Banks seek to knock out class action suit at Supreme Court

Commercial banks have launched a fresh assault in their protracted battle against a potentially devastating class action suit in which hundreds of their clients are seeking compensation for interest rates charged on loans without the Finance minister’s approval. The Kenya Bankers Association (KBA), which was sued on behalf of all commercial banks, has moved to the Supreme Court seeking nullification of a High Court petition filed by Rose Florence Wanjiru in 2003 pursuing remedy for losses incurred after she was forced to pay ‘illegal bank charges…[...]

Regional grain promoter warns of reduced yields over failed rains

Alarm has been raised over looming food shortage in the country. This is as a result of failed rains, which may lead to a 25 per cent drop in maize and cereals yields this year. Regional grains lobby, East Africa Grain Council (EAGC) warns that if the rains remain below average and continue to fail in the next two weeks, the harvest in cereals will drop. According to the EAGC Executive Officer Gerald Masila, the country already faces a deficit in the grains sector. The drop will reduce the expected harvest…[...]

Firm eyes diaspora inflows from UK

The fight for a share of the diaspora inflows market in Kenya is set to intensify with a new company opening its doors to customers. Continental Money has unveiled an online money transfer service that operates round-the-clock. “We offer an unprecedented convenience to the diaspora community, who can transfer funds from the privacy of their own home or office 24/7,” the chief executive officer Njuguna Kirubi said during an interview. At the moment, Kenyans in the UK can transfer money round-the-clock to any bank account or mobile money platform in Kenya using Continental Money platform, Mr Kirubi said, adding that it takes about 10 minutes to complete a transaction…[...]

Cytonn targets Kenyan diaspora with US subsidiary

A local real estate investment firms has moved to tap the Kenyan diaspora in the US. Cytonn Investments Management Friday announced the establishment of its US based affiliate company to deliver real estate solutions to Kenyans living in the diaspora. Dubbed Cytonn Diaspora; the company is based in Delaware, USA will serve the diaspora – one of Cytonn Investments Management’s main clientele. The firm appointed Mr Hetal Nathwani as the business lead for Cytonn Diaspora…[...]

Importers have until August to get new Kebs

Importers or clearing agents have two weeks to ensure their goods have the new Kenya Bureau of Standards (Kebs) secure Import Standardization Mark (ISM) sticker beginning August 1. According to a statement from Kebs, the new directive, aims at safeguarding Kenyans from unscrupulous dealers, who have been faking Kebs marks of quality; especially the Import Standardisation Mark which Kebs issues to importers once their goods have been inspected…[...]

Expatriates make huge gains from weakening shilling

Kenya’s expatriates and employees of multinational firms who are paid in dollars but buy goods and services in shillings are the biggest winners of the ongoing weakening of the local currency against the US dollar.  A weaker shilling means the same amount of dollars is now converting for much more than it did a year ago — effectively inflating the salaries of those paid in the hard currencies. Employees of international institutions such as the United Nations, diplomatic missions and multinationals top the list of those who are enjoying an exchange rate-related pay rise…[...]