Tuskys signs finance deal with DTB for upfront payment of suppliers

Tuskys Supermarkets has signed a financing facility that will see its suppliers get payments from the Diamond Trust Bank even before their invoices are due. The deal will also enable small and medium sized companies (SMEs) that supply the retailer get loans from DTB at preferential rates. Three months ago, suppliers wrote to Nakumatt, Tuskys and Naivas claiming that delays in settling their invoices had forced them to borrow heavily [...]

Family Bank receives Sh1bn funding from Dutch firm for SMEs

Family Bank has received a Sh1 billion loan from Netherlands-based Oikocredit for lending to small and medium-sized businesses. Family Bank has recorded rapid expansion of its loan book, 39 per cent in the nine months to September, informing its management’s move to seek cheap funding from international lenders [...]

Minority owners to miss Rea Vipingo buyout offer

Rea Vipingo minority shareholders still holding on to shares beyond December 18 will lose their right to the Sh85 a share offered by Rea Trading in a buyout. In a notice Rea Trading said it has notified the remaining 10 per cent shareholders who did not take up the offer by the end of September to accept payment [...]

Consolidated Bank grapples with low capital levels as profit declines 55pc

Government-owned Consolidated Bank is grappling with low capital levels and poor profit, which dropped 55 per cent in the three months to September. Consolidated Bank reported a Sh16 million profit after tax for the nine months ended September down from Sh35 million reported in June. The bank has been below the statutory capital levels over the past three years but has been given leeway to continue operating due to its ownership by the government [...]

Treasury says Eurobond borrowing rose to Sh281bn

National Treasury received a Sh6.5 billion bonus from the reopening of the sovereign bond that raised Sh75 billion ($750 million) last December bringing the total proceeds to about Sh281 billion. The initial tranche of the bond had in June realised Sh200 billion ($2 billion) but this was reopened owing to the good reception at the Irish Stock Exchange where it was listed, Treasury cabinet secretary Henry Rotich revealed last Friday [...]

World Bank’s county wealth report now sparks debate over revenue sharing formula

Governors have questioned the quality of data and formula used by Kenya’s revenue-sharing agency to divide the national cake to devolved units, after a World Bank report revealed fresh insights on the wealth of counties [...]

Nairobi tops Africa in financial services

Nairobi has been rated the top African city in access to formal financial services, catapulting it into the top 10 cities in economic growth potential. According to the 2015 MasterCard African Cities Growth Index, Nairobi’s index value rose from 37.2 in 2014 when it was ranked 19th, to 41.3 in 2015 [...]

Siaya posts fastest GDP growth in the country

Siaya posted Kenya’s fastest GDP growth over the last decade, according to a new World Bank study released last month. Siaya governor Cornel Rasanga attributed the accelerated growth of Siaya to the extended construction of roads, hospitals and sports facilities as well as improvement in management of fish resources in Lake Victoria [...]