CarMax adopts online auto financing platform

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.

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.

@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

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

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.

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.

Categories.
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.

Tanzanian Bank M finally enters Kenya, CBK approved.

Oriental bank head of risk,Josiah Onsembe(left) and Jacqueline Woiso,CEO,Bank M(right)

Kenyan commercial banks' regulator, Central Bank of Kenya(CBK) has finally today, approved a license request by Tanzanian Corporate lender,Bank M to operate in the country.The move by Bank M to enter the kenya banking sector was as a result of a 51per cent equity shareholding valued at kes1.3bn that the lender acquired early this year from Oriental Commercial Bank of Kenya.

Read;Tanzanian Bank M buys Oriental Bank of kenya

According to the kenyan business laws,the coming together of the two banks,Oriental and Bank M, will have to register a new name predicted as M Oriental Holdings Limited .In other words, Kenya's Oriental Commercial Bank is now M Oriental Commercial Bank of Kenya.

Bank M is an award winning Tanzanian corporate bank with higher affinity on family owned businesses. According to the bank's management, there are a lot of preparations to be done that will take up to September to become fully operational in kenya.

This is history made.For the first time ,a Tanzanian lender has entered kenya,a top economy in East and Central Africa.Bank M remains the first financial institution from neighbouring Tanzania to be licensed to operate in the country,Kenya.

Welcome to Kenya,Bank M.

SMEs and Women set to access more loans from Equity Bank

Its good news to the Small and Medium Enterprises (SMEs) and Women as Equity Bank announced a plan to channel more loans to them this year.The move came in as a result of the ksh10billion funding that the Equity Bank Group received from the World Bank's private lending wing,International Finance Corporation (IFC).
Source;BD

The bank's group manager,James Mwangi, confirmed the funding from IFC and and pointed out that ,the money will enable the lender to provide enough funding to the SMEs and Women ,keeping them abreast among other market lenders in kenya.The bank which already has a good history in helping SMEs ,women and Youths grow economically,will most probably provide the funding through its existing credit packages like 'Fanikisha Loans' for the women.

Treasury plans funding mortgages through sacco loans

Mr Rotich,the Finance PS,announced yesterday during the kes2.3 Trillion budget briefing, that the Treasury has a plan to create a multi billion lending base for Sacco's to access cheap funding in order to spur house development this financial year.

The move was as a result of the increased housing units gap at a deficit of 150000 housing units each year.In partnership with multilateral lenders ,the Treasury will avail home loans to developed at a corporate rate of 20 percent with other taxes and levies zero rated.

The Treasury also plans to provide low cost housvloans to low income earners through their Sacco's.Treasury will ensure the repayment period get elongated up to a high of 15 years after which a borrower clears the loan in full.

There are no specificity saacos named to have permission to participate in the program.We hope and assume that all Sacco's will have equal opportunity to ask for a stake from treasury when the plan will be ripe.However,there's no specific date set for the program.Its within the whole financial year.

Tanzanian Bank M enters Kenyan Market

Bank M,a Tanzanian corporate banking service provider will soon set foot into the Kenyan banking and finance market when it will receive a go ahead from the Kenyan commercial banks' regulator, CBK after applying for a license early this month.

During a press briefing last week,Bank M's boss,Jacqueline Woiso ,described the path to Kenyan market as through Oriental Bank of kenya.The Oriental Bank sold equity rights shares to the Tanzanian lender amounting to kes 1.3billion, eventually granting Bank M a 51percent ownership for the bank.In other words Oriental Bank of Kenya is now Bank M kenya.

In financial service delivery,Bank M is among the best commercial banks in Tanzania.In its speciality,the lender is among the top performers in SMEs financing.

Bank M is a Corporate and Investment Bank.It deals with businesses, mostly run by families. They finance family owned enterprises and help in managements up to a point of success.

Welcome to Kenya,Bank M.

Reach for Riches ,Ksh3 million I&M Bank promotion

Rich for Riches  I&M Bank

The I&M Bank launched a kes 3 million promotional campaign today dubbed 'Reach for Riches' which will see three lucky customers become millionaires.

'Reach for Riches' campaign will run from 6th June to 6th September this year.At the end of each month,one lucky client will receive kes 1 million.To participate,one must open a new account with the bank,enter the draw for that month, and if lucky, be awarded kes 1 million.That means ,There will be one winner early July, another winner in early August and the last winner will be announced in early September.

The lender have made the public aware about the kind of bank accounts to open to be eligible to enter the competition.They are either individual or business accounts.To be specific, the bank accounts include;

• Sapphire personal account
• Sapphire business account
• Malaika account
• Bahati personal account
• Tayari personal account
• Alpha business account
• Biashara business account
• Savannah business account

Platinum Credit Introduces Online loan Application platform

Online Loan Applicant

Quick cash giant,Platinum Credit Kenya finally unveiled online loan application platform on its website to easily avail cash whenever you need it in just 24hours.

Read about other Quick cash lenders in Kenya

The lending only quick cash provider is now accepting online loan applications anytime.The applicant fills in some details including personal information, loan information and employment information.

Platinum Credit provides the following loan products;

• Log book loans
• Personal loans 
• Civil servant loans
• Import financing
• Asset finance

Imarika Sacco Introduces Own Branded Visa Cards

Imarika Visa Card

Imarika Sacco,a national sacco with its headquarters in Kilifi,recently introduced an 'Imarika branded Visa Card' to continue impressing its rapidly growing number of membership dubbed 'Imarika Hela Debit Visa Card'.

The sacco, which is now conducting numerous sales campaigns along the coast region in order to woo even more members, introduced the new debit card to allow its clients to easily and conveniently access cash whenever needed. Launched alongside 'Imarika Hela Debit Visa' Card,was the 'Imarika Hela Mobile service' popularly 'hewani',a bank to M-pesa service.

The card which is available for use at any Visa Point can be used withdraw cash and pay for shopping, hotel services or filling services among other uses.

I&M Bank opens its 35th branch to better serve Nairobi

I&M bank Cross Road,Nairobi

I&M Bank has today opened its 35th bank branch outlet at the Cross Road in Nairobi.This banking institution branch outlet is located at the River Road and Kirinyaga Road junction.

The lender is expecting to serve betterly the Nairobi CBD businesses and individuals with accounts at the bank in other far away branches.

Customers will access normal banking services including depositing money,withdrawing cash,applying for loans,depositing cheques,opening accounts ,forex services,money transfer services among others.

Fidelity Bank Among 15 Losers -Banker Africa Awards 2016

Banker Africa Awards 2016-East Africa

#bankerafricaawards Where their are winners ,there are losers.During the recently concluded annual Banker Africa Awards 2016- East African version ,There were 15 financial institutions that were lucky to receive nominations in different award categories both for Kenya and East African region but never won a trophy.

The Kenyan  lenders listed below just hope for the best next year;

1. Victoria Commercial bank- nominated in 'Best customer service(kenya) and Best emerging bank (kenya)'
2. SMEP MFB- nominated in 'Best Microfinance bank(kenya)'
3. Rafiki MFB- nominated in'Best microfinance bank(kenya)'
4. Century MFB- nominated in'Best microfinance bank(kenya)'
5. Faulu Kenya- nominated in'Best microfinance bank(kenya)'
6. ABC- nominated in 'Best SME bank(kenya)'
7. Consolidated bank- nominated in 'Best SME bank(kenya)'
8. First Community Bank- nominated in 'Best emerging bank(kenya)'
9. Jamii Bora Bank- nominated in 'Best  emerging bank(kenya) and Best online platform(kenya)'
10. Guardian Bank- nominated in 'Best emerging bank(kenya)'
11. Fidelity bank- nominated in 'Best emerging bank(kenya)'
12. Faida Investment Bank- nominated in 'Best investment bank(kenya)'
13. African Alliance- nominated in 'Best investment bank(kenya)'
14. Citi  Bank- nominated in 'Best Corporate bank(East Africa)'
15. UBA - nominated in 'Best Online platform (East Africa)'
16. Family Bank- nominated in 'Best SME bank (kenya)'

DTB named Best Online Platform Bank- Banker Africa Awards 2016

DTB Online Platform

#bankerafricaawards DTB online platform was declared the Best in Kenya and East Africa during this year's Banker Africa Awards 2016,East Africa.DTB won double awards.

In the Kenyan category, the lender was placed together with CBA,Equity bank,Sidian bank,NIC bank and Jamii Bora Bank.DTB was voted the winner.

In the East African category,the bank was under the same placement like Wegagan bank from Ethiopia,Standard Chartered Bank from Tanzania,NIC bank and UBA bank.DTB scooped the second trophy here after being voted the best again.

DTB online platform ,both on Mobile and on Computers proved to be more user friendly according to the voters compared to other online banking platforms.

Congratulations to DTB bank for the double win.

Dyer and Blair Is the Best Investment Bank-Banker Africa Awards 2016

Dyer and Blair Investment Bank

#bankerafricaawards Investment company,Dyer and Blair Investment Bank was named the 'Best Investment Bank' in Kenya during this years annual Banker Africa Awards 2016.

Dyer and Blair,the peoples partner in investment in Kenya as proved recently, battled it out with other super investment giants like KCB Capital,Faida Investment Bank,Cfc Stanbic and African Alliance before crowned the winner.

Congratulations to Dyer and Blair Investment Bank for the big win.

In the East African category,Barclays Africa Group emerged top 'Best Investment Bank-East Africa' after defeating Standard Chartered Bank,African Alliance,Citi bank and Cfc Stanbic bank.

Coopbank Kenya Wins Double - Banker Africa Awards 2016

Coopbank Foundation

#bankerafricaawards Congratulations to the Coopbank of kenya for winning double awards during the Banker Africa Awards 2016,East Africa concluded in mid May this year.

The bank scooped its first prize as the 'Best Retail Bank' in Kenya after being voted the this category beating other big industry rivals including ;Commercial Bank of Africa(CBA),Kenya Commercial Bank(KCB),Diamond Trust Bank(DTB),NIC bank and Equity bank.

The second trophy came in when its subsidiary,The Cooperative Bank of Kenya Foundation was voted the best as the 'Most Socially Responsible'in East Africa, defeating Crane bank-Ruparelia Foundation, Bank of Kigali(Rwanda) and the KCB Foundation.

CFC Stanbic wins Best Corporate Bank- Banker Africa Awards 2016

Cfc Stanbic bank branch

#bankerafricaawards Cfc Stanbic bank was named the 'Best Corporate Bank' in kenya during the recently concluded Banker Africa Awards 2016,East Africa.

The Standard bank subsidiary came top after being voted as the best in its category flooring big names in the Kenyan banking industry including; Diamond Trust Bank-DTB,I&M Bank,Cooperative bank of kenya,Barclays Bank of kenya and the Kenyan Standard Chartered Bank- Stanchart.

Congratulations for the win ,Cfc Stanbic.

In East African category,Standard Chartered Bank was crowned the 'Best corporate bank' after a tough battle with Citi bank,CFC Stanbic bank,Bank M,Barclay's bank and Commercial Bank of Ethiopia.

Sidian Bank is the Best Emerging Bank - Banker Africa Awards 2016

Sidian Bank Management

#bankerafricaawards The newly rebranded Sidian Bank was named the 'Best Emerging Bank' in kenya during the Banker Africa Awards 2016 that took place recently.

Sidian bank - Owning Tomorrow, which rebranded from Krep bank in April this year stepped the Kenyan financial sector had as the sidian rock itself to a point of being recognized and awarded as the best among emerging lenders in kenya.

Placed under the same category of young financial entities as Sidian Bank were ;First Community Bank,Victoria Commercial Bank,Jamii Bora Bank ,Guardian Bank and Fidelity Bank.

Congratulations to Sidian bank for the win.
Read also the list of more Banker Africa awards winners 2016.