Equity scales up security for its online, phone banking

Equity Bank has entered into an agreement with a South Africa-based authentication firm, Entersekt, to strengthen security of its online and mobile phone based services as it seeks to deepen its presence in digital banking. Equity Bank will integrate Entersekt’s software that requires users to provide two means of identification from [...]

KQ pilots extend ultimatum for sacking of management

Kenya Airways’ pilots have extended by a week their ultimatum demanding the sacking of the national carrier’s entire management team. The KQ pilots said the extension is intended to give the airline more time to avert the looming crisis by effecting their demands. The pilots on January 20 gave KQ a one-week ultimatum to sack the entire team of executive directors, saying failure to do so would see them start unspecified action [...]

StanChart boss backs use of yuan for trade with China

Increased global usage of Chinese currency is expected to cut the cost of doing business between Kenya and the Asian nation according to Standard Chartered East Africa chief executive Lamin Manjang. Mr Manjang on Monday told a group of StanChart clients that last year’s decision by the International Monetary Fund (IMF) to add the Renminbi, also known as the Yuan, to its ‘Special Drawing Rights’ basket [...]

Centum lines up Sh510m funding for start-ups

A foundation run by Centum Investment has committed to invest about $5 million (Sh510 million) in startups in the next three years. Budding entrepreneurs will be required to present their business ideas and highlight their competitive advantage, the ability of the team, its potential market size and the potential impact of innovations [...]

CfC Stanbic urges Treasury spending cuts to keep rates low

The government must show commitment to reining in spending before the end of the current fiscal year if interest rates are to remain stable, according to CfC Stanbic. CFC Stanbic says the Budget Policy Statement set to be released next month provides an opportunity for government to cut the domestic borrowing target, which should reduce pressure on interest rates [...]

Bank clients to say who receives the cash if they withdraw over Sh1m

Bank customers have to name beneficiaries of cash withdrawals above Sh1 million and justify not using electronic transfer, the Central Bank of Kenya (CBK) has ordered in a circular. Those transacting Sh1 million or more are now required to fill a form that the bank has to file with the CBK’s Financial Reporting Centre [...]

CBK replaces Imperial Bank statutory boss

The Kenya Deposit Insurance Corporation (KDIC) has replaced Peter Gatere as the receiver manager of Imperial Bank. Mohamud Mohamud, the head of risk and resolutions at KDIC, took over from Mr Gatere, who had been recalled from Eldoret to take the position [...]

Knight Frank too expects Nairobi rents to stagnate

Knight Frank has joined property players reporting stagnation of rents in top market segments.  The Knight Frank Prime Global Rental Index shows rent for Nairobi’s high-end property market did not increase between March and September of 2015 as a result of increased supply [...]

IMF extends Kenya's existing credit facility as new one discussed

Kenya's $680 million standby credit with the International Monetary Fund has been extended to March as both sides work on a new facility with similar features, the IMF's resident representative said. Kenya secured the year-long, insurance-type loan in February last year to help it deal with any unforeseen shocks [...]