Business News
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KNCCI Boss Elected to General Councils of World Chambers Federation
The President of the Kenya National Chamber of Commerce and Industry (KNCCI) Dr. Erick Rutto has been announced as a new member of the General Council of the World Chambers Federation (WCF). Dr. Rutto is expected to join 20 other elected members and 19 other appointed members to form the WCF General Council which sets…
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CBK Revokes BAHL Licence Following its Exit from Kenyan Market
The Central Bank of Kenya (CBK) has revoked the operating licence of Bank Al-Habib Ltd (BAHL) after the bank opted to exit the Kenyan market. In a statement released on June 30, 2025, CBK announced that the licence cancellation took effect on May 15, 2025. “The Central Bank of Kenya announces the cancellation of the…
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Union Raises Alarm Over Telkom Kenya Crisis as Investor Deal Stalls
Telkom Kenya employees are growing increasingly frustrated over prolonged delays in securing a strategic investor, a situation they say has pushed the state-owned telecom company into a deepening crisis. Since 2020, the government has struggled to bring in a new investor to revive the struggling telco, with repeated promises failing to materialize. The Communication Workers…
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BNN Debuts in Nairobi with Grand Event to Strengthen SME-Corporate Partnerships
Business Networking Night (BNN) has officially made its entrance into Kenya with a high-profile gathering in Nairobi, bringing together over 300 business executives and thought leaders from multiple industries. The occasion marked the Nairobi debut of BNN, a global business connector that seeks to bridge the gap between small businesses and larger enterprises. Its primary…
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CFAO And Almasi in Deal to Finance Commercial Vehicles
CFAO Mobility Kenya and Almasi Financial Services Limited have partnered to offer customers 90 percent financing for commercial vehicle purchases, payable over 60 months at convenient rates. The strategic agreement is expected to boost the transport and logistics sector by providing entrepreneurs with affordable access to heavy commercial trucks, through a Sharia-compliant finance partner. READ…
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CBK Extends KEPSS Hours to Boost Efficiency in Digital Payments
The Central Bank of Kenya (CBK) has announced a significant extension of operating hours for the Kenya Electronic Payment and Settlement System (KEPSS), its national Real Time Gross Settlement (RTGS) system, a move set to enhance the efficiency of financial transactions across the country starting July 1, 2025. READ CBK Lowers CBR Citing Currency Stability,…
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Access Bank Completes Takeover of Standard Chartered
Access Bank Plc has officially completed its acquisition of Standard Chartered Bank Gambia, ending the British lender’s 130-year presence in the country. READ NCBA Partners With Crown Motors to Ease Purchase of Nissan Navara The transition was approved by the Central Bank of Gambia on Friday, June 13, 2025. It involved a complete transfer of…
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eCitizen Overtakes iTax as Kenyans’ Top Choice for Filing Nil Returns
Nearly 12 million Kenyans have filed nil income tax returns via the government’s eCitizen portal, surpassing the 2 million who used the Kenya Revenue Authority (KRA)’s iTax system, according to fresh data from the tax agency. The significant shift marks a turning point in taxpayer behaviour and signals growing confidence in the state’s revamped digital…
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Pesapal and RACK Unveil Business Tool for East African SMEs
Financial technology firm Pesapal has partnered with RACK, a cloud-based point-of-sale (POS) platform, to roll out a fully integrated business management solution targeting millions of small and medium enterprises (SMEs) across Kenya, Uganda, and Tanzania. The collaboration, announced on Tuesday, aims to simplify and digitize core business operations for SMEs, enabling them to manage sales,…
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NCBA Partners With Crown Motors to Ease Purchase of Nissan Navara
NCBA Bank has announced a strategic partnership with Crown Motors aimed at making the ownership of the iconic Nissan Navara Double Cab more accessible for individual and business customers alike. The partnership offers customers flexible financing terms of up to 72 months, a 60-day grace period before repayment begins, and access to one of the…
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Court Orders Equity Bank to Compensate Customer Over Negligence in Fraud Case
Equity Bank has been ordered to pay Sh450,726 to a customer after the High Court found the lender negligent for failing to act swiftly in a fraud case reported in 2019. Justice Julius Ng’arng’ar upheld a 2022 decision by a lower court, ruling that the bank breached its duty of care by delaying investigations for…
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Santowels Wins Sh32B Suit as Stanbic Loses Final Appeal
Stanbic Bank has suffered a major blow after the Supreme Court dismissed its final attempt to stop a Sh32 billion breach-of-contract claim filed by Nairobi-based Santowels Limited. The ruling brings to a close a legal battle that has stretched for over two decades, with Santowels accusing Stanbic of unlawfully charging interest on a loan facility…
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Equity, Safaricom Top 2025 List of Kenya’s Most Valuable Brands
Equity Bank Limited and Safaricom PLC have maintained their lead as Kenya’s top two most valuable brands, according to the latest 2025 Brand Finance rankings. Equity Bank emerged as the top bank with a brand value of Sh61.3 billion, marking an 8 percent increase from the previous year, driven by high net interest income, an…
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MTN Uganda Unveils Plans To Restructure Mobile Money Operations
MTN Uganda Limited has announced plans to restructure its mobile money business through the separation and reorganization of its wholly owned subsidiary, MTN Mobile Money Uganda Limited (MTN MoMo), as part of its ongoing fintech strategy. In a cautionary statement issued to shareholders and the public in compliance with Uganda Securities Exchange (USE) Listing Rules…
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CBK Lowers CBR Citing Currency Stability, Slowed Economic Growth
The Central Bank of Kenya (CBK) has lowered the Central Bank Rate (CBR) by 0.25 percentage points to 9.75 percent, citing sustained decline in inflation, a stable exchange rate, and a slowdown in economic growth both globally and locally. In a statement released following its Monetary Policy Committee (MPC) meeting held today, the CBK said…
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Absa Bank Recovers Millions Lost to Banking Fraud
Absa Bank Kenya has successfully recovered Sh227 million of the Sh255 million lost to fraud in the 2024 financial year. Their report shows that this recovery was nearly seven times the Sh32 million recouped in 2023. Absa also prevented losses amounting to Sh334 million during the same period, thanks to enhanced cybersecurity measures and fraud…
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Stable Shilling Slashes Banks’ Forex Income by Sh9 Billion
Kenya’s top banks have seen a sharp drop in foreign exchange income as the Kenyan shilling holds steady, wiping out approximately Sh9 billion in revenue. The Central Bank of Kenya (CBK) reports that reduced volatility in the shilling limited trading opportunities, squeezing income that banks normally earn from currency movements. The shilling has traded narrowly…
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Britam Buys Significant Stake in Continental Reinsurance Kenya
Britam Holdings has acquired a 30 percent stake in Continental Reinsurance Kenya in an expansion move into the reinsurance market. The investment, valued at Sh763.8 million, places a worth of approximately Sh2.8 billion on Continental Re’s Nairobi subsidiary. The deal was executed through Britam Life Assurance and is expected to strengthen Britam’s income base while…
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Mama Rocks Burger Kitchen Faces Liquidation Petition
Popular Nairobi-based restaurant Mama Rocks Burger Kitchen Limited is facing a petition for liquidation, according to a gazette notice published on May 5, 2025. The petition was filed by Samantha Amimo Mwedeckeli through her legal representatives, Madhani Advocates LLP. It was lodged with the High Court’s Commercial and Tax Division on October 16, 2024, under…
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