Jubilee Asset Management has rolled out a new dollar-denominated fund as it seeks to diversify products for both its retail and institutional investors. Jubilee Money Market Fund USD will have a minimum initial subscription of $1,000, translating to about Sh130,000, with subsequent top-ups at a minimum of $500 equivalent to about Sh65,000. The new fund …
A surge in loan defaults by real estate, trade, and agricultural businesses saw them default on Sh30.9 billion in the first quarter of the year. This hefty rise in non-performing loans comes amid a time of rising interest rates, according to the latest review by the Central Bank of Kenya. Hefty Rise in NPLs According …
NCBA Bank has introduced a new policy that took effect on July 1, whereby it eliminated all monthly charges on its retail banking accounts in a bid to attract more customers. The change applies to all current account products and new accounts taken out by prospective customers. Evidently, banks usually charge a monthly maintenance fee …
Arrivals of visitors through the main airports in Kenya hit a record high in the first quarter of this year following the new visa-free policy. Official statistics show that 409,164 visitors arrived at JKIA and Moi International Airport in Mombasa, an increase of 10 per cent from 370,570 visitors received last year. The increase came …
Moody’s has downgraded the ratings for KCB Bank Kenya, Equity Bank Kenya, and Co-operative Bank of Kenya, citing the weakened credit profile of the government. This move saw their long-term deposit rating fall to Caa1 from B3, with a negative outlook—the heightened risk of default is then linked with their high exposure to government debt …