Category: East Africa
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East Africa: 500 petrol stations face ERC closure in safety crackdown
More than 500 petrol stations across the country are facing closure after they were found in breach of safety and quality standards set by the Energy Regulatory Commission (ERC). The petrol stations have failed to meet the prescribed construction specifications and have irregularly incorporated additional businesses such as eateries, car wash sheds, and offices in…
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East Africa: Ecobank’s quest for 100 mln customers by 2020
Pan-African group Ecobank Transnational plans to increase its customers to 100 million by 2020 from 10 million now, using technology to hit that goal, the chief executive said on Thursday. Speaking at the launch of the group’s new mobile banking technology in Kenya, Ade Ayeyemi told Reuters this would help the group reach more users…
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Kenya:World Bank values Dar’s real estate Sh273bn more than Nairobi
Tanzanian capital Dar es Salaam’s real estate has been ranked ahead of Nairobi and Addis Ababa in the World Bank’s latest cities report, which cites land fragmentation and weak property rights as the sector’s biggest impediments in Africa. The report, which was released yesterday, estimates the economic value of Dar’s real estate at Sh1.2 trillion…
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Kenya:Small banks struggle for cash as big peers maintain tight fist
Small banks are still struggling for cash amid tighter liquidity in the market as their larger peers remain cautious on lending to them in the interbank market, analysts at Dyer & Blair Investment Bank and Renaissance Capital say. The liquidity in the Kenyan banking sector remains skewed in favour of larger lenders. The collapse of…
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East Africa: Ecobank’s quest for 100 mln customers by 2020
Pan-African group Ecobank Transnational plans to increase its customers to 100 million by 2020 from 10 million now, using technology to hit that goal, the chief executive said on Thursday. Speaking at the launch of the group’s new mobile banking technology in Kenya, Ade Ayeyemi told Reuters this would help the group reach more users…
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Eni CEO Claudio Descalzi charged with international corruption
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Italian prosecutors have reportedly charged Eni and its CEO Claudio Descalzi with international corruption over the controversial acquisition of an offshore block in Nigeria in 2011. Apart from Descalzi, the charge reportedly extends to the former CEO Paolo Scaroni and nine other people involved in the $1.3 bilion deal. Scaroni served as the Chief Executive…
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Losses for Kenyan exporters after Mogadishu closes airport for polls
Kenyan logistics firms and exporters are counting losses following the closure of the heavily guarded main airport in Mogadishu Wednesday in a lockdown instigated by the Somalia presidential elections. Siginon Group, which operates Siginon Aviation, said it had to cancel six flights on Wednesday because of the elections. At the same time, Astral Aviation, which…
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Kenya:US private equity funds in Sh10bn bid for Java House chain
Two American private equity funds are among a group of institutional investors in the race to acquire Kenyan coffee chain Java House in a transaction estimated to be worth $100 million (Sh10 billion). Sources familiar with the deal said Washington-based Carlyle Group, which has $169 billion under its management and San Francisco-based TPG, a $74…
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Kenya:Tullow Oil to spend Sh22.5bn on Kenya this year
British explorer Tullow oil will spend at least Sh22.5 billion on appraisal and exploration activities in Kenya this year. The Africa-focused oil and gas producer also plans to carry out four such ventures and 82 development activities in the East Africa region at a cost of Sh48.5 billion. In a statement released Wednesday the group,…
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Banks get CBK backing to launch own mobile cash transfer system
The Central Bank of Kenya (CBK) has given six banks the green light to launch a mobile money transfer platform, heralding a new dawn in the highly competitive and lucrative financial services market segment. The Kenya Interbank Transaction Switch, which has been developed by the Kenya Bankers Association (KBA), will, among other services, facilitate real-time…