NAIROBI, May 26 (Reuters) – Kenya’s Equity Bank Group
plans to expand its operations into the Democratic
Republic of Congo by acquiring a 79 percent stake in ProCredit
Bank Congo, its chief executive officer said on Tuesday.
James Mwangi, the CEO of Equity Bank, which focuses on the
lower-income part of the market and also operates in Uganda,
South Sudan, Tanzania and Rwanda, told a news conference the
move was subject to regulatory approval but did not give a time
frame for its entry, nor the cost of the investment.
NAIROBI (Reuters) – Islamist militants from Somalia attacked two police patrols in neighboring Kenya on Tuesday, triggering a gun battle in a rural area hit by a string of cross-border raids, both sides said.
Somalia’s al Shabaab fighters said they had killed 25 Kenyan officers, an account contradicted by the police force that said one of its men had died and four had been wounded.
NAIROBI, May 15 (Reuters) – Kenya has approved the sale of
the government’s stakes in five sugar companies and expects to
sell 75 percent stakes in transactions that will be completed in
the next nine to 12 months, the Privatization Commission said on
The five companies are in urgent need of modernisation to
survive competition from the entry of other sugar producers and
an impending end to sugar import limits from the Common Market
for Eastern and Southern Africa (COMESA) trade bloc after the
end of a one-year extension given early this year.
NAIROBI, May 7 (Reuters) – Kenya’s Safaricom Ltd
plans to expand its mobile and fibre optic network and will
launch a home broadband service to boost growth after posting a
17 percent rise in annual earnings.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) rose to 71.2 billion shillings ($748.7 million) in the
year ended March, lifted by a 13 percent rise in revenue to
163.4 billion shillings.
NAIROBI, May 6 (Reuters) – Kenya Commercial Bank Group
expects growth in services like insurance, Islamic
banking and mobile money transfer services to further boost its
income, after posting a 12 percent rise in first quarter pretax
A mobile loan service, which KCB runs in partnership with
telecoms firm Safaricom, had already attracted 1
million customers since launching in March, the bank said.
NAIROBI, April 30 (Reuters) – Kenya has proposed rules
requiring oil exploration firms to give local investors a 5
percent stake and use local suppliers and staff for their
services to get a bigger share of earnings from the new sector.
East Africa has become a hot spot for oil and gas
exploration in recent years, spurred by new finds, but Kenya has
yet to update its legal framework for the sector.
NAIROBI, March 28 (Reuters) – Kenya’s government said on
Saturday it was “shocked and concerned” over the latest travel
warnings issued by Britain and others and said security
conditions in the east African country were improving.
Britain told its citizens in an updated advisory issued on
Friday to avoid most Kenyan coastal resorts, citing such threats
as al Shabaab Islamist militants who have killed more than 200
people in Kenya in the past two years.
NAIROBI, March 18 (Reuters) – Co-operative Bank of Kenya
forecast annual profits could jump by more than 30
percent this year after the cost of job cuts left pre-tax
profits flat in 2014.
The job cuts and removal of red tape would save the bank at
least 500 million shillings ($5 million) per year, Chief
Executive Gideon Muriuki told an investor briefing on Wednesday
NAIROBI, Feb 26 (Reuters) – Kenya Commercial Bank Group
plans to expand its business through mobile and
branchless banking, its chief executive said on Thursday after
reporting an 18 percent rise in full-year pretax profit.
Joshua Oigara, CEO of Kenya’s largest bank by assets, said
KCB would expand its mobile phone transaction services and
agency banking, whereby third-party operators offer basic
banking services on its behalf.
NAIROBI, Dec 4 (Reuters) – Safaricom launched
Kenya’s first fourth-generation (4G) Internet services on
Thursday, seeking to capitalise on burgeoning mobile Internet
use in the country.
The government of the east African nation of 40 million
people wants the use of 4G high-speed broadband network to help
raise the Internet’s contribution to economic growth to 10
percent in 2017 from about 3 percent this year.