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Tala receives Sh6.5 billion in new financing to lend via mobile

Tala, a mobile-first financial services for underserved consumers,  has received Sh6.5billion  (US$65 million) in new investment to power the growth of its consumer lending app. Tala operates in Kenya, Tanzania, and the Philippines, where it has delivered credit to nearly 1.3 million customers and originated more than $300 million. The …

Pakistan bank Al-Habib to open a representative office in Kenya

The Central Bank of Kenya (CBK) has granted authority to Bank Al-Habib Ltd of Pakistan (BAHLP) to open a Representative Office in Kenya by the name BAHL –Representative Office. The name to be used by the Kenyan Representative Office is different from that of the parent in order to distinguish …

Safaricom record share price was overpriced by Sh250 billion, analysts say

With 22 days to go for Safaricom to announce its financial performance, the top telcos share price has hit record levels. Safaricom shares traded between Sh30.25 and Sh31 .25 on Monday and hit a 52-week record of Sh33.5 on expectations that the billions will continue to roll in. Sterling Capital …

World Bank wants Saccos to rival banks

Your Sacco could give you more than three times your savings if Kenya adopts radical proposals by the World Bank. The Bretton Woods institution has released a study proposing to allow Saccos to access more deposits via the formal payment systems to allow them to offer big loans while increasing …

Mauritius lender takes Chase Bank deposits at 6.65 per cent

The conclusion of the Chase Bank SBM deal after Central Bank adjusted lending rates has handed depositors a Sh150 million haircut after the rate was locked at 6.65 percent. When the deal was announced in January, depositors were set to get 7 percent interest on portions placed as term deposits …

Agha Khan fund nets over Sh200 million in Jubilee dividends

Jubilee Insurance top ten shareholders will carry home about Sh335 million in total dividends after the company posted a 15 percent rise in after-tax profits to Sh4.2 billion. Jubilee Holdings Board declared a final dividend of Sh8 for a combined interim and final dividend of Sh9 per share, for a …

Kenya mourns the death of veteran politician Kenneth Matiba

Kenya is mourning the death of veteran politician Kenneth Matiba. The outspoken politician passed away on Sunday night (April 15) at Karen Hospital in Nairobi. The politician is being remembered for his fight for democracy in Kenya, detention without trial by the KANU government and is now the poster boy …