April 25th 2017

News



Equity Bank rated most socially devoted financial brand in Kenya

Joshua Mwangangi | Tuesday, 25 Apr 2017 11:22 EAT

The Bank continues to invest heavily in social and digital platforms in a bid to reach out to its targeted audience and meet business objectives in different locations given its presence in six African countries and a wide network of branches.


World Bank launches Africa digital business acceleration program

David Jagongo | Thursday, 20 Apr 2017 18:02 EAT

The Group unveiled the the development in a news dispatch from Washington, distributed by the African Press Organization. With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.


KEBS introduces special quality mark for Import goods

Jackson Okata | Thursday, 20 Apr 2017 17:42 EAT

The MD said that in order to expand testing capability in the country KEBS is in the process of establishing more laboratories in Kisumu, Eldoret  and Kisumu. He noted that the move will reduce cost for traders who at the moment have to travel to Nairobi to have their products tested.


Safaricom launches ‘TUNUKIWA’ promotion to reward loyal customers

Cynthia Gitau | Wednesday, 19 Apr 2017 18:23 EAT

To participate in the promotion, customers will be required to dial *444# from their Safaricom line to view daily offers. They can decide which bundle best suits them. Once they purchase their preferred offers, their airtime will be deducted from their airtime.


The report, which focuses on multinationals looking at entering, or already present, in Middle East and Africa, indicates that there was a 17 percent increase in the number of Fortune 500 companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa.


The new online booking tool is a one stop shop for travelers, offering seamless access to services such as flight bookings and information, access to accommodation options and booking, insurance among other services.


NIVEA rolls out new antiperspirant in Kenyan market

David Jagongo | Friday, 07 Apr 2017 16:53 EAT

“Today’s woman wants a deodorant that will fully protect them while at the same time caring for their underarm skin,'' said Beiersdorf Marketing Director for Central, East and West Africa, Francis Afulani.


The Big Bolero Pick Up is a 9 foot cargo body vehicle retailing at Sh1.95 million per unit is also available on a pay-as-you-use arrangement, which Kotecha described as a flexible leasing solution.


Chandaria Industries wins 2017 Energy Management Awards

Cynthia Gitau | Tuesday, 04 Apr 2017 18:10 EAT

“We need to embrace energy efficiency as a nation in order to save on energy costs and achieve vision 2030. As a ministry, we have invested about Sh360 million in energy management. We are doing almost 50 percent of our energy from geothermal sources and about 40 percent from hydro sources,” said En


The budget also proposed other tax measures aimed at growing local industry and enhancing our competitiveness. To cushion the local manufacturers of pesticides input, the government proposed to exempt these products from VAT, and to include 16 percent tax on all pest control imported products.


Safaricom opens 46th retail shop at Two Rivers

David Mutua | Friday, 31 Mar 2017 21:58 EAT

The Safaricom Two Rivers Retail Shop will cater for clients of Two Rivers Mall as well as the catchment areas of Ruaka, Redhill, Kabuku, and Limuru reducing the very heavy footfall experienced in Village Market Shop which will remain operational.


CBK blocks Chase Bank owners from buying back bank

David Mutua | Thursday, 30 Mar 2017 17:04 EAT

In an announcement that came on the same day that CBK extended the appointment of the KDIC as the receiver manager for Chase Bank (IR), the regulator invited interested investors to present an initial Expression of Interest (EOI) to take an equity interest in Chase Bank (IR).


Total Kenya records Sh3.9 billion profit before tax

Cynthia Gitau | Wednesday, 29 Mar 2017 12:32 EAT

“The improved financial performance has mainly been driven by action plans set by management to grow the business in all segments, effective management of working capital requirements, costs, cash, and investments in safety and profitable business ventures,” said CEO Anne-Solange Renouard.


Expo on energy efficiency kicks off in Nairobi

Edith Kariuki | Wednesday, 29 Mar 2017 12:11 EAT

"KAM has played a key role in steering this course to ensure that industries and domestic users take up energy efficiency measures. That will ensure we achieve our sustainability goals. To this effect, the Government has channeled Sh360m towards energy conservation and efficiency," the PS said.


European Investment Bank gives Sh10.45 billion for East African entrepreneurs

Priscillah Wanjiru | Wednesday, 29 Mar 2017 10:04 EAT

Equity CEO James Mwangi said, "With this facility we will be in a position to support up to 1000 regional companies with an average loan of nearly Sh10 million each thus assisting develop local entrepreneurs to compete at regional level furthering integration and cross border trade."


Speaking during the release of the group’s full year financial results for 2016, Britam Group Managing Director Dr Benson Wairegi said that the Group had unveiled a new strategy that will help propel the company to the next phase of growth.


High Court extends Imperial Bank's statutory management

Jack Otwala | Friday, 24 Mar 2017 19:55 EAT

This followed agreement between the shareholders, Kenya Deposit Insurance Corporation (KDIC) and Central Bank of Kenya (CBK), that it was necessary for the KDIC to be accorded more time to resolve the receivership.


Govt, industry study urges Kenyans to pay debts

Nyambura Muthoni | Thursday, 23 Mar 2017 18:06 EAT

"We welcome the idea of the government stepping in as a regulator; it will be a win-win situation for all of us. The challenge for suppliers has been in trying to understand why there are cash flow issues, whereas goods in the supermarket are bought in cash", he said.


StarTimes Digital introduces new product in Kenyan market

David Jagongo | Monday, 20 Mar 2017 15:08 EAT

StartTimes, who have operated in Kenya for five years, said StarTimes Digital TV is also designed to save upto 50 percent power, allowing subscribers to enjoy better viewing experience with less living costs.


Kenya to get two more commercial banks, taking number to 44

Edith Kariuki | Monday, 13 Mar 2017 16:56 EAT

"The entry of these banks on the fulfillment of all the pre-licensing conditions will expand the range of banks’ business models and underscore Kenya’s growing stature as a regional financial services hub," CBK said.


Hass Group to build Africa's tallest building in Nairobi

Martha Kwamboka | Friday, 10 Mar 2017 09:31 EAT

The record-breaking mixed use development will include Grade A offices, a 5-star Hilton hotel, plus a luxury retail and entertainment complex. Standing over 300 metres high with 67 storeys, the tallest tower is designed to represent the height of African achievement.


In-Vitro Laboratory to boost environment conservation efforts

Cynthia Gitau | Wednesday, 08 Mar 2017 17:50 EAT

The second phase will involve the development of a log yard, a saw mill, workshops and fuel stations, a timber processing industry and warehouses. This will be geared towards processing timber bought from households engaged in Melia Volkensii plantations.


KenGen to turn 92-year-old antique hydro-power plant into heritage site

Nyambura Muthoni | Wednesday, 08 Mar 2017 17:38 EAT

“The hydro-power plant and its associate external components like the dam, Thika River and the water falls, which will form the basic display areas, will be preserved with minimal changes so as to present them in the most authentic manner,” said Dr. Kibunjia.


Dutch firm to introduce high-yielding potato variety in Kenya

David Jagongo | Tuesday, 07 Mar 2017 13:33 EAT

The millions of small-scale farmers in Africa who grow potatoes to provide themselves with sustenance buy their seed potatoes on the local market. The average yield per hectare ranges from 5 tonnes of potatoes per hectare in Uganda to 15 tonnes in Kenya.


Riding on more power out, KenGen expects increased profits

Cynthia Gitau | Monday, 06 Mar 2017 14:56 EAT

The project to be funded by the Japanese International Cooperation Agency (JICA) to a tune of Sh40 billion will inject an additional 158MW to the national grid. It involves construction of two geothermal power units of 79MW each.


Kenyan mango farmers urged to take advantage of Chinese market

David Jagongo | Sunday, 26 Feb 2017 16:24 EAT

He was quick to take note of the fact that most Kenyan mango-growing farmers did not have the capacity to grow the fruit in large quantities for export. "We are ready to help the farmers through  improving capacity, value addition, transfer of technology and opening up of the Chinese market.


French govt initiates fund to green East Africa industry

Jack Otwala | Friday, 24 Feb 2017 18:28 EAT

SUNREF East Africa includes a provision for green credit lines provided to local banks in the three countries i.e. Kenya, Uganda and Tanzania of more than Eur 35 million. BOA-T is the first bank to sign for a USD11 million credit line dedicated to energy efficiency and renewable energy sector.


Equity Bank expands Tanzania footprint with Zanzibar branch

Jack Otwala | Monday, 20 Feb 2017 09:28 EAT

Equity Bank Tanzania currently has 14 branches in operation, spread in Dar es Salam (Quality Center, Kariakoo, Golden Jubilee, Supreme, Mwenge, Temeke and Mbagala), Arusha, Mwanza, Dodoma, Moshi, Mbeya, Diaspora and Zanzibar.


Kenya Power, manufacturers meet to boost working relationship

Jack Otwala | Friday, 17 Feb 2017 10:49 EAT

"We have held regular engagements with our industrial customers under KAM in all regions across the country which has resulted into efficient utilization of power by industry thus enhancing energy security in addition to reduced complaints from our industrial customers,” said Kenya Power MD Ken Taru


Banks launch mobile money platform, but MPesa remains king

Priscillah Wanjiru | Thursday, 16 Feb 2017 16:10 EAT

While there is a big number of using mobile platforms to move money through bank accounts, most users of the services reside in remote villages and have no bank accounts.


CBK wins top global award for its new website

Jack Otwala | Thursday, 16 Feb 2017 09:10 EAT

CBK Governor Patrick Njoroge said of the award: "In the redesign, CBK took into account the fact that the website is a key channel through which the institution seeks to provide diverse audiences with timely and accurate information on its mandate and policy actions.


President Kenyatta woos Slovakian investors to Kenya

Liza Makena | Tuesday, 14 Feb 2017 17:19 EAT

In technology, the two countries hope to share innovations, especially around the ease of doing business and money transfer. “Kenya is known for its tea and coffee, but it was fascinating to learn that the transfer of money in Kenya is much easier compared to Europe,” said Mr Kiska.


"Meeting like this ensure that we are aligned as a system, operating in unison to achieve a shared goal, allowing us to build both capacity and capability of the business and of our people," Mr Balogun said.


Renault unveils new SUV to rival RAV4, X-Trail and Pajero Mini on Kenyan roads

Free Press Correspondent | Thursday, 09 Feb 2017 16:08 EAT

“It’s absolutely stunning to look at with some striking features that are further enhanced by the awesome LED daytime running lights. Drivers will be hard pressed to get a better deal on a mid-sized SUV," he said.


Longhorn targets 10 million learners with exam revision app

Tobbie Wekesa | Sunday, 05 Feb 2017 19:24 EAT

Longhorn’s digital offering compliments the Sh17bn Government Digital Literacy Programme which aims to deliver 1.2 million tablets and laptops in 23,000 public primary schools.


Housing Finance to help non-salaried people access mortgages

Tobbie Wekesa | Sunday, 05 Feb 2017 19:18 EAT

A 2014 study by salary explorer found that an average salary in Kenya was Sh147,182, making it difficult for such individuals to set aside 30 percent of their earnings to comfortably service an average mortgage of Sh7.5 million.


Job creation is the main priority for manufacturers in 2017

Free Press Reporter | Monday, 30 Jan 2017 13:51 EAT

On elections Ms Mutahi said, “Elections are supposed to be a process and not a deterrent to our current democratic progress. Hence as the business community, we would like to see a show of leadership from both the opposition and current government in guiding a peaceful and transparent transition.”


CJ Maraga seeks close links between Judiciary and business sector

Jack Otwala | Saturday, 14 Jan 2017 12:52 EAT

“The booklet will serve as reference material for those dealing with commercial cases. It includes best practices in handling commercial disputes such illicit trade, customs, standards and intellectual properties,” said the Chief Justice.


Mauritian bank SBM Group set to acquire Fidelity Bank

Free Press Reporter | Wednesday, 04 Jan 2017 15:39 EAT

CBK says the proposed acquisition will mark the entry of SBM Group into Kenya’s banking sector and enable the established group to bring its experience and expertise from Mauritius and other markets, to enhance competitiveness and the resilience of Kenya’s banking sector.


Autoxloo plans to extend their product promotion to the local markets of Johannesburg, Durban, Capetownand Port Elizabeth. Autoxloo welcomes resellers, agents and partnerships with active entities serving the automotive dealers in South Africa.


Japan delivers on its TICAD promise, hands East Africa road masterplan

Julius Chemitei | Thursday, 08 Dec 2016 18:14 EAT

In both Kenya and Uganda, about 95 percent of cargo freight is transported by track. But experts say it would be more efficient to transport large amounts of heavy freights, such as coal and construction material over long distance by railway, and oil products by pipeline.


Safaricom opens first regional headquarters in Nakuru

Jackson Okata | Wednesday, 07 Dec 2016 17:14 EAT

"Safaricom remains focused on offering the best customer experience with products and services that differentiate us from competition. The expansion of our services to the regions is aimed at engaging our customers from grassroots, which then helps us address issues faster," said Mr Collymore.


“The Partnership between Goraceit Technologies Ltd and Autoxloo brings a significant value addition to digital marketing services for Auto dealers in East Africa”, said the Lead Consultant at Goraceit Technologies Ltd., Mr Allan Wafula.


The African Development Bank to create 25 million jobs in East Africa

Soilan Kenana | Saturday, 03 Dec 2016 17:41 EAT

The bank is also organizing five Regional Ministerial Conferences on youth employment and entrepreneurship between now and 2017 and before the year ends three conferences will be held in West Africa, East Africa and North Africa.


KenGen plans Sh800 billion geothermal, wind plants

Oscar Ndunda | Thursday, 01 Dec 2016 13:16 EAT

Mr Mugo added that the new geothermal capacity of 280MW recently commissioned had improved the national installed capacity and enhanced overall system reliability, besides increasing the company’s revenues by 29% from Sh29.96 billion in 2015 to the current level of Sh38.61 billion.


Pioneer reintroduces new version of ‘Kenyan’ Equalizer

Soilan Kenana | Wednesday, 23 Nov 2016 18:05 EAT

“It is almost seven years now and we have seen tremendous growth in the market. This has been as a result of us strengthening our activities in Kenya and promoting more market oriented products,” he said at the event.


Pioneer Gulf FZE brings latest car infotainment to Kenyan market

Oscar Ndunda | Wednesday, 23 Nov 2016 18:04 EAT

Speaking at the launch today, Mr Muralidhar said the company has strengthened its relationship with Kenyan dealers and last year signed a service partnership with Sight and Sound Limited, which will provide after-sale services for customers with Pioneer Warranty Cards.


HF Group profits grow 10pc to Sh1.2 billion in nine months to September

Tobbie Wekesa | Wednesday, 23 Nov 2016 09:58 EAT

Earnings per share rose to Sh3.20 during the period compared to Sh2.98 in 2015, while the company’s loans and advances to customers increased to Sh53.9 billion up from Sh51.7 billion over the same period last year. Customer deposits grew to Sh41.6 billion compared to Sh37.6 billion in 2015.


Boon for SMEs as ICDC reduces interest rates lower than banks

Tobbie Wekesa | Wednesday, 23 Nov 2016 09:53 EAT

This year alone through project financing ICDC has created approximately 2,300 direct and indirect jobs in the manufacturing and agro-processing sectors.


KenGen to add 10MW from wind power, MD tells shareholders

Oscar Ndunda | Wednesday, 23 Nov 2016 08:50 EAT

He said, “It is our firm belief that the current focus on environmentally friendly technologies to generate energy for industrial and domestic use will improve its affordability and also increase energy security by reducing reliance on oil-based sources”.


ICT Authority scoops top award at MSK Gala Awards

Tobbie Wekesa | Monday, 21 Nov 2016 09:05 EAT

The award was as a result of the Authority’s implementation of the complex Digital Literacy Programme’s nationwide launches that saw all cabinet secretaries and principal secretaries traverse the 47 counties in remote schools to deliver digital learning devices through its PR and marketing agency PM


Kenya’s first-ever manufacturing Expo & Summit Kicks Off

Free Press Reporter | Wednesday, 16 Nov 2016 19:16 EAT

KAM has positioned itself to play a critical role in engaging government towards the realization of industrialization in Kenya by supporting the growth of SMEs, creating jobs, enhancing competitiveness of the manufacturing sector through promotion of local industries and ensuring a level playing fie


It was alleged that the management had siphoned Sh34 billion in the fraud scheme within a period of 13 years as Janmohamed and associates had manipulated the bank’s software to hide the irregular transactions.


Kenyans benefit from US$100 million entrepreneurship programme

Free Press Reporter | Monday, 31 Oct 2016 19:33 EAT

Kabaddi has got very many variations. However, in the international team version, two teams of seven members each occupy opposite halves of a field of 10 by 13 metres (33ft x 43ft) in the case of men and 8 by 12 metres (26ft x 39ft) in the case of women.


The company which serves about 25,000 cane farmers has been experiencing lean times with a section of farmers calling on President Uhuru Kenyatta to disband the current Board of Management.


Karanja Kirumba wins Subaru XV in KBL promotion

Free Press Reporter | Monday, 24 Oct 2016 14:10 EAT

“I was over joyed and immediately called my wife to share the good news. Although I have always desired to have a newer car, I never imagined that I could be the owner of a brand new car this soon. I intend to keep it as an asset that will not only ease my movement, but also help grow my business”,


NBK targets the unbanked with new SME account

Soilan Kenana | Friday, 14 Oct 2016 18:43 EAT

Some of the products that National Bank has launched under this unit are the Jenga Chama, Jenga Kilimo and Jenga Biashara plus loan accounts to fast-track its Small Enterprise banking outreach campaign.


Whether listening to music or simply making a phone call, these platforms provide seamless smart phone integration to meet different customer requirements and enhance the driving experience.


Housing Finance to put up Sh5 billion apartments in Kasarani

Tobbie Wekesa | Tuesday, 11 Oct 2016 04:48 EAT

Other HFDI projects include Komorock 5A and Komarock 5B (maisonettes), Komarock Heights (apartments), Richland (apartments) along Kamiti Road, Precious Gardens (apartments) in Riruta and K Mall.


German envoy launches solar panels shop in Kakamega

Free Press Correspondent | Wednesday, 28 Sep 2016 11:10 EAT

The joint venture with Chloride Exide is expected to help Mobisol’s expansion since Mobisol is able to access the already established sales and distribution network of Chloride Exide. The joint strengthen existing supply partnership between Chloride Exide and Mobisol.


Kantar launches Kantar Public to serve government sector

Free Press Reporter | Wednesday, 28 Sep 2016 11:01 EAT

As part of this global move the Kantar Public Development Practice will be launched shortly in sub-Saharan Africa headquartered in Nairobi, continuing the company's work to bring about more effective development through locally based high quality and innovative evaluation and research.


The ISO 9001:2015 is the world’s most widely recognized standard for quality management systems whose latest revision was published in September last year.


Kidero holds talks with manufacturers association

Free Press Reporter | Friday, 19 Aug 2016 21:53 EAT

Dr. Kidero acknowledged the issues presented by the BMOs stating that the issues raised today will make a lot difference in making Nairobi County a better investment destination.


Airports Authority appoints Norwegian as CEO

Lemmy Bramwel | Thursday, 14 Jul 2016 16:11 EAT

Mr Andersen takes over from Yatich Kangungo who has been serving on an acting capacity as the MD from June 2015. This is after he took over from Lucy Mbugua was shown the door over an 11 million shilling bus leasing scam.


AutoXpress appointed as Mitsubishi authorized parts and service centre

Derrick Kiraka | Thursday, 14 Jul 2016 16:10 EAT

This collaboration is a power move by Simba Corporation that seeks to perch it top among suppliers of vehicle and spare parts.


Alexander Forbes retirement fund expands to Real Estate

Waithera Murugi | Monday, 11 Jul 2016 13:27 EAT

Alexander Forbes Retirement Fund Board of Trustees chairperson Lucy Kambuni said the fund will continuously invest in projects that benefit members through innovation and real estate sector which has proved to be an asset class that has continuously posted positive returns over the long term.


UBA Bank reaches to Kenyatta University in major expansion drive

Waithera Murugi | Saturday, 09 Jul 2016 23:42 EAT

UBA will provide an array of financial products tailored to KU’s unique needs such as collection accounts, tax payment management, various financing and investment opportunities for the University.


KenGen’s historic rights issues begin trading at NSE

Waithera Murugi | Wednesday, 06 Jul 2016 18:57 EAT

Speaking during the event, Nairobi Securities Exchange CEO Geoffrey Odundo congratulated KenGen for continuously using the capital markets to strengthen its capital base and fund its expansion strategy.


Keter lauds KenGen's employee-led innovations

Waithera Murugi | Wednesday, 29 Jun 2016 18:13 EAT

Energy and Petroleum Cabinet Secretary Charles Keter has lauded KenGen for championing employee-led innovations.


Ethiopian PM visits Olkaria Power Station

Free Press Correspondent | Friday, 24 Jun 2016 19:42 EAT

Ethiopian Prime Minister Hailemariam Desalegn, who is on a three-day state visit to Kenya, today visited Olkaria, the largest geothermal power plant in Africa.


Heritage unveils campaign strategy to deepen brand

Jack Otwala | Tuesday, 07 Jun 2016 13:11 EAT

Heritage Insurance Company Ltd has unveiled a campaign strategy that is geared towards entrenching the company’s brand in Kenyan and East African markets


Local taxi operators, under pressure from Uber, launch own app

Waithera Murugi | Tuesday, 07 Jun 2016 09:09 EAT

After intense and ugly wars with American Uber app service provider, traditional taxi operators have now come up with their own app, called Taxify, which they expect to steal Uber’s thunder.


Crown Paints rolls out new products

Free Press Reporter | Tuesday, 07 Jun 2016 08:43 EAT

Crown Paints has rolled out a range of Zero VOC paints as its strategy to increase its market share through innovative products that meet the ever increasing demand in the East African region.


After decades of sloth, American cars taking Kenya by storm

Free Press Reporter | Tuesday, 31 May 2016 09:59 EAT

The brand is expected to step up competition for German car manufacturer Porsche, which reported strong sales of its sporty models since launching operations last year.


ShowMax expands internet TV service to Sub-Saharan Africa

Shadrack Kavilu | Monday, 30 May 2016 09:04 EAT

ShowMax, the internet TV service launched in August 2015, has expanded its footprint to 36 additional countries across sub-Saharan Africa.


Sidian Bank, Uber in Sh10 billion taxi partnership

Jack Otwala | Monday, 30 May 2016 09:01 EAT

The online taxi company Uber has partnered with Sidian Bank in a Sh10 billion programme that will give drivers, fleet partners and business investors’ the chance to access high quality vehicles they need to start or grow their Uber-based businesses.


After South Sudan success, Co-op Bank eyes four new markets

Jack Otwala | Monday, 30 May 2016 08:59 EAT

The Co-operative Bank of Kenya plans to enter into Rwanda, Ethiopia and Tanzania through the same model it used to South Sudan.


Superior Homes Kenya ventures into the tourism sector

Shadrack Kavilu | Monday, 30 May 2016 08:32 EAT

Greenpark estate comprises of five house types for sale; the Quarter Villas, Semi - detached Maisonettes, Bungalows, Super Bungalows and Villas with prices ranging from Sh9.5m to Sh36.7m.


Emirates Airlines to fly to Mombasa

Free Press Correspondent | Saturday, 28 May 2016 11:04 EAT

Mombasa is set to become the 151st destination for the Emirates Airlines after governor Hassan Joho met with the company’s senior officials in Dubai


Incidents of insurance fraud on the rise in Kenya

Jack Otwala | Tuesday, 24 May 2016 11:54 EAT

According to Insurance Regulatory Authority (IRA), medical insurance and workmen’s compensations statistics rose phenomenally from 2014 compared to 2015 in the two areas.