KCB Group, led by Kenyan banker Paul Russo, to buy majority stake in Riverbank for $15.4 million
KCB has worked with Riverbank Solutions since 2013, leveraging its technology to power its agency banking network.
East Africa
Absa Kenya, linked to Kenyan tycoon Baloobhai Patel, posts $229.3 million profit in 2024
The leading lender’s earnings soared past $220 million, fueled by strong growth in both net interest and non-interest income.
Peter Munga: Kenyan banker who built East Africa’s banking giant, Equity Group
His influence extends beyond banking, shaping industries such as insurance, agriculture, and education.
Co-op Bank shatters records with $197.1 million profit under Gideon Muriuki
Co-op Bank posts a record $197.1 million profit for 2024, driven by strong revenue growth, efficiency gains, and a 12.5% rise in total operating income.
Ugandan tycoon Patrick Bitature suffers another legal defeat against South Africa’s Vantage
Ugandan tycoon Patrick Bitature suffers another legal defeat against South Africa’s Vantage
10 companies owned by Kenyan businessman Peter Munga
Over the years, Munga has built a diverse business empire spanning, banking, agribusiness, insurance, and real estate.
Kenya’s 30 richest people
Kenya’s wealth creation remains strong amid global turbulence, driven by a resilient private sector and strategic business environment.
Weeks after crypto scam, Tanzania’s richest man Mohammed Dewji hits $2.2 billion net worth
The latest surge in his net worth comes just weeks after he raised concerns about cybersecurity and the growing use of deepfake technology in financial scams.
Kenafric, led by Kenya’s Shah family, expands in East Africa with stationery firm acquisition
The deal, backed by Kenya’s billionaire Shah family, strengthens Kenafric’s presence in the fast-moving consumer goods sector.
I&M Bank, founded by Kenyan tycoon Suresh Bhagwanji Shah, to open nine new branches
By the end of next year, I&M Bank aims to reach 100 branches, further cementing its status as one of Kenya’s top-tier financial institutions.
Struggling cereals firm linked to Kenyan tycoon Ngugi Kiuna receives $10 million buyout offer
The troubled company is pinning its hopes on the potential investor, who has reportedly offered $10 million to revive operations and settle debts owed to KCB Bank Kenya.
Cereals company tied to Kenyan tycoon Ngugi Kiuna faces receivership over $28.6 million debt
The move reflects the growing financial strain on Kenyan businesses as economic pressures mount.
Credit Bank, owned by Kenya’s wealthy Nyachae family, cleared to sell stalled skyscraper project
The decision comes after a legal battle with Jabavu Village Limited and Hasscon Pharmaceuticals Limited, which had borrowed the funds.
Kenya’s wealthiest banker takes a $3 million hit on Equity Group stake
The $3 million dip in his stake follows a modest increase of $1.2 million recorded between Jan. 1 and Jan. 22.
Kenya Airways, led by South African-born Kenyan businessman Michael Joseph, adds new boeing aircraft
The airline now operates 35 aircraft, boosting its capacity and efficiency as it competes in the African aviation market.
John Kimani, one of Kenya’s richest men, buys Centum shares worth nearly $2 million
His latest investment strengthens his position as Centum’s third-largest shareholder and reinforces his presence on the NSE.
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