Setback for Deacons as it loses Mr Price Franchise to MRP Kenya Limited

Fashion retailer Deacons has lost the lucrative Franchise to run Mr. Price outlets in Kenya to MRP Kenya limited in what is set to worsen its financial troubles. A notice sent to the Nairobi Securities Exchange (NSE) says that Deacons East Africa will transfer the Mr. Price franchised business on …

NIC Bank inks car financing deal with Simba Corp for Mitsubishi vehicles

NIC Bank has renewed its partnership with Simba Corporation Ltd to offer corporates, fleet owners, small and medium enterprises (SMEs) and individuals a unique financing opportunity. Under the new arrangement, Simba Corp customers will be able to get up to 95 percent financing from NIC Bank when they purchase a …

Facebook issues a new policy that bans ads that promote cryptocurrency

In a blog post on Tuesday, Facebook issued a new policy that prohibits ads that ” promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency”. The company said the new policy is designed to improve …

Market remains unscathed, as turnover rises to Sh1.2billion

Daily Market report: Jan 30, 2018 The Nairobi Securities Exchange (NSE) defied a highly polarized political day in Nairobi to post growth in the daily trading. There was a mixed performance on the course during Tuesday’s trading on a day that was packed with political action following the controversial swearing of opposition leader …

JP Morgan Chase to open operations in Kenya

The Central Bank of Kenya (CBK) on Friday welcomed the enthusiastic interest shown by international financial institutions in Kenya. The regulator said several institutions have outlined plans to set up, or expand, operations in Kenya, also as a natural hub for serving the African continent. This week, Mr. Jamie Dimon, Chairman, and …

The hidden baggage of the IMF loan

The government paid Sh273 million in interest for the standby loan to the International Monetary Fund by June last year. According to CBK this was almost double the Sh138 million in interest payment for the loan that has never been disbursed. In February 2015 after Kenya’s entry into the commercial …