Kenya’s Family Bank partner USAID to disburse US$4.7m to agribusinesses

KENYA – Financial institution Family Bank and the United States Agency for International Development(USAID), have partnered disburse US$4.7 million to agri-businesses in seventeen counties in Kenya in the next one year. The partnership deal between the lender and the United States Agency for International Development (USAID) seeks to unlock US$374 million to Small and Medium Enterprises (SMEs) in Kenya and East Africa. The partnership will see Family Bank finance agri-businesses in the selected 17 Counties in the East Africa nation. Through an initiative dubbed ‘Pay for Results’, the bank targets…

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Kenya’s struggling Spire Bank appoints Fredrick Omondi as the new head of finance

KENYA – Struggling Spire Bank, a subsidiary of the giant Mwalimu National Sacco has picked Fredrick Omondi Nyasaka as its new head of finance and administration. Nyasaka joins the lender from Bank of Africa (BOA) where he headed the bank’s finance and internal audit departments. The new finance chief holds over 18 years of experience in the banking sector having held various roles within audit and finance in KCB, Equity, NCBA and Sidian banks, all in Kenya. The new finance chief will be tasked with firming up the bank’s operations…

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Data analytics firm IDinsight appoints Frida Njogu as East Africa regional director

KENYA – Data analytics, research, and advisory firm–IDinsight has picked Frida Njogu-Ndongwe as its regional director for East Africa amongst other changes at the regional office.   Frida will oversee IDinsight’s projects, partnerships, and collaborations in East Africa, enabling decision-makers to use high-quality evidence to further their goals of improving lives. Frida is a medical doctor, public health specialist, entrepreneur, and development and management consultant. Prior to IDinsight, she was the director of programmes at the Centre for Health Solutions – Kenya and a consultant at McKinsey & Company’s Africa Delivery Hub. She served most recently…

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Fintech startup Dash raises US$500,000 to simplify remittances, announces plans to launch in Kenya and Ghana

KENYA – Fintech startup Dash App has raised US$500,000 pre-seed financing to expand its operations to Kenya and Ghana.  Founded in 2019 by Prince Boakye Boampong, Dash App, allows users to simplify money remittances, bill payments and allow them to send, receive, spend, and save their money, all in a single app.  Sending and receiving money to/from a dash user is free and users can send money across countries instantaneously and one can also send money to any Mobile Money user, 80% cheaper than traditional means. Dash also allows users to send money to…

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Safaricom names Sitoyo Lopokoiyit as M-Pesa Africa managing director

KENYA – Telecommunications company Safaricom has appointed Sitoyo Lopokoiyit as the M-Pesa Africa managing director effective April 1, 2021. Lopokoiyit has been the Chief Financial Services Officer of Safaricom for the last three years. In an announcement, Safaricom Chief Executive Officer Peter Ndegwa said Safaricom will initiate the relevant talent sourcing processes to identify and appoint the next Financial Services leaders in due course but meanwhile, he will continue discharging the functions of the chief financial services office. Lopokoiyit joined Safaricom PLC from 1st April 2018, having previously served as…

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I&M Bank names Oliver Fowler as new chairman following the retirement of Suresh Raja

KENYA – Financial services firm, I&M Bank Limited, has announced the appointment of Oliver Fowler as its new chairman following the retirement of Suresh Bhagwanji Raja Shah. Shah is the founder of the bank and has served as its chairman since 1974. A statement from the bank said Shah will continue to remain on the Board as a Non-Executive Director. Founder and Chair since its inception in 1974, SBR Shah, a seasoned career banker has led the lender through its myriad of milestones such as acquisitions: of Biashara Bank, Giro…

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Co-op Bank and eco.business Fund join forces to boost agribusiness in Kenya

KENYA – Co-operative Bank of Kenya, a tier one lender in Kenya, has secured US$10 million loan from eco.business Fund, a Luxembourg-based impact investment fund for on-lending to agribusinesses. The Nairobi Securities Exchange listed lender said it had received the subordinated loan from eco business Fund and will extend the same to sustainable agribusinesses, such as those in the coffee and tea. The facility marks the first investment in Kenya for eco-business Fund, a specialist in promoting use of natural resources, and mitigating and adapting to climate change. Co-op Bank chief executive…

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German company ecoligo commissions Kenya’s first floating solar system

KENYA – Berlin-based solar company ecoligo, which implements solar projects in emerging markets, has commissioned Kenya’s first ever floating solar plant. The 69 kWp system provides clean and affordable energy to the sustainable flower farm, Rift Valley Roses. The solar plant floats on one of the farm’s water reservoirs, saving space and providing many other benefits in addition to renewable energy. Rift Valley Roses has been pursuing the goal of sustainable, environmentally friendly production for years and in addition to rainwater catchment basins to reduce water consumption and biogas plants,…

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Agricultural Finance Corporation taps NOCK’s George Kubai to be its new Managing Director

KENYA – Development finance institution Agricultural Finance Corporation (AFC), has appointed George Kubai as its new managing director effective April 2021. Prior to his appointment, Mr Kubai was the General Manager, Downstream Operations at the National Oil Corporation of Kenya (NOCK). The new boss takes over from the lender’s Corporation Secretary Mrs Rose Ochanda who has been the acting Managing Director since the retirement of the long-serving CEO Lucas Meso who stepped down in October 2020 after almost 10 years at the helm. Announcing the appointment, AFC Board Chairman Franklin…

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Kenya seeks another debt service suspension to June 2022

KENYA –  The government of Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to International Monetary Fund funds through the reallocation of existing special drawing rights and the allocation of new special drawing rights. Such facility will allow faster access of disbursements from the IMF Rapid Credit facility and the Rapid Finance Instrument, granted to countries…

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