Latest posts
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Motor insurance has gone completely digital
By John Wachira For many motorists, buying motor insurance has traditionally meant finding an insurer or broker, giving them time to review the vehicle, waiting for a quotation and then deciding whether to proceed. But that process is rapidly changing as more Kenyans become comfortable buying financial services, including insurance, online. Motorists today expect to understand…
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Safaricom targets 1 million Kenyan merchants with new M-PESA overdraft
Safaricom has launched a new overdraft facility for qualifying Pochi La Biashara merchants, extending its mobile money credit business to small traders seeking short-term financing to manage inventory purchases, supplier payments and daily operating expenses. The product, Fuliza Ya Pochi, will allow eligible merchants to complete transactions even when their available balances are insufficient. Safaricom…
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SBM Bank Kenya finances $4.44 million fleet expansion for logistics firm
SBM Bank Kenya has financed a $4.44 million fleet expansion for Beyond Continents Logistics Ltd., enabling the logistics firm to acquire 50 heavy-duty trucks to support cargo transportation across East Africa. The acquisition comprises 50 Shacman prime movers fitted with Bhachu trailers, which the company expects to strengthen its haulage capacity as regional trade and…
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Nedbank completes $856 million deal for 66% stake in Kenya’s NCBA
South Africa’s Nedbank Group has completed its acquisition of a 66% controlling stake in Kenya’s NCBA Group in a deal initially valued at $856 million, expanding its presence in East Africa and linking its Southern African operations with one of the region’s largest banking groups. The transaction follows regulatory approvals and makes NCBA a subsidiary…
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Murang’a health services disrupted as AfyaKE system dispute escalates
Healthcare services in Kenya’s Murang’a County have been disrupted following the reported loss of access to its AfyaKE digital health platform, triggering a dispute between Governor Irungu Kang’ata and the national government over patient records, system certification and the transition to a national health management system. Kang’ata accused the national government of shutting down AfyaKE,…
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Kenya raises fuel prices as Middle East conflict drives up import costs
Kenya has raised retail fuel prices for the next 30 days, with kerosene recording the largest increase, as higher petroleum import costs linked to the Middle East conflict put pressure on consumers and businesses. The Energy and Petroleum Regulatory Authority (EPRA) increased the maximum price of super petrol in Nairobi by 12.93 shillings to 226.96…
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Bolt launches Bolt Plus, paid membership in Kenya to boost customer retention
Ride-hailing company Bolt has launched Bolt Plus in Kenya, offering cashback on rides, free delivery and priority services for KSh 280 ($2.17) a month or KSh 899 a year, as it seeks to improve customer retention. New subscribers get their first month free, followed by six months at an introductory rate of KSh 119 a…
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SBM Bank Kenya nine-month pretax profit rises 122% to KSh911 million
SBM Bank Kenya’s pretax profit rose 122% to KSh911 million in the nine months to September, supported by higher interest and non-interest income, deposit growth and a lower non-performing loan ratio, the lender said on Wednesday. Profit before tax increased from KSh411 million in the same period last year, while operating profit rose to KSh1.3…
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Safaricom expands cybersecurity push as Kenya records 11.12 billion threat events
Safaricom is stepping up its push to provide cybersecurity services to businesses as Kenya’s digital economy faces a rising volume of cyber threats, with the country detecting 11.12 billion threat events in the last financial year. The telco is positioning its enterprise technology services as a way for businesses, particularly micro, small and medium-sized enterprises…
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Absa names Kipchoge financial partner for global marathon tour
Absa Bank Kenya has named Kenyan marathon runner Eliud Kipchoge its Official World Tour Financial Partner, linking the lender to the athlete’s global initiative to run marathons across all seven continents. The announcement comes two days after Kipchoge won the Melbourne Marathon in a course-record time of 2:09:10. The 41-year-old two-time Olympic champion secured his…