Kenya’s balance of payments slips into deficit position

Kenya’s balance of payments has slipped into a deficit position following a drop in financial inflows, in the absence of the Eurobond and amidst low tourist numbers, wiping out gains of a lower import bill. This means there were more outflows from the country than receipts [...]

Banks face fresh competition agency probe over pricing

Kenyan banks face fresh scrutiny from the competition watchdog in the second phase of investigations into their products pricing and possible restriction of customers’ choice. The Competition Authority of Kenya (CAK) says it expects to complete the investigations by June 30. The CAK will also look into the lenders’ disclosures to customers and consumer protection issues [...]

Uhuru-Museveni sugar deal flops on Kampala shortfall

The much-anticipated sale of Ugandan sugar in the country has flopped due to lack of sugar surpluses in the neighbouring state forcing Kenyan authorities to withdraw import licences. Kenya Sugar Directorate said it has cancelled a number of permits issued to some traders after they failed to secure sugar from Uganda within the stipulated time. The country has not received any Ugandan stocks in the past two months for the permits issued in November [...]

Unclaimed assets agency opens Sh6bn payout after House passes guidelines

Kenyans can now start withdrawing billions held by the Unclaimed Financial Assets Authority (UFAA) following Parliament’s passage of regulations guiding the payout. UFAA has received over Sh6 billion from companies holding idle resources but has not made any payments to claimants due to lack of regulations [...]

NSE bonds market starts year on a low note

The secondary bonds market at the Nairobi Securities Exchange (NSE) opened the year on a slower note compared to 2015, the adequate liquidity in the money market notwithstanding. Investors instead bid heavily for primary Treasury bills which indicates a bias towards short-term securities due to uncertainty over interest rates [...]

Prudential Assurance enters Zambia

UK firm Prudential Assurance that came back to the Kenya market 18 months ago has entered Zambia underlining the company’s expansion plans in Africa. Prudential has entered the life insurance market in Zambia by acquiring Professional Life Assurance

NSSF portfolio of stock market blue chips hits Sh56bn

The State-controlled retirement fund NSSF had a portfolio of Sh56.3 billion composed of mainly blue chip stock market companies as at June 2014, newly published financial statements of the agency have showed. At Sh56.3 billion, NSSF is one of the single-largest investors at the Nairobi bourse after the Treasury and Vodafone, which hold over Sh200 billion each on their Safaricom shares alone. NSSF has invested in 30 firms or nearly half the total of 64 companies listed on the Nairobi bourse [...]

Icpak says Ciano to remain committee chair until further Uchumi investigations

Former Uchumi Supermarkets CEO Jonathan Ciano is expected to retain his position as chairman of the Institute of Certified Public Accountants of Kenya (Icpak)’s disciplinary committee until the accounting body completes its own investigations into allegations that he cooked the retailer’s books [...]