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Maridadi business loans facility - Equity bank

Thursday, June 23, 2016

Maridadi business equity bank
Maridadi Business credit facility was developed just this week, to specifically cater for the entrepreneurs in the creative industry. 'Maridadi' is a Swahili word meaning being stylish.Its then clear that this credit solution targets the fashion industry.

With the tagline 'scaling up the creative industry', this Equity Bank's brand new loan facility targets all businesses in the textile and clothing line of the Kenyan economy.

Maridadi Business loan features.

  • The loan amount that borrowers can apply for ranges from kes5000 to kes100,000,000.
  • The loan caters for working capital purposes.
  • In association with the designers board,beneficiaries will get financial and entrepreneurship trainings.
  • Beneficiaries will get exposure through various local and global platforms where they'll easily market their designs
Fashion designers,tailors and all people along the Textile and Clothing value chain with existing businesses can take advantage of maridadi business loan facility from Equity bank.

Maridadi business Benefits.
Loan beneficiaries will enjoy the following;

  1. A business loan of up to kes100million
  2. Business property insurance
  3. Business advisory
  4. Finance and entrepreneurship trainings.
To get started, visit any Equity bank branch near you.

CarMax adopts online auto financing platform

Carmax auto online loans
CarMax,the world's largest secondhand car dealer and financier based in the US,has kicked off moving its auto finance applications online,said the management in a conversation with Reuters.

The move was as a result of a fall in auto finance sales due to the less accessibility to the lending facility.

CarMax has a subsidiary in Kenya,CarMax EA,which serves the whole of East Africa region.As dwellers of the region,we highly expect the online car loan application platform will also be available to us.CarMax EA have been giving auto finance loans to Kenyans through partnerships with commercial banks like Family Bank and Cfc Stanbic just to mention a few.

The online loan application will enable borrowers to pre-qualify before visiting a CarMax store.Pre-qualification gives the customer confidence as he or she visits the showroom.

NIC's Imperial BankTakeover bid barred by a Court order.

Wednesday, June 22, 2016

Nic imperial bank kenya
NIC Bank's plans to takeover the management of Imperial Bank assets,liabilities and staff was blocked when the collapsed bank shareholders went to court.

Read NIC bank to takeover Imperial Bank

The Takeover plan which involved the banks' regulator (CBK),the depositors' protector( KDIC) and NIC bank was announced just two days ago on Tuesday through a CBK press release before the Imperial bank shareholder moved to court to bar the move. Imperial banks owners termed it as a way to liquidated a 'good bank' and subsequently may cause a case already filed by the shareholders risk automatic nullification by the High Court.

During the issuance of the barring order the ruling High Court judge said,
I do issue barring the respondents (CBK and KDIC) from transferring, assigning, disposing of, dissipating or alienating any of the assets of Imperial Bank,

The respondents ,CBK and KDIC however,according to Tuesday's press release the complainant, Imperial Bank shareholders, seemed not to update the regulators and show positive signs of reopening the collapsed bank branches and resume service delivery.In a joint agreement, therefore, NIC Bank was appointed to take care of the Imperial Bank's customers,staff and premises.

Because of this move by the fallen bank's shareholders,depositors will have to wait a bit further until the matter is resolved in court. Depositors were promised a deposit refund of kes1.5million to those with accounts holding less than kes2.5million.The other depositors with more than kes2.5million in their accounts were to be taken into consideration in the near future by NIC Bank.

Fashion Industry SMEs to benefit from expansion loans from Equity Bank.

Fashion clothing loans equty
@KeEquitybank #FashionomicsKe The Equity Bank yesterday announced interest and some set plans to give the clothing and textile industry players expansion business loans during a market research report release concerning the same, in collaboration with Hivos East Africa and Association of Fashion Designers of Kenya. 

The lender, who's move was alleviated by the positive market research report released concerning the viability of the Kenyan fashion industry,is willing to lend up to kes100million to each SME practising in the industry.Targeted segment include; tailors,fashion designers and fashion marketers.

The report unveiled yesterday revealed that more than 80 percent of the entrepreneurs practising in the textile and clothing industry in kenya are women and their major obstacle to expansion is inaccessibility to loans.As a lender,the Equity bank,through its Credit Director,Elizabeth Gathai,confirmed to lend a helping hand to the fashion sector players through provision of friendly credit solutions.

The credit solution package to fashion industry players comes with other benefits on board including trainings, market networks and platforms access.This will enable the entrepreneurs to participate in both local and global goods marketing.   

Imperial Bank to be taken over by NIC Bank

Tuesday, June 21, 2016

Nic bank and imperial bank
NIC bank might soon take over collapsed Imperial bank management. According to CBK's June 21st press release concerning Imperial Bank receivership status,Kenya Depositors Insurance Corporation has gone into a joint agreement with NIC bank that gives the latter too much power over collapsed IBL assets,liabilities and staff.

Read the KDIC and NIC bank joint agreement on Imperial bank

Its not a new scenario to happen in the Kenyan banking sector.The other time ,KCB took over the management of Chase bank limited ,which was successful to an extent of saving the lender from collapsing.If at all ,this move by the KDIC and NIC bank will see depositors of fallen Imperial bank paid their deposits,then it will be the way to go for collapsing banks.

In brief, NiC will assess the quality of Imperial banks assets and liabilities, disburse kes1.5millionto each Imperial bank's depositor with accounts holding less than kes2.5million,will recover Imperial bank's loans and assume all disposed imperial bank's assets,liabilities and verified deposits.

In the press release,CBK stated that ,though its too early to communicate in full,the NIC bank will take care of the depositors with above kes2.5million in Imperial bank accounts.

Its expected, that depositors will be granted access in a structured manner to about 40 percent of the remaining amount of verified deposits above kes2.5m.NIC will assume the majority of Imperial Bank's staff and branches.
That's it!Go NIC.

Collapsed Imperial Bank Depositors to access part of deposits through NIC Bank

Imperial bank becomes Nic bank
Collapsed Imperial Bank Limited (IBL) will soon access their money deposits through NIC Bank.According to today's Central Bank of Kenya (CBK) press release,Kenya Depositors Insurance Corporation (KDIC) has gone into a joint agreement with NIC Bank to effect deposit access by IBL depositors who had less than kes2.5million in their bank accounts before the lender was placed under receivership.Each account holder will receive a total of kes1.5million in a lump sum and the rest in bits.

A step to safeguard the interest of IBL creditors and depositors and the general public was taken as a result of the failure by the bank's shareholders to provide convincing information regarding to reopening and assumption of services delivery.

Imperial Bank's then clients will soon have  smiles on their faces when the deal between KDIC and NIC Bank will be practical as customers with verified accounts holding more than kes2.5million shillings will also be taken care of in the near future.

The joint agreement says;

  • NIC bank will act as the asset and liability consultant for IBL,thereby undertaking on behalf of KDIC an assessment of the quality of the IBL assets and liabilities, support the recovery of IBL loans and guide in staffing.
  • NIC will disburse kes1.5million to each remaining depositors as soon as the High Court suspension of payments to depositors is lifted,hopefully on 4th July.This will see 45700 depositors fully paid.
  • NIC will assume IBL assets ,liabilities and verified deposits as they are disposed by KDIC.
  • NIC will resume the recovery of IBL loans.
  • KDIC will retain and manage all IBL assets not disposed.
The CBK and KDIC was happy with the patience that the IBL depositors has shown.

Insurance Awards 2016 Categories; Think Business.

Saturday, June 18, 2016

Think business, insurance awards 2016
Insurance Awards 2016 annual celebrations are set for 1st July this year.Being the 7th celebration since the award initiation, its main aim is to encourage innovation and excellence in the insurance sector by recognising, awarding and celebrating exemplary performers in the sector.

Think Business, the Insurance Awards founder,came up with various categories under which awards will be given out to the deserving participants. Participants eligible all companies and individuals offering services and solutions in the insurance sector in kenya.

There are a total of 14 nomintion categories for this years insurance awards.These are the insurance awards 2016 categories;

  1. Life insurer of the year
  2. General insurer of the year
  3. The ICT award
  4. Corporate lines Broker of the year
  5. Risk Management award
  6. Claims settlement award
  7. The major loss award
  8. Fraud detection and prevention award
  9. Medical underwriter of the year
  10. Customer service award
  11. Marketing initiative of the year
  12. The training award
  13. Socially responsible corporate award
  14. Lifetime achievement award.
Check back for the list of nominees later.

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