NAIROBI, Kenya, Jan 16 – In a show of resilience, the Kenya shilling strengthened steadily throughout its trading session yesterday, despite the suspected terror attack at 14 Riverside Drive that left 14 people dead.

According to Analysts at Commercial Bank of Africa, the local currency market witnessed a slight uptick of activity with the home unit gaining through the trading session on the back of amplified inflows.

The shilling, which has remained largely unchanged since the start of the year is currently trading at 101.65 against 101.85 shillings to the US dollar.

This is even as analysts expect the shilling to remain flow driven.

The Kenya Shilling exchange rate remained broadly stable and competitive against major international currencies in 2018.

Against the dollar, the exchange rate has been relatively less volatile exchanging at Sh102.3 in December 2018 from Sh103.1 in December 2017.

Against the Euro and the Sterling pound, the Shilling also strengthened to Sh116.4 and Sh129.7 in December 2018 from Sh122.0 and Sh138.2 in December 2017, respectively.

“The Kenya Shilling exchange rate has continued to display relatively less volatility, compared to most sub – Saharan Currencies. This stability reflects strong inflows from tea and horticulture exports, resilient diaspora remittances and improved receipts from services particularly tourism,” Treasury said in the Draft 2019 Budget Policy Statement.

Foreign exchange reserves have increased from around 3 months of import cover in 2003 to 5.6 month of import cover in 2018 which is above the statutory requirement of 4.0 months of import cover and thus remains adequate to safeguard against exogenous shocks such as terror attacks.

The official foreign exchange reserves held by the Central Bank improved to US$ 8,554 million (5.6 months of import cover) in October 2018 compared with US$ 7,574 million (5.1 months of import cover) in October 2017.

By end December 2018, the usable official reserves stood at US$ 8,001 million or 5.2 months of import cover.

Commercial banks holdings was at US$ 3,114 million in 2018 from US$ 2,357 million in 2017.

NAIROBI, Kenya, Jan 21 – LImuru Tea PLC Chief Executive Nicholaos Yiannakis has resigned from his position in the company one and a half years since his appointment.

To replace Yiannakis, Limuru Tea has appointed Gerradina Johanna Marria Ten Den.

Yiannakis resignation comes in the wake decreased revenue for the firm.

In the 2017 full year results, the firm sunk deeper in the red posting an after-tax loss of Sh22.1 million from a Sh19 million loss the previous year.

The tea sector has however been on a negative trend due to depressed tea prices.

In 2018 both Williamson Tea Kenya and Kapchorua Tea sunk into half-year losses for the period to September 30, 2018 attributable to depressed tea prices and high operating expenses.

NAIROBI, Kenya, Jan 21 – WorldRemit has partnered with NIC Bank to enable people living in the Diaspora to send money directly from their phones to NIC Bank Retail accounts.

NIC Bank’s Group Managing Director, John Gachora said the partnership with WorldRemit will strategically position the Bank’s diaspora product offering.

“At NIC Bank we are investing significantly in our digital capabilities to deliver value to our customers and make banking easier and convenient. The partnership with WorldRemit is set to cash in on the growing demand for instant, digital remittances among our customers and provides the diaspora with a convenient, efficient and affordable means of sending money back home to their loved ones,” Gachora said.

Sharon Kinyanjui, Head of East and Central Africa at WorldRemit, says the partnership connects WorldRemit to over 130,000 NIC Bank accounts and several new cash pickup locations across Kenya.

“From sending money to loved ones to making investments back home, the new service will enable 3 million Kenyans living in over 50 countries contribute to Kenya’s bright future,” she noted.

WorldRemit allows users to transfer money from your bank account using a credit or debit card.

The funds can be deposited into the recipient’s bank account or made available for collection from an agent location.

Kenya is WorldRemit’s fourth largest recipient of international money transfers globally and third largest in Africa.

Transactions to the country grew by over 40 percent in 2018 and top send countries include the UK, Australia and the USA.

WorldRemit customers complete over 1 million transfers every month from over 50 countries to over 145 destinations.

More than half of its transfers go to Africa.

The Central Bank of Kenya (CBK) estimates that remittances hit an all-time high of Sh197.12 billion ($1.95 billion) in 2017 – a 13 percent growth on the previous year.

NAIROBI, Kenya, Jan 21 –  The Kenya Copyright Board (KECOBO) has issued licenses to three content management organizations to collect royalties on behalf of musicians in 2019.

The three include Kenya Association of Music Producers (KAMP), Performers Rights Society of Kenya (PRISK) and Music Copyright Society of Kenya (MCSK).

KAMP and PRISK retained their licenses while MCSK made a comeback in 2019 after being in the cold for two years.

KECOBO Executive Director Edward Sigei says the three CMOS met stringent conditions set by the regulator and will be required to issue a joint invoice and collect jointly as well as issuing joint licenses.

“All the three CMOs will be required to distribute at least 70 percent of the revenues they collect as royalties to their members. They are also required to submit their 2019 budget before the award of license to control wastage,” he added.

KECOBO Management will also analyze the CMOs Memorandum and Articles of Association to find areas of wastage and non-compliance and advice accordingly.

At the same time, Sigei announced David Muriithi AKA DJ D-LITE as the Chair the Music Copyright Society of Kenya Board.

Sigei said Muriithi will oversee corporate and management reform and also spearhead a forensic audit covering a period of two years in the next six months.

To secure a license MCSK was required to hold elections and restructure its management and also agree to a forensic audit of its financial records for the last two years, and accept an independent board chairperson to oversee turnaround.

It was also required to obtain new letters of Authorization of its members and provide further details to its members.

NAIROBI, Kenya Jan 22 – National carrier, Kenya Airways plans to launch flights from Nairobi to Rome, Italy and Geneva, Switzerland on its Boeing 787 Dreamliner four times a week starting in June this year.

Kenya Airways Group MD and CEO Sebastian Mikosz says the addition of flights to Rome and Geneva will be welcomed by both leisure and business customers.

Rome with its status of a ‘global city’ is also rich with history and culture making it one of the top tourist destinations in the world. Geneva hosts the highest number of international organizations in the world such as the United Nations (UN), making it a global hub for diplomacy.

Kenya Airways resumption of flights to Rome and addition of the Geneva route brings the destinations Kenya Airways serves in Europe to 5 and 55 worldwide.

Tickets will be available for sale beginning Tuesday with an introductory price on offer until February 15th 2019 for USD 699 from Nairobi.

“With this route, Kenya Airways will offer excellent connections from these two cities to its 43 destinations in Africa for business, diplomatic missions, and tourism.  It is a perfect complement to Nairobi which is also Africa’s hub for UN among other international agencies,” Mikosz noted.

Kenya Airways launched non-stop flight from Nairobi to New York in October 2018

The airline already serves Africa, Europe, Middle-East, Indian sub-continent and Asia.

The opening of the US destination completes an essential piece for Kenya Airways’ network, cementing its position as one of the leading African carriers.

NAIROBI, Kenya, Jan 23 – Kenya National Bureau of Statistics (KNBS) says the recruitment process of over 164,000 people who will conduct the countrywide Census in August 2019 will start in June 2019.

Speaking on Wednesday during a meeting with World Bank Officials and Editors, Director General Zachary Mwangi says training will be carried out in July in preparation of the exercise.

The bureau will need about 135,000 enumerators, 27, 000 content supervisors and 2,700 ICT supervisors.

Treasury Cabinet Secretary Henry Rotich warned Kenyans against fake job offers during the period.

“Let me caution the public against falling prey to fraudsters who have formed a syndicate to defraud Kenyans with promises of securing jobs in the forthcoming census,” Rotich said.

Rotich says the government does not require individuals to pay any money to be considered for employment.

“The Kenya National Bureau of Statistics and my Ministry have official websites and any official communication should only emanate from the two institutions,” he noted.

The census will be done in August 2019 on the week of 24th at a cost of Sh18.5 billion.

Principal Secretary  State Department of Planning Julius Muia says the census is important for the budget allocation process for the devolved units, and will also be used in future planning, as well as monitor the progress of Kenya’s third medium-term plan for implementation scheduled for 2018 to 2022 and vision 2030.

He says it also comes at a time Kenya is undertaking the big four agenda and will be key in helping the plans and allocation of funds.

The exercise will be paperless where enumerators will use mobile devices which will have data collection applications to transmit the data to a central server.

The use of technology will eliminate mistakes and see the results released within three months compared to the previous one year.

NAIROBI, Kenya, Jan 23 – Equity Group Holdings Plc Chief Executive Officer James Mwangi has been appointed to the Columbia Global Centers-Nairobi Advisory Board.

He will work with the board to steer the Centre on pertinent regional matters and emerging issues such as leadership, technological advances and higher educational advances in the region.

President of Columbia University Dr. Lee Bollinger noted the vast opportunities in the region called for synergy as part of the university’s long-term ambition to engage in global conversations.

“We believe Dr. Mwangi’s experience in the region, as well as the wealth of knowledge, will be instrumental to this advisory board and guide the university on strategic initiatives and endeavors within the region,” he said.

Columbia Global Centers Nairobi is part of a network of nine global centers associated with Columbia University in New York.

The Nairobi Center serves as a regional hub for research and collaboration as part of Columbia University’s strategy to achieve a global presence and links the continent to Columbia’s scientific rigor, technological innovation, and academic leadership.

The Center provides Columbia students and academics with a base from which to conduct research in and for Africa and works closely with policymakers, governments, and African regional institutions.

Mwangi is also on the Global Advisory Council of VISA, in addition to serving as the current chairman of the Vision 2030 Delivery Board.

He also served on the Clinton Global Initiative, the G8 New Alliance for Food Security & Nutrition and the Global Agenda Council on New Economic Thinking of the World Economic Forum.

He is a guest lecturer at Lagos business school, MIT, Harvard, Columbia, IESE, and Stanford where the Equity Bank model is a case study.

He is also the Chancellor of Meru University College of Science and Technology.

Recently, he was also appointed as an IFC Economic Advisor.

NAIROBI, Kenya, Jan 23 – Kenya has turned to the use of technology in conducting the 2019 census scheduled for August in a bid to improve data quality.

Treasury Cabinet Secretary Henry Rotich says the country has turned to a paperless exercise that will see enumerators use mobile devices which will have data collection applications that will transmit the data to a central server.

Rotich assured that the system is secure as it has inbuilt checks, correction of inconsistent responses and cross‐validation with other records.

He says the use of technology will also enable faster release of census data due to rapid transmission of data from the field teams to the data processing centre.

“This Census process has fully embraced modern technology as a best practice to improve on data quality.  It is worth noting that the Bureau has been using mobile technology in undertaking surveys and therefore has adequate capacity,” Rotich said on Wednesday.

Over 160,000 devices will be used in this process, with the devices being procured from the Jomo Kenyatta University of Art and Technology and Moi University.

This is the first census to be undertaken in the new dispensation of a devolved system of governance.

According to Rotich, the census will provide statistical information on the size, distribution and characteristics of Kenya’s population that will be used to describe and assess the socio-economic and demographic status.

The census will also provide the much-needed comprehensive data at county and lower levels to inform development planning and programming to facilitate delivery of quality services to the citizens.

“This information will be useful in monitoring the progress made towards achieving Vision 2030 and more so the Big 4 agenda. On the global arena, Kenya will be monitoring its progress in achievement of internationally agreed programmes such as Sustainable Development Goals,” noted Julius Muia Principal Secretary Planning.

All persons resident in Kenya will be enumerated in order to provide information for planning for our country.

Preparatory activities for the census commenced three years ago and currently, there are teams in the field undertaking cartographic mapping, used to create Enumeration Areas in readiness for the actual enumeration.

About 38 counties have undergone cartographic mapping, with about 9 counties remaining.

NAIROBI, Kenya, Jan 24 – The Nairobi Chief Magistrates Court has discharged Family Bank Limited from the National Youth Service (NYS) 1 case after the bank accepted to pay Sh64.5 million fines for six counts related to the offences of failure to report suspicious transactions.

The bank entered into the plea agreement in December 2018.

Family Bank was indicated for its involvement in the NYS 1 scandal four years ago.

Board Chairman Wilfred Kiboro says the legal option undertaken is in the best interest of the banks’ stakeholders and the public at large.

Kiboro says moving forward the workers the bank has since invested in a robust Anti-Money Laundering system with the ability to detect suspicious transactions and put in place measures to ensure strict compliance with Know Your Customer (KYC) policy.

“We have put in place stringent policies and structures to ensure good corporate governance and strict adherence to the rule of law as it undertakes its business and mandate to its customers, regulator and shareholders,” Kiboro added.

The bank has also introduced regular capacity building programmes for all staff and rolled-out a detailed induction curriculum for all new staff.

“We wish to reassure all our customers and shareholders that we are committed to our mission and core values and have the singular focus of delivering excellence and offering financial solutions that meet market demands,” he noted.

NAIROBI, Kenya, Jan 24 –  If you bought land around Nairobi for Sh1m in 2007, the value has now grown eight times. 

This is according to the HassConsult Land Price Index Quarter Four 2018 report that lists 14 satellite towns that have multiplied in land value over the last decade.

The Nairobi Satellite towns include Athi River, Juja, Mlolongo, Limuru, Kitengela, Ngong, Ongata Rongai, Ruaka, Ruiru, Syokimau, Thika, Tigoni, Kiserian and Kiambu.

According to the report, if you invested the same Sh1 million in land in Nairobi Suburbs you would be worth Sh6.3 million, with the suburbs being Kilimani, Kitusuru, Upperhill, Westlands, Runda, Spring Valley, Nyari, Muthaiga, Kileleshwa, Karen, Gigiri, Eastleigh, Donholm, Loresho, Ridgeways, Parklands and Langata.

The same amount invested in property such us rentals, value has gone up to Sh2.47 million, while bonds and savings would have given you a return of Sh2.54 million and Sh1.31 million respectively but lost Sh480,000 if you invested in equities.

HassConsult Head of Development Sakina Hassanali says land in Nairobi has appreciated by 700 percent in the last ten years outperforming global asset classes that include both Gold and Oil.

“Globally commodities are falling while and prices in Kenya continue to rise on average of  70 percent per year, compared to 50 to 20 percent in 10 year for other commodities. Going forward, Land will continue to outperform commodities as the government continue to invest in infrastructure throughout the country,” she said.

Gold prices went up by 155 percent in the last decade, live cattle by 127 percent while crude oil was the worst performing in the period increasing by 56.6 percent in value.

“Overall the market for land is becoming more sophisticated. Where change is underway, the returns remain outstanding for any asset class, but in areas that are now more fully developed, often a high density, prices are now more static,” said Hasannali.

NAIROBI, Kenya, Jan 25 – East African Breweries Limited has posted a 33 per cent net profit increase in the first half of 2019 compared to same period in the last financial year to hit Sh6.6 billion from Sh5 billion.

Net sales for the half period ended December 31, 2018 went up by 13 per cent to hit Sh41.6 billon with Tanzania being the best performer, increasing next sales growth by 26 per cent in the period under review.

Kenya and Uganda both saw sales increase by 12 per cent.

Group Managing Director Andrew Cowen says the half year results indicate a better year for the company with a focus on strategic execution.

Kenya contributed about 72 per cent of revenue driven by Senator Keg that was up 35 per cent due to increased distribution and spirits whose net sales went up by 17 per cent compared to last year.

In Tanzania, growth was driven by the Serengeti trademark that was up 65 per cent while in Uganda, beer net sales went up by 11 per cent with spirits going up by 16 per cent.

Overall, reserve spirits that went up the highest by 54 per cent while mainstream spirits went up by 29 per cent. Premium spirits dropped by 3 per cent.

Mainstream beer went up by 17 per cent in the period under review while premium beer went up by 3pc.

“In the last financial year we deliberately invested behind our performance ambition through a step change in our investments behind brands, capital expenditure and capability to sustain future growth momentum. With our brewery set to become full operational soon we expect to provide more and better drinking options expanding our beverage alcohol universe further,” he said.

The board of directors has recommended an interim dividend of Sh2.50 per share for the half year period.

NAIROBI, Kenya, Jan 25 – Following the Makini Schools buyout, South Africa investors have launched a new premium school in the Kenyan market known as Crawford International School.

Built on a 14 acre piece of land at Tatu City, the school has a capacity of about 2,000 students.

The state-of-the-art facility is part of South Africa’s JSE-listed ADvTECH Group – Africa’s largest private education provider – expansion strategy in the East African region.

Crawford follows the British Curriculum and the Cambridge International Examinations Board as the preferred choice of syllabus in most subject areas.

Students will be prepared for the IGCSE and in time the A-level examinations.

The curriculum and teaching approaches are further adapted to learners’ needs to align them with global goals and trends that will enable them to compete effectively in the workplace.

Crawford’s unique offering includes flexible, individualised timetabling which allows students to choose a wide range of subjects, including studies such as cryptocurrencies and blockchain education in technology.

“This is the first school outside South Africa. We see a huge potential in Kenya, with the government keen on quality education and growing middle class that are looking at giving their children high quality education,” ADvTECH Group Chief Executive Roy Douglas told Capital FM Business during the launch of the school on Friday.

The school has about 180 students since it opened its gates four months ago.

“We now plan to increase investments in expanding and equipping our existing schools in the country so they can accommodate more students that include Makini Schools,” he said.

ADvTECH Group acquired Makini Schools last year in a joint venture with Schole Limited, a UK-based and Caerus Capital but holds a majority stake.

ADvTECH has over 100 schools in South Africa and Botswana.

Last year, Centum Investments also opened its first international school through a partnership with Sabis Education Network.

The campus has a capacity to admit 2,000 students.

Centum plans to launch 20 educational centres across Africa in partnership with Sabis.

NAIROBI, Kenya, Jan 26 – A total of 563 analysts have enrolled to be members of the Institute of Certified Investment and Financial Analysts in 2018.

According to Chairman of the Institute Job Kihumba, the analysts completed rigorous minimum standards set by ICIFA, which includes being a CIFA graduate and having at least 3 years of relevant experience.

There was a total of 242 practicing members as at 31 December 2018 compared to 195 members as of January 2018.

“Any persons practicing as a finance and investment analyst needs to be registered by the institute. Firms that engage in public practice in securities and investment analysis also need to register with the institute,” Kihumba said.

About 81 firms were gazetted by ICIFA to be engaged in public practice of Securities and Investment Analysis.

The requirements to be a practicing member needs one to hold a practicing certificate license that is renewed annually.

ICIFA requires that a firm has at least one practicing member of the institute meeting the minimum requirements as stated above.

“As an institute, we continue to play our role as the regional resource and advocacy body for the investment and finance professionals even as we carry out our mandate in ensuring professionalism in those areas,” said Diana Muriuki, the Chief Executive Officer (CEO) of ICIFA.

Mumbai, India, Jan 28 – Kenya Tourism Board has projected a 15 percent growth of tourists from India in the market that recorded 125,032 arrivals last year.

Over ten travel companies representing Kenya hinted on good prospects ahead of the season with positive inquiries and booking for travel during the end of the three-day Outbound Travel Mart (OTM) tourism fair held in Bombay exhibition centre, India.

African Trotters Expedition Managing Director Martin Mungai said Kenya is in the priority list of travel sales agents and confirmed over 400 delegates scheduled to visit Kenya in August for conferencing and leisure tourism.

“Indeed this year’s OTM has been the best, we have been able to close deals and prospects from this market is encouraging. We have been able to confirm bookings as early as March,” says Shian Tours and Travel Sales and Business Development Manager Mukami Kavindah.

Bookings for conferencing comes as Kenya is set to host a Meeting Incentives Conferencing and Events (MICE) roadshow in Mumbai, New Delhi and Bangalore cities from 28^th to 1 Feb 2019 as it seeks to create links between the India MICE agents and their counterparts in Kenya.

The roadshow will present an opportunity for Kenya to engage one-on-one with about 100 MICE agents on country’s authentic MICE experiences.

“I can confirm to you that besides the MICE segment, we have bookings already placed as well as enquiries mostly from senior citizens coming to witness the annual wildebeest migration in the famous Masai Mara Game Reserve,” says Martin.

African Quest Safaris Managing Director Tasneem Adamji said that though there was a lot of demand for wildebeest migration season, the trade is convincing travellers to also travel during low season and to sample other country’s diversified products and experience besides Maasai.

“Travellers are upbeat and would want to explore new destinations in Africa and Kenya is topping the list,” she added.

Serena Hotels disclosed that the facility is offering special rates to the Indian travellers during their holiday period.

“We were really overwhelmed with enquiries being the only hotel showcasing at the stand. We have scheduled bookings for the Indian holiday season in the months of April, May and June. This is also an opportunity to project Kenya as all-round season,” said Serena Hotels Retail Sales Manager Timothy Kitenge.

KTB Director of Marketing Jacinta Nzioka said the interest witnessed at the Kenyan stand in OTM exhibition was an endorsement as well as an indication of the confidence in Kenya despite recent terror attacks.

“The big number of people visiting Kenyan stand at OTM and deals entered between sellers and our travel trade has been a source of encouragement and indication of Kenya’s resilience with regards the threats of insecurity,” said Nzioka.

KTB, she pointed out, has lined up series of marketing and promotional activities across its key source markets in a bid to further increase international tourist numbers which last year hit a two million mark, the highest ever in the recent past.

NAIROBI, Kenya, Jan 29 –  Shortlist, the online platform connecting African employers to vetted top talent, has closed its $2 million Series A financing led by Blue Haven Ventures, with participation from Zephyr Acorn, Compass Venture Capital, Potencia Ventures, and others.

Shortlist combines technology and human touch to understand job-seekers’ skills, attitude, and motivation, fueling better hiring outcomes for employers across East Africa.

Shortlist will use the funds to expand outreach to job seekers, improve its algorithmic matching, and expand geographically.

“We are helping Kenyan companies hire better candidates, faster, by ditching the CV in favour of truly meaningful candidate data. This funding enables us to further our work connecting employers with the best talent in the market,” says Ariane Fisher, Managing Director of Shortlist East Africa.

Companies across Africa consistently rank human capital as a top business challenge and a barrier to growth.

Since its launch in 2016, Shortlist has screened over 400,000 candidates for over 300 clients ranging from startups to international corporations, including Africa’s Talking, Jumia, M-KOPA, Shell, Twiga Foods, and Uber Eats.

Currently operating in Kenya and India, the company plans to expand its footprint within and beyond East Africa in 2019.

Shortlist has previously received funding from AHL Venture Partners, Shell Foundation, and University Ventures, and was a winner of the ANDE-Argidius Talent Challenge.

The company was recently shortlisted in the ‘Companies to Inspire Africa 2019’ report published by the London Stock Exchange.

NAIROBI, Kenya, Jan 30 – American Investor and the chair of the Entrepreneurs Society of America (Naples) Karl Gibbons is investing in Kenya’s real estate sector.

Gibbons through his firm Third Eye Management and Associates has partnered with Sprinter Real Estate investment limited to invest in 300 two and three bedroom units in Ndenderu dubbed Fanisi Tigoni View.

Gibbons will be in the country to launch the project at the weekend.

Sprinter Real Estate investments Chief Executive Richard Mbugua, The Fanisi Tigoni View is a mixed use development that sits on 8 acres prime land next to the western Bypass interchange.

“We are excited that Third Eye Management and Associates has chosen us as a vehicle to improve the housing sector in Kenya, the first project The Fanisi Tigoni View is a fantastic project, with the first phase being launched on Saturday with about 90 units on a one acre piece of land,” Mbugua told Capital FM Business.

The firm plans to build over 700 units this year targeting the middle income with their prices ranging between Sh5 million and Sh7 million.

According to a new report, Land investments in Kenya is giving more returns than commodity prices

Globally commodities are falling while and prices of land in Kenya continue to rise on average of 70 percent per year, compared to 50 to 20 percent in 10 year for other commodities according to the HassConsult Land Price Index Quarter Four 2018 report.

The report says going forward; Land will continue to outperform commodities as the government continues to invest in infrastructure throughout the country.

Gold prices went up by 155 percent in the last decade, live cattle by 127 percent while crude oil was the worst performing in the period increasing by 56.6 percent in value.

Gibbons will also be speaking to entrepreneurs and top business managers on Monday at an exclusive dinner organized by Sprinter Real Estate investments.

NAIROBI, Kenya Jan 31 – Standard Chartered has announced the start of the second phase of its digital-only retail bank across Africa.

The Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow.

Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the most common service requests.

The updated digital bank provides enhanced services including QR code and P2P payments, loan and overdraft facilities, and instant fixed deposits.

Clients will be able to enjoy the convenience of banking on the go, anytime and anywhere, along with a consistent online experience.

“We are thrilled to launch the second phase of our digital-only retail banks across other African markets. The Bank continues to make strategic and sustainable investments in technology – this complements our innovation agenda, as well as enhance our digital offerings and client experiences. Digitising Africa and facilitating access to financial services remains at the heart of our business strategy for the region, ” said Sunil Kaushal, Regional CEO, Africa and Middle East.

The Bank will launch a marketing campaign to support the digital bankroll out across the four markets, aimed at driving digital adoption amongst new and existing clients focusing on young digital natives, dubbed ‘//BEUNSTOPPABLE’, Bank on the go!

The campaign will run across traditional and social media to remind consumers that banking should not stop them from doing what they love to do, and when they want to do them.

In Uganda, Standard Chartered has also partnered with popular Ugandan entertainer and comedian Anne Kansiime to drive awareness of the new digital bank in the market.

As part of her role, Anne will be promoting the bank’s digital banking capabilities and will lend her voice and image rights through a series of Marketing and Community engagement activities over the next 12 months.

The Bank’s digital services are available by downloading the Standard Chartered mobile application via the Google play store or Apple store.

Africa’s banking market is the second-fastest-growing and second-most profitable globally. The retail banking sector is a locus of new business models which are emerging in response to low levels of banking penetration and heavy use of cash in the Sub-Saharan continent.

NAIROBI, Kenya, Jan 31 – Commercial Bank of Africa (CBA) shareholders will own 53 per cent of the merged business with NIC Bank while NIC Bank shareholders will own 47 per cent.

Commercial Bank of Africa Managing Director Issac Awuondo said the proposed merger will be executed through a share swap, with the 34 shareholders of CBA exchanging their shares in the Kenyatta family-linked bank for new shares in NIC, which will remain a publicly listed company quoted on the Nairobi Securities Exchange (NSE).

Awuondo said the merger will propel the entity to be the second largest bank in customer base in Kenya and third largest by assets.

The new entity will have 40 million customers across five regional economic centres including Nairobi, Kampala, Dar es Salaam, Kigali and Abidjan making it the largest bank in Africa by customer numbers.

On Asset base, the combined bank will be amongst the largest financial institution in the East African region with an asset base of Sh444 billion about 100 branches and shareholders’ equity of Sh65 billion.

The merger is expected to be completed in the second half of 2019. Until then, the two entities will continue to operate independently.

“No Job cuts expected with the merger, as we are set to focus on growth, no branches expected to be closed,” said NIC Group Managing Director John Gachora.

NIC Chairman James Ndegwa says the combined banks will now have the ability to drive growth and support Kenya’s ambitious; economic agenda.

“Our enhanced capacity through capital and balance sheet consolidation, as well as combined product and service capabilities, will make us the preferred partner to anyone doing business in East Africa and beyond,” Ndegwa added.

NAIROBI, Kenya, Jan 31 –  The Nairobi Securities Exchange (NSE) Plc has admitted APT Commodities Limited as the first company to join the Ibuka Program; NSE’s incubation and acceleration program.

The admission comes following a rigorous evaluation and vetting process that resulted in APT Commodities Ltd. becoming the first company among an elite cadre of enterprises expected to join the program.

Ibuka is aimed at growing visibility whilst enhancing brand recognition and business opportunities among hostee companies.

Additionally, the program will assist in inculcating improved corporatization, develop capabilities to access capital markets as well as provide a roadmap to long term corporate sustainability.

 APT Commodities Ltd. is a leading tea exporter with a vision of becoming the most attractive tea company in Kenya and boasts of a wide portfolio of brands such as Jambo Chai, Tangawizi, Hassan Tea and Equity Green Tea consumed in various markets across the world.

“This admission is a key milestone for both APT Commodities Ltd. and the NSE. It underscores APT Commodities’ potential for growth as companies on the program are evaluated by a team of highly qualified expert consultants and financial advisors with high levels of experience in capital markets. For NSE this is just the beginning of an exciting journey as 15 companies have already expressed interest in the program and 10 companies are undergoing a thorough vetting process,” said Geoffrey Odundo, the NSE Chief Executive.

The admission comes in the wake of improved market performance in 2019 where the Exchange has recorded increase in turnover posting a daily average of  Sh500 million and Sh1.9 billion for Equity and Bonds respectively.

The NSE benchmark index, The NSE 20 has increased by 4.18 percent whilst the NSE 25 and the NASI posted an 8.1 percent and 5.8 percent increase to settle at 3,819.00 and 148.30 points respectively.

“We are delighted to join the Ibuka program in line with our strategic objective of growing our leading brands locally and internationally. This platform will enable us to scale higher in the already popularized Tea Industry. APT Commodities Ltd. prides itself as a fully owned Kenyan tea trading company that exhibits a hunger for selecting the best produce available in the market,” Peter Gitata, APT Commodities Chief Executive Officer noted.

NAIROBI, Kenya, Feb 1 – Jetlack Food Limited, makers of Nuteez Peanut butter, has said all its products have been pulled out of the store shelves in Kenya and Uganda despite not having received any letter of correspondence from the Ministry of Interior or Ministry of Health.

A letter from the Interior Ministry had indicated that the butter had exceeded the maximum required limit for aflatoxin.

Managing Director Anup Bid said they have invited the relevant authorities to the factory to test the products.

He added that Director of Public Health was in the factory Friday morning to test the products.

“The results will be out early next week,” said Bid.

Bid raised concerns over the way the situation was handled as the firm was not consulted during and after the tests.