Coop Bank launches US$2.81m enterprise fund for financing cooperatives and entrepreneurs

KENYA – Co-operative Bank of Kenya has launched a KSh300 million (US$2.81m) enterprise fund with Laikipia County to offer affordable financing and business support to co-operatives and entrepreneurs. The lender said the Laikipia Enterprise Fund would be scaled up based on the need. The two parties have agreed for an interest-sharing and guarantee arrangement, meaning that the risk and return would be on shared terms. The fund will also seek to help over 7,000 entrepreneurs in the county recover from the challenges of the Covid-19 pandemic by way of affordable…

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Co-op Bank and IFC ink a US$1m lending advisory deal for SMEs

KENYA – The International Finance Corporation (IFC) is offering advisory services to Co-op Bank in a US$1 million (KSh100 million) deal aimed at enhancing the firm’s capacity in lending to small and medium-sized enterprises. According to Business Daily, this marks the latest partnership between the Nairobi Securities Exchange-listed company and the global financier. IFC has offered other technical advisory services to Co-op Bank besides providing it with long-term loans for onward lending to SMEs. “This is a banking advisory services project with Co-operative Bank, designed to increase access to finance…

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Co-op Bank CEO Gideon Muriuki increases shareholding in a US$1.79m transaction

KENYA – Co-op Bank Chief Executive Gideon Muriuki has bought 11.1 million shares of the lender worth KSh179 million (US$1.79m), marking his latest trade in the Nairobi Securities Exchange-listed firm, reports Business Daily. The bank disclosed in regulatory filings that Mr Muriuki’s stake rose to 1.96 percent (114.9 million shares) in August from 1.77 percent (103.8 million shares) in February 2019. He has previously raised and lowered his stake in Co-op Bank in trades that indicate buying when the stock is cheap and taking profits in strong markets. The latest…

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Co-op Bank posts 5.5% growth in profit to US$109m boosted by non-interest cash

KENYA – Co-operative Bank, a retail and commercial bank in Kenya, reported a 5.5 percent growth in net profit for the first nine months of 2019 to KSh10.9 billion (US$109m), majorly lifted by strong growth in non-interest income. Total non-interest income, mainly from fees and commissions on loans and advances, rose by 33.3 percent from KSh10.5 billion (US$105m) to KSh14.1 billion (US$141m). Group CEO Gideon Muriuki said its all-telco mobile wallet dubbed MCo-op cash was pivotal in the growth of non-funded income as registered customers hit 4.7 million, helping it…

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