Tala expands operations with Ksh 6.5 billion in financing
Tala, a leader in mobile-first financial services for underserved consumers, has announced a Ksh 6.5billion (US$65 million) in new investment to power the growth of its consumer lending app. Tala operates in Kenya, Tanzania, and the Philippines, where it has delivered credit to nearly 1.3 million customers and originated more than $300 million. The company
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Hard times lie ahead of insurance brokers after implementation of IFRS 17
The Insurance industry in Kenya has had a penetration and uptake of 3 per cent according to a report released by the Association of Kenya Insurance (AKI) in 2017. Tis mean that insurers have been leaving out 97 per cent of the Kenyan population. The industry expects a great disruption from 1 January, 2021. This
KRA nominated for top global customer service award
The Kenya Revenue Authority (KRA) has been selected as one of the 39 global and only African finalist for the prestigious Oracle CX Excellence Awards to be announced this tomorrow in Chicago, USA. The taxman has been nominated as a finalist in the Modern Customer Experience Award. This award recognizes the organization that delivers an
The UK Asset Based Direct Lending sector attracts overseas investors
Since 1989, banks and building societies in Britain have been shutting branches at a rate of approximately 300 per year, a trend which has dramatically accelerated in recent years as traditional lenders respond to pressure on cutting costs, according to a recent Reuters article. Against a backdrop of fewer traditional lenders focusing of less commercial
Ecobank upgraded mobile app reaches 4 million users in 6 months
The upgraded version of Ecobank’s revolutionary mobile app has attracted 3 million new customers in just 6 months, taking the total number of users to 4 million. The app builds on the core functionality that saw the original version applauded as a game changer for African banking by using digital technology to combat many of
Equity Group Holdings un-wavered even in tumultuous times
Equity Group Holdings has yet again reported a rise in profits despite harsh macroeconomic environment in 2017. The bank reported a 16% increase profits after tax from Ksh. 16.6 billion in 2016 to Ksh 18.9 billion in 2017. “Equity Group business model has proven that the Group is not dependent on the loan book only
Barclays Kenya Launches Timiza
Barclays Bank of Kenya has launched a virtual mobile based banking platform with the launch of Timiza, which enables customers and non-customers to access banking services directly from their phones. With the pre-conceived notion that the banks’ products are specifically set aside for its premium clients the launch of Timiza is proof that the lender
Taxify Unveils Passenger Motorbike Service ‘Taxify boda’
Taxi hailing service provider ‘Taxify’ has introduced a new motor bike hailing service that works within their existing smartphone application being used by vehicles. Kenya marks the second country amongst countries where the firm operates, that it has launched the service known as Taxify Boda. Speaking during the launch event in Nairobi, Chisom Anoke, Taxify
London Stock Exchange Group to Strengthen Partnership with Kenya
London Stock Exchange Group (LSEG) is in Nairobi to build on the strong economic partnership between the UK and Kenya and discuss how best to encourage greater capital markets collaboration, in particular around equity & debt dual-listings. Nikhil Rathi, CEO, London Stock Exchange PLC, Suneel Bakhshi, Chairman International Advisory Groups London Stock Exchange Group, and
IMF approves Kenya’s request to extend standby credit facility for 6 months
The International Monetary Fund (IMF) has approved Kenya’s request for 6th month extension to a US$1.5 billion standby facility that was to expire in March 2018. The request was made to allow the nation to complete reviews of the lender-supported programme. “The Executive Board of the International Monetary Fund (IMF) today approved a new SDR 709.259