NAIROBI, July 20 (Reuters) – Kenya’s Equity Bank
said it would press ahead with offering mobile phone transfer
services, stepping up competition to telecoms firm Safaricom’s
money transfer product.
Equity Bank, the biggest in the east African country by
depositors, will run its service through its telecoms unit
Equitel and use the network infrastructure of Kenyan telecoms
firm Airtel, the local arm of Bharti Airtel.
NAIROBI, July 17 (Reuters) – Kenya’s move to raise interest
rates on some short-term debt to support the battered shilling
has made lower-yielding longer-term bonds less
attractive, potentially deterring foreign investors from buying
Kenyan debt has attracted more foreign funds since the 2008
global crisis, as ultra-low interest rates in mature economies
sent investors in search of higher yields in frontier markets.
NAIROBI, July 15 (Reuters) – Kenya signed a $350 million
loan with six commercial banks on Wednesday to help finance a
refined products pipeline between Mombasa and Nairobi, one of
the lenders said on Wednesday.
State-run Kenya Pipeline Co (KPC) had awarded construction
of the 450-km pipeline to Lebanon’s Zakhem International, which
started work in July 2014.
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.