Agency banking transactions hit Sh320bn mark
The number of transactions conducted by bank agents rose by 38 per cent last year underscoring the growing confidence in the banking concept introduced four years ago. Banks have contracted businesses such as supermarkets, pharmacies, couriers, hardware shops and post offices as third party agents to provide cash-in cash-out transactions and other services. The agency banking model allows banks to reach more customers without opening new branches that are expensive to set up, or deploy staff […]
Equity debuts at the Rwanda Stock Exchange
Equity Bank has joined other Kenyan firms such as KCB and Nation Media Group to cross list on the Rwandan Stock Exchange in a move to increase brand visibility and win customer loyalty in Rwanda. The lender which listed on the Kenyan stock exchange in 2006 and Ugandan Securities Exchange in 2009 will start trading on the Rwandan market on Thursday […]
Building boom to spur cement firms’ share rally at NSE
The counters have been on an upward trend over the past one month, led by EAPC with a gain of 20 per cent to Sh66 a share. Bamburi has gained 9.3 per cent over the period to Sh153, while ARM is up 3.7 per cent to Sh85. The price highs for the past one year for EAPC, Bamburi and ARM are Sh110, Sh214 and Sh96.50 respectively. Recent gain by listed cement stocks is likely to continue in the coming months as investors factor in potential of supplying major infrastructure projects […]
East African Cables 2014 profit down, to open upgraded plant
East African Cable said it would open an upgraded production plant in Nairobi to further its presence in the regional market. The firm, which makes cables for the utility and telecoms industries, said it would open the modernized and expanded Kitui Road plant in the first half of this year after reporting a 13 per cent fall in pretax profit. The firm is counting on increased demand for its products in the region where governments and utility firms are spending billions of shillings on power generation, transmission and distribution […]
Shilling steady as CBK mop ups offset market liquidity
The shilling was flat yesterday after liquidity mop ups by the Central Bank offset increased local currency liquidity. However, traders said the unit could still weaken on pent-up dollar demand. At the opening of business, the shilling was trading at 91.55/65 to the dollar, which is similar to the previous day’s close. Central Bank has mopped up a total of Sh31 billion in excess liquidity from the money markets so far this week […]
Firms to benefit from new foreign cash credit facility
Local firms stand to benefit from Sh16.6 billion (€160 million) lending programme that will see businesses secure foreign currency credit facility. The new facility follows a deal between European Investment Bank (EIB) and the Eastern and Southern African Trade and Development Bank (PTA Bank) to support investment across eastern and southern Africa. Under the deal inked in Nairobi, agribusiness, energy, manufacturing and service sector industries will access a seven-year loan in local currency, or a 15-year loan in US dollars or euros from PTA Bank […]
Logistics firm linked to Blackwater founder expands to Congo
Frontier Services Group (FSG), a Nairobi-based company associated with former Navy SEAL and Blackwater founder Erik Prince, has announced it is expanding to the Democratic Republic of Congo. The firm, which is listed on the Hong Kong Stock Exchange, has been expanding in the local market by buying stakes in local transport and logistics companies […]