank. Mr Abdulmalek Janmohamed who has been serving in the position since 1992 is said to have died on Tuesday…[...]

Safaricom moves to deepen mobile payments use

Safaricom is taking its mobile payment to the low end retailers as it seeks to widen its tuff and ward off card payment options surge. Banking on its massive customer base the telco has embarked on a countrywide campaign to bulk up its Lipa Na M-Pesa revenue by 30 per cent this financial year…[...]

Sudan scholar Lo Liyong acquires stake in Eveready

Controversial writer and poet Taban Lo Liyong has bought a minority stake in battery company Eveready East Africa, breaking into the list of the company’s top foreign investors. Regulatory filings show that Prof Lo Liyong acquired 13,200 shares of Eveready as at the end of August, ranking him tenth among the top foreign shareholders of the Nairobi Securities Exchange-listed firm…[...]