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East Africa

Kenya: Improved liquidity lifts T-bills uptake


The subscription rate for Treasury bills rose last week on improved liquidity in the money market, reversing a two week downward trend. The liquidity in the market had tightened in the last two weeks of June due to remittance of tax holdings by commercial banks to CBK at the end of the fiscal year, as well as dividend payments by ...

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East Africa: Safaricom goes for photo IDs to block M-Pesa fraud


Telecoms operator Safaricom’s mobile money agents will soon start using photos to identify those withdrawing or depositing money on the popular M-Pesa platform in a new push to curb fraud. Safaricom said it has distributed about 25,000 pre-programmed smartphones to its mobile money agents to be used in registration of new SIM cards. The process involves capturing faces of SIM card ...

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S. Africa rating firm drops deal with Kenyan insurer


South African agency, Global Credit Ratings (GCR), has announced it will no longer offer a rating for Saham Assurance Company Kenya, saying the withdrawal has been made at the behest of the insurer. GCR’s final rating for Saham saw it affirm a claims paying ability rating of A-, with a negative outlook based on the assurance firm’s continued underwriting losses. “The ...

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Kenya: Uhuru woos cereal, livestock farmers with Sh1.5 bn loan waiver


The government has waived a Sh1.5 billion loan owed by wheat, sorghum and livestock farmers in Kajiado, Narok and Baringo counties to the State’s agricultural credit institution. In a statement sent to newsrooms on Monday, State House spokesman Manoah Esipisu said the waiver of a loan owed to the Agricultural Finance Corporation (AFC) is part of government move to ease ...

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Toyota unit fights Kenyan buyers’ vehicle defect suit


Toyota’s financing arm Tsusho Capital has denied receiving any complaints on mechanical defects affecting 45 Hino buses it sold to 11 companies and individuals. The buyers have lodged a product liability claim against it, its sister companies and the Kenya Bureau of Standards (Kebs). Tsusho claims that only one buyer, Martin Mwangi Njoki, among those listed in the suit, raised ...

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Kenya: KQ Gets Air Traffic Rights in U.S. Paving Way for Direct Flights


Kenya Airways (KQ) has been granted air traffic rights to the United States (US) airspaces inching closer to direct flights to the US. Transport Cabinet Secretary James Macharia told Capital FM Business the airline now awaits other crucial licenses to see it fly to the US by March 2018. Among the crucial licenses include the Air Service License which gives ...

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Tanzania: Telcos Surrender As TCRA Bans Caller Tunes


Telecom operators have surrendered to an order by Tanzania Communications Regulatory Authority (TCRA) to stop unsolicited adverts in the caller tunes which the regulator said were against the 2015 Value Added Services (VAS) Regulations. TCRA director general James Kilaba told operators yesterday that they can air their adverts only when a subscriber is checking the balance, recharging or when checking ...

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Fitch affirms Stanbic Bank Kenya rating with negative outlook


Fitch Ratings has affirmed Stanbic Bank Kenya (SBK) long-term issuer default rating (IDR) at ‘BB-’, but with a negative outlook informed by potential downgrade of Kenya. Fitch said the assessment was informed by a moderate probability of support from its parent owner, South Africa-based Standard Bank Group, which indirectly owns 60 per cent stake in the Nairobi-based lender. The Standard ...

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Tanzania lifts ban on foreigners investing in telecom IPOs


Tanzania has lifted the banning on foreign investors participating in initial public offerings in the telecoms sector, the capital markets regulator said on Friday. The removal of the restriction allows foreigners to take part in the IPO of Vodacom Tanzania Plc, a subsidiary of South Africa’s Vodacom Group. The Vodacom IPO was launched in March and initially only open to ...

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Uganda: Couple Fights Diamond Trust Bank Over Shs 10 Billion ‘Loan’


Businessman Francis Nekuusa and his wife Stella Nekuusa are embroiled in a court battle with Diamond Trust bank (DTB) over loans that amount to more than Shs 10bn in a case that could shed more light on what could be seen as suspicious banking practices in the country, writes DERRICK KIYONGA. The case has seen both sides hire two of ...

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Ghana Business News