Category: East Africa

CRDB Bank is sitting on 7.0bn/- worth of uncollected dividends of its shareholders which accumulated in the last 20 years. The bank has called its shareholders to collect their dividends especially those using cheques payment system, where a number of unclaimed reached 60 per cent or change mode of payments. The largest bank in the…

Tanzania said on Friday it plans to start building a $3 billion fertiliser factory in partnership with a consortium of investors from Germany, Denmark and Pakistan this year. “The factory will use natural gas to manufacture fertiliser and will be built in joint venture with a group of investors,” the president’s office said in a…

Kenya’s biggest telecoms operator, Safaricom, said on Friday that a leaked draft report on its procurement processes did not show any wrongdoing. Safaricom, which is 40 percent owned by Britain’s Vodafone , had asked KPMG to study its procurement processes, seeking external expert views to help to strengthen compliance and internal governance. The Nairobi-based Business…

ter a two-year delay, power producer, Kenya Electricity Generating Company Limited, KenGen, is set to raise $286 million from shareholders through a rights issue. KenGen has launched its much awaited rights issue, aiming to raise 286 million dollars to finance new geothermal and wind power projects. The company is issuing two shares for each ordinary…

Tanzania has for the first time in two years cut its purchase of electricity from Kenya as its imports of other goods from Nairobi continue to drop. Official data shows that power exports to Tanzania dropped 67.3 per cent to 170,000 kilowatt hours (kWh) in the first three months to March. Kenya and Tanzania have…

Equity Bank is now a major United Nations (UN) banker in South Sudan, a move that could help it revamp operations in the young democracy. The bank said it will host accounts for 41 humanitarian agencies run under the UN umbrella body which are major beneficiaries of donor and international funding in a country rebuilding…

Kenya has taken yet another step to securing direct flights to the United States with the tabling in Parliament of a Bill that addresses key concerns such as security and the independence of the aviation sector regulator. The Civil Aviation Amendment Bill, sponsored by National Assembly Majority Leader Aden Duale, is expected to help Kenya…

The Japan International Cooperation Agency (JICA) has launched Nutrition-Oriented Community-Based Fish Farming Project aimed at improving dietary diversity in Zway Dugda woreda of Arsi Zone, Oromia State at a cost of 400,000 USD. A human made pond would be created on 3.5 hectares of land in the woreda benefiting over 700,000 residents living in the…

Online taxi hailing company Uber says it has signed up nearly 1,000 Kenyan drivers onto its platform since it began operations in January 2015. The US-based company also announced yesterday that it has clocked eight million kilometres in Kenya since its launch in Nairobi 15 months ago. “Over 100,000 of you choose Uber every month…

The Central Bank of Kenya (CBK) 2015 net profit (or surplus) more than tripled to Sh48 billion on the back of a huge unrealised foreign exchange or revaluation gains. According 2015 audited financial statements and accounts of the commercial banks’ regulator, the realised or actual profit was Sh7.4 billion, a major turnaround from a loss…