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This section give a comprehensive coverage of business news in Kenya – ranging from companies, industry, economy, markets, agriculture and the NGO world.

Court Blocks Insurance Companies’ Increase of Premiums

The suit was filed by the Kenya Human Rights Commission (KHCR) in response to price hikes and adjusted terms by insurance companies. KHCR also sued the Insurance Regulatory Authority (IRA) as it accused the regulator of abandoning its duty to protect consumers.

Absa Life Signs Distribution Partnership With Hisa Africa

Absa Life Assurance Kenya (ALAK), an Absa Group subsidiary, has signed a product distribution agreement with Hisa Africa Insurance Agency. Prior to this partnership, Hisa...

Insurance Agents Race to Beat September Deadline for Renewal

If it is established upon inspection of an insurance company that they are  dealing with or have dealt with an insurance agent or agency that is not licensed, the insurance company will be liable to pay a penalty of KES 200,000 for every established case in line with the provisions of Section 67D of the Insurance Act.

Equity Insurance Agency Records Sh600 Million Profit

Equity Insurance Agency posted a Ksh600 million gross profit in the financial year ending December 31, 2020. The insurer recorded good performance  despite a...

Minting Billions from Student Housing – How Qwetu Did It

Qwetu USIU 4 (601 beds) and Qwetu Hurlingam (832 beds) are expected to be complete in Q4 2021. Qwetu and Qejani Catholic University (542 beds and 1,000 beds respectively) are on course to open in Q3 2022. Qwetu and Qejani Chiromo (837 beds and 2,112 beds respectively) aim to open in Q4 2022 after the necessary approvals were received in July 2021.

NMS Plots Ksh30M Upgrade of Construction Permit Portal

Users of the platform have on a number of occasions revealed that it remains exposed to loopholes it was meant to eliminate, with several complaints of demands by city officials for bribes in exchange for construction permits.

StanChart Kenya Profits Surge 70% to Ksh12.6B – A Five-Year High

The NSE-listed bank saw profit before tax rise 70% from the previous year to hit Kshh12.6 billion. Net profit rose 66% to Ksh9.04 billion.

KenGen Launches Y-Gen Platform for Youth Mainstreaming

She said the youth will be a big part of delivering the robust strategy and therefore the need to have a forum dedicated to addressing the special needs of the young employees within KenGen.

Absa Bank Posts Ksh6.5B Profit Despite the Pandemic

The management took decisive action to increase provisions in order to take the best position for future potential credit losses. This was decision was greatly impacted by the customers struggle to keep up with loan repayments due to the economic effects of Covid-19.

WOCCU Lists Regulatory Issues Hurting Credit Unions

The World Council of Credit Unions (WOCCU) says credit unions and financial cooperatives worldwide still face challenges in reaching out to unserved markets and vulnerable populations.