Articles Posted in the " News " Category

  • Jamii Bora’s Uchumi buyout was a con

    Jamii Bora Bank’s management has told shareholders that they were duped into buying Uchumi Supermarket shares. Chief executive Samuel Kimani says the information memorandum used to entice the tier-II lender into the Sh500 million acquisition did not show the true position of the retail chain. “As a listed company, we got the transaction approved by all […]

  • Ex-taxman Michael Waweru quits TransCentury board

    Former taxman Michael Waweru has quit the board of troubled infrastructure firm TransCentury barely six months into his tenure, in a shakeup that will also see two other long-serving directors exit the company. Mr Waweru — who served as commissioner- general at the Kenya Revenue Authority for nearly a decade — joined TransCentury on December 1, […]

  • Unaitas to go into full banking as capital grows

    Unaitas Savings and Credit Co-operative Society’s share capital is expected to hit the Sh1 billion mark by the end of this year as it looks to venture into full banking services. Currently, the Sacco’s share capital is Sh752 million compared to Sh696 million in December last year, chairman Joseph Ngaai said during the shareholders’ annual […]

  • Stima, Unaitas top Saccos as sector grows

    Sacco’s grew their assets by 14.2 per cent last year with Stima and Unaitas the star performers driven by enrolment of new members. Latest data from Sacco Societies Regulatory Authority (SaSRA) shows assets of the co-operatives stood at Sh335 billion in December compared to Sh293 billion a year earlier. The growth was driven by increase […]

  • Mobile money’s quick growth transforming financial services

    By Titus Mbithi Mobile banking apps have greatly transformed how Kenyans access loans, and consumers no longer need to fill out lengthy forms, pledge collateral or undergo vetting by a mean- looking credit officer. Take the example of Branch, a Facebook-linked mobile application that allows users to borrow and repay micro-loans via mobile money platform […]