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Banks Re-Elect KCB’s Joshua Oigara as KBA Boss

The KCB boss will be heading the bankers body for the sixth year running after he was first elected in 2014.

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KCB Group CEO Joshua Oigara | He was re-elected as the Chair for KBA on Wednesday

The Kenya Bankers Association (KBA) have re-elected Joshua Oigara as the chair of the KBA Governing Council.

During the Association’s 57th Annual General Meeting held on Wednesday, banks also re-elected John Gahora as Vice Chairperson. The team will serve for the 2019/2020 period.

The KCB boss will be heading the bankers body for the sixth year running after he was first elected in 2014.

In a statement issued by the bankers body, KBA notes that Oigara has been very instrumental in steering the banking sector to implement various progressive initiatives. Further, the KCB boss has contributed to stability of the industry during the interest cap regime.

Since he took over in 2014, Oigara has has seen the increase efficiency of the Automated Clearing House (ACH), enabling banks to enhance security and clear foreign currency-denominated cheques within two days. It is also during his tenure that Inuka Enterprise Program was launched. The program seeks to enhance small, and medium-sized enterprises (SMEs) access to credit through capacity building.

In his new term, Oigara has committed to sustain industry growth by working closely with all stakeholders, including the Central Bank of Kenya, to promote lending to SMEs.

The chairman also added that KBA will soon launch its 2023 Strategic Plan which will further promote innovation while ensuring financial inclusion. Oigara also added that KBA’s 2023 Strategic Plan will ensure the Association continues to be relevant to both banks and the banking public.

“We are very proud of how KBA has emerged as the primary voice of the financial services sector and a key facilitator of banking industry growth and development,” he said.

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Banks

Stanbic Bank Half Years Profit Grows to Sh 4.1B

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Stanbic Bank has reported a 14 percent jump in profit after tax in Half Year results for the year ending June 30, 2019, majorly driven by loans and deposits.

The increase in profit has been attributed to increased lending to customers and efficiency.

During the same period, the bank’s loan portfolio grew by 19% to Sh161.9 billion from Sh136.5 recorded in the period ending June 30, 2018.

Subsequently, the firm’s customer deposits were up by 20 per cent closing at Sh201.6 billion from Sh167.3 billion in last year’s performance.

“The results are a reflection of the unstinting support we continue to get from our clients and partners, despite operating in what remains to be a challenging business environment,” said the company CEO Mr. Charles Mudiwa.

The bank attributes its growth to its change in the regulatory environment which affected both the insurance segment and banking.

“We have managed to navigate the complex operating environment by abiding to our strategy which remains pegged on income diversity and resilience,” adds Mr. Mudiwa.

Abraham Ongenge, the bank’s Chief Financial Officer notes that the bank has learnt how to deal with bad loans which have improved their shares.

“We are now more informed and are seeing efficiencies in credit scoring through new data on client behaviour,” he said.

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Gerald Warui Appointed As Equity Bank’s New Managing Director

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Equity Bank Kenya has appointed Gerald Warui as its fourth Managing Director pending approval by the Central Bank of Kenya. Warui is set to replace the outgoing Polycarp Igathe.

In a statement to the media, the Bank noted that “To ensure a smooth transition of operations Mr Igathe will hand over his duties to Mr Warui before his departure at the end of August,” read the statement.

“The appointment of Gerald Warui follows the board’s acceptance of the resignation of Polycarp Igathe who leaves the position at the end of August,’’ the statement added.

Igathe will leave the bank at the end of August to rejoin his previous employer, Vivo, to take up a newly created role of Executive Vice President of Sales and Marketing for Africa.

Mr. Warui, an insider who has served Equity bank for 21 years, is a career banker and has over 30 years’ experience in banking.

He holds an Executive Master of Business Administration degree from Jomo Kenyatta University of Agriculture and Technology (JKUAT) and is also a Certified Public Accountant CPA (K), and a graduate of Advanced Management Program offered by IESE Business School, Barcelona, Spain.

“The Board congratulates Mr. Warui on his appointment. The Board thanks Mr. Igathe for his dedicated and impactful service to Equity and wishes him well in his new role with one of the Equity’s most valued partners and look forward to deepening the existing relationship across the continent,” reads the statement from the bank.

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African Development Bank Approves $8M Loan to Credit Bank for SMEs

The objective of the facility is to provide access to finance to SMEs, the “missing middle” in Kenya, thereby reducing their financing gap.

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The African Development Bank Group board last Wednesday approved a $8m loan targetted financing to Kenya’s Credit Bank for lending exclusively to small and medium enterprises (SMEs).

The loan is set to mature with five years maturity with a two-year grace period. However, the interest rates was not discoled.

In a statement, AfDB said that the loans will be disbursed to Kenyan SMEs in construction, agriculture, renewable energy and manufacturing sectors.The loan will be used to finance businesses in construction, agriculture, renewable energy and manufacturing.

Credit Bank is a privately-owned commercial bank in Kenya. By end of 2018, the bank had a total assets of 17.81 billion Kenyan shillings ($173m dollars).

“It is financially sound and, as an adequately capitalized tier-3 financial institution, has a strong track record of SMEs, providing working capital and trade finance facilities. As such it is well-positioned to succeed in providing innovative longer term financial solutions to SMEs along several value chains including strategical financial solutions in Kenya,” Stefan Nalletanby, Bank Group director for financial sector development, told the Board.

The objective of the facility is to provide access to finance to SMEs, the “missing middle” in Kenya, thereby reducing their financing gap.

The facility’s proceeds will support transactions aimed at improving their productive capacities thereby enhancing entrepreneurship, job creation, income generation, and sustainable growth, leading to a multiplier effect on the country’s economic growth, according to the Bank.

Credit Bank joins the list of local lenders that are taking substantial loans from global funds such as the International Finance Corporation (IFC) and European Investment Bank, attracted by relatively more favourable terms of the debt, including lower interest rate and longer maturity.

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