Investment firm Cytonn ventures into insurance business

KENYA – Investments management firm Cytonn Investments, has launched its insurance agency arm, the Cytonn Insurance Agency (CIA), aimed at disrupting the insurance industry through innovation and automation of insurance processes including the buying and claims process. According to 2019 annual report by the regulator Insurance Regulatory Authority (IRA), insurance uptake in Kenya remains low compared to other key economies, with the insurance penetration as of 2019 coming in at 2.3 per cent, down from 2.4 per cent in 2018. The slow penetration level is attributable to the fact that insurance…

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Shopping malls in Kenya feels the heat as big retailers collapse

KENYA – Shopping malls in Kenya are feeling the pinch from the folding of a number of supermarkets from which they greatly rely on for customer footfall and as anchor tenants. Malls and other retail establishments such as arcades have continued to rely on supermarkets as their anchor tenants to not only bring a steady flow of customers but also attract other tenants such as smaller retail outlets. Recently, the folding of several supermarket chains like Nakumatt, Shoprite, Choppies along with new trouble for chains such as Tuskys and Uchumi…

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Cytonn launches inaugural fund focusing on mid to low income housing

KENYA – Cytonn Asset Managers Limited (CAML), the regulated affiliate of Cytonn Investments, has today launched the first specialized and regulated Collective Investment Scheme in Kenya, focusing on financing mid to low income housing. The fund known as the Cytonn High Yield Fund (CHYF) will target assets under management of Kshs 30 bn, which shall be used for the development of 6,000 mid to low-income houses. Speaking at the launch, Cytonn CEO, Edwin H. Dande said, “We are constantly striving to provide creative solutions that will ensure the affordable housing…

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