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NBK board chair entangled in Sh100 billion fraud claims

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The National Bank chairman, Mohammed Hassan, has been accused of aiding a Sh100 billion money laundering scheme at one of Kenya’s largest chartered flight operators. The allegations made in court by a founding shareholder of the Wilson Airport-based carrier have sucked Mr Hassan, a former top executive of Dyer & Blair Investment Bank, into what could shape up into one ...

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Africans should utilise digital banking more to grow GDP

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A recent Moody’s Estimates Migration report to electronic payments added 296 Billion US dollars to GDP across 70 Countries but African countries have only experienced a mere 0.05 per cent increase in the GDP. Lucy Mbabazi, Visa Rwanda’s Country Manager joined CNBC Africa for a look at the correlation between Electronic Payments and Economic Growth. Mbabazi strongly urged Africans to ...

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Big banks cartel hurting economy with expensive loans, says WB

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A few big banks have gained a stranglehold on Kenya’s lending market, rendering it non-competitive with devastating consequences on the economy, casting the spotlight on the Competition Authority of Kenya (CAK) which has been investigating the sector since last year. The high interest spreads that the commercial lenders continue to enjoy at the expense of the rest of the economy ...

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Rwanda beats expectations with financial inclusion findings

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Financial exclusion has dropped from the 21 per cent in 2012 to 11 per cent in 2015/2016, meaning that 89 per cent of Rwandan adults now use financial products and 5.2 million people in the country are financially included, according to the 2016 FinScope survey. According to Laure Beaufils, Country Representative, DFID: “FinScope is a survey which measures the demand ...

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NSE-listed firms to reveal reasons for exit of board members in new code

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Companies listed on the Nairobi bourse will now have to disclose the reasons behind the exit of their board members and top managers such as chief executives and chief finance officers, as per fresh rules gazetted by the capital markets regulator. The Capital Markets Authority (CMA), in a new detailed corporate governance code, has set the rule in a bid ...

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Kenya’s mining sector attractiveness slightly up, shows global report

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The local mining sector’s attractiveness has slightly improved, according to the latest survey by Canadian think-tank Fraser Institute. The Fraser Institute 2015 survey has ranked Kenya 103 out of 109 jurisdictions that were covered. It was ranked 121 out of 122 in the 2014 report due to insecurity and ‘poor’ mining policies. ‘Poor’ policies especially the proposed mining laws and ...

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Burundi tax revenues miss target in February: revenue authority

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Burundi’s tax revenue rose marginally in February to 43.9 billion francs ($26.9 million) compared with the same period a year ago but was 8.7 percent short of an official target for the month, figures released by the revenue authority showed. Burundi, a poor nation that relies heavily on tea and coffee production, was plunged into crisis in April last year ...

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CEOs face pay cut as new corporate code comes into force

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New rules tying executive pay to the performance of companies have come into force, setting up the top management of the Nairobi Securities Exchange-listed firms that have issued profit warnings for a possible pay cut. The Capital Markets Authority (CMA) last Friday gazetted the new corporate governance code, which takes effect immediately, meaning it may start affecting executive pay as ...

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Low data on Kenya mineral deposits keeps investors away- Analysts

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Lack of extensive data on mineral deposits has curtailed investment in Kenya and other Common Market for East and Southern Africa (Comesa) countries targeting to grow their wealth from mining, analysts said. Dr Tim Griffin, deputy director-general in the Western Australian department of Mines and Petroleum, said uncertainty over the accurate mineral capacity has kept off some potential investors. “Geological ...

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Cement production hits 6.3m tonnes on rising demand

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Cement production last year crossed the six million tonne mark for the first time as manufacturers upped capacity to capture demand from a construction boom driven by infrastructure projects and real estate. Data from the Kenya National Bureau of Statistics shows that cement manufacturers produced 6.3 million tonnes, up from 5.8 million tonnes produced in 2014. Real estate has continued ...

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