Diaspora Remittances Drop 6.8%
Diaspora money remitted into the country significantly dropped in July as compared to earlier months in the year. According to Central Bank of Kenya reports, in July 2012, remittances to Kenya amounted to US$ 92.7 million (KES 7.88 billion), or 6.8% lower than US$ 99.5…
Expensive Deposits Slowing Interest Rate Cuts
One month after the Central Bank of Kenya cut the base lending rate, the response by banks to reduce their lending rates has been slow. Although a number of banks have already implemented their rate cuts, with some setting mid this month as their dates,…
Funding for Kenyan's Studying Abroad Halted
Kenyans studying abroad will no longer get loans and bursaries from the Ministry of Higher Education Science and Technology. In a letter addressed to Kenyan Embassies and High Commissions, the Ministry instructed foreign missions to inform Kenyan students residing in the respective countries of tne new developments.
Equity CEO gets Double Global Appointments
Equity Bank Group CEO Dr. James Mwangi has been appointed to the Global Agenda Council on New Economic Thinking which is a council of the World Economic Forum. The council is a global brain trust that will set the direction for global, regional and industry…
KES 25.5 Billion Loan to De-congest Nairobi
Kenya has signed a credit deal with the World Bank totaling US$300M (KES 25.5 Billion) which will be used to fund the National Urban Transport Improvement Project (NUTRIP). The concessionary loan would be repaid within 30 years at the rate of 0.75%, with a…
NSSF Bill receives PS' Support
The ongoing efforts by the National Social Security Fund (NSSF) to secure the support of key stakeholders ahead of a scheduled transformation programme have received a shot in the arm from the civil service top guns. The draft National Social Security Pension Trust Bill 2012…
How Cell Phone Shut-down Will Affect Mobile Money
With barely three days to the massive counterfeit mobile phone switch off by Communications Commission of Kenya, more than one thing is at stake. People will be cut off from the regular communication network, cost will be incurred in acquisition of new phones and most…
Ecobank to Roll out More ATMs, Branches
Ecobank has announced that it will be deploying several Automated Teller Machines (ATMs) in strategic locations across the country before the end of the year. Speaking during the awarding of winners of Ecobank’s Angukia hao promotion, Ecobank Kenya Managing Director Tony Okpanachi said this will…
International Hotel Chains commit to invest in Kenya
More than half a dozen leading International hotels have confirmed plans to set up their operations in Kenya, as one of the key outcomes in the on-going Africa Hotel and Investment Forum (AHIF) conference. The two-day conference hosted by the Kenya Tourist Development Corporation (KTDC) appears…
Couple Wins House In Ecobank's Promotion
Sophie and Berry Odhiambo won a 3 bedroom bungalow worth KES 5 million in Ecobank’s Angukia Hao na Ecobank promotion. The promotion was a three month deposit mobilization. Joseph Kipkirui Ngetich and David Mwangi Rukwaro, first and second runners up took home KES 1,000,000 and KES 500,000 respectively.
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