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Kenya: How Imperial Bank’s mega theft stalled Fidelity’s sale


The High Court has relaxed its freeze on the assets of a controversial businessman linked to the theft of Sh44.9 billion in the collapsed Imperial Bank, paving the way for Mauritian lender SBM Holdings to complete acquisition of the troubled Fidelity Bank. The businessman, Firoz Jessa, is one of the shareholders in W. E. Tilley, a fish firm at the ...

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Kenya: Banks at crossroads as landscape changes fast


Banks will need to go back to the drawing board if results for the third quarter are anything to go by. The numbers cannot be more revealing; that big players have on average shed up to a quarter of their revenues relative to a similar period a year ago with other previously profitable names sliding into loss territory. Experts are ...

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Exports to top Kenyan tea markets drop 15 per cent


Tea exports to major markets in the year to October dropped 15 per cent compared with the same period last year with all the top buyers except Pakistan registering significant decrease. Statistics from the Tea Directorate indicate the exports fell to 351 million kilogrammes (Kg) this year from 441.9 Kg between January and October last year. The September report by ...

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Sh30bn bond hits demand for T-bills


The demand for short-term government paper remained sub-par last week as investors kept eyes trained firmly on this month’s Sh30 billion bond auction, which closes on Wednesday. The new issue, a re-opening of previous 10 and 15-year bonds, is also likely to benefit from a more liquid market after the government moved to release Sh77 billion county funds, which have ...

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Kenya: Safaricom bets on voice identity to rein in fraud


Listed telco Safaricom has introduced voice biometric system aimed at reducing fraud and helping its customers to reduce cases of identity theft. The system, dubbed Jitambulishe, will allow customers to access Safaricom services such as resetting M-Pesa PIN and PUK requests through a faster and less intrusive vetting process. The system aims to cut down the number of steps a ...

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Heineken to open $100MN brewery in Mozambique in 2019


Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation, the brewer said on Monday. The world’s second-largest brewer plans to start production at the 0.8 million hectoliters capacity plant in the capital Maputo in the first half of 2019, it said in a statement. Advertisement Heineken, which also brews Amstel and ...

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Nigeria’s Access Bank’s next frontier


Nigeria’s Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their correspondent banking exposure to West Africa. So-called correspondent banking operations boomed over the last decade as commodity prices spiked and offshore lenders looking to tap into trade flows to Africa extended lines ...

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Nigeria’s hottest investment opportunities


The past year has been one of economic progress for Nigeria, with Africa’s largest economy managing to crawl back into growth territory in the second quarter of 2017. Advertisement The Nigerian government has realised that it needs to make the country as attractive and lucrative as possible for offshore investors to bring their capital, skills and business trade into the ...

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Tanzania restores power in parts of country after nationwide outage


Tanzania’s power utility said on Friday it had started to restore electricity to parts of the country after the East African nation was hit by a country-wide blackout on Thursday morning. “Efforts are ongoing to make sure that power supply is restored to all parts of the country,” the state-run Tanzania Electric Supply Company (TANESCO) said in a statement. TANESCO ...

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