Britam pulls plug on low-income individual cover

Britam is pulling the plug on an increasingly popular low-end cover for individuals launched with Safaricom in January last year. Individuals who bought the Linda Jamii covers will still continue to get the services until expiry but no new policies will be sold effective this month.Analysts said the shift to groups from individuals is becoming a common industry practice also meant for insurance companies to manage their risks[...]

Britam seeks to clip veto powers of fugitive Rawat

Insurance group Britam is set to delete from its articles of association veto powers that were held by its single-largest shareholder.DawoodRawat currently has the power to veto the appointment of Britam’s CEO and finance director.Britam plans to remove these powers from the run-away businessman at its upcoming annual general meeting in Nairobi on June 26 [...]

Banks uptake of insurance boosts ATI profit to Sh327m

The increased uptake of insurance by banks seeking to cover their loan liabilities helped to boost African Trade Insurance Agency’s (ATI) net profit to Sh327 million for the year ended 2014.The pan-African insurer attributed the 130 per cent profit jump to rising demand by companies involved in infrastructure development, with banks that are financing the deals taking up almost 80 per cent of ATI’s insured risks [...]

CBA to impose new service charges from July 1

The Commercial Bank of Africa (CBA) has introduced new transaction fees and commissions for its customers when performing mobile and online transactions,they now have to pay as much as Sh1,500 for some services in the lender’s bid to boost its non-interest income [...]

Rural mobile money agents more profitable

Mobile money transfer businesses based in the rural Kenya are turning out to be more profitable compared to those based in urban areas, a new survey by Helix Institute of Digital Finance has revealed. Profit by these agents have increased by 26 per cent, compared to 45 per cent in rural areas, this is attributed to lower operating costs and introduction of new revenue streams [...]

Botswana firm in deal to acquire Kenya's Ukwala branches

Botswana based Choppies Enterprises Ltd has entered into a conditional agreement with Ukwala Supermarkets to acquire the retail chain’s 10 outlets. The transaction is in line with Choppies’s strategy of expanding into new markets in sub-Saharan Africa and its stated target of operating over 200 stores across at least six countries by December 2016. The deal provides Choppies with an immediate footprint of established stores and a platform to grow in Kenya [...] 

Farmers to benefit from Sh150m interest-free loans Kenya Commercial Bank
Narok County government has pledged an additional Sh120 million to top up the Sh30 million interest-free loan provided by Kenya Commercial Bank to boost livestock farmers. The partnership has a clear objective to reduce poverty, reduce vulnerability and improve the state of our agricultural economy[...]

Australian explorer pulls out of second Lamu oil block

Pancontinental Oil and Gas has pulled out of another Lamu block where oil has already been discovered offshore, citing escalating costs of doing business.Many explorers are finding the going tough due to high drilling costs amidst low oil prices; experts say rigs cost minimum Sh2 billion[...]