The Central Bank of Kenya (CBK) and Capital Markets Authority (CMA) have issued conflicting directives on how companies should pay dividends following the freeze on Annual General Meetings (AGMs), causing confusion over how bank shareholders will share profits in the wake of the coronavirus restrictions.
Stima Sacco shareholders will benefit from a Sh2.3 billion payout in dividends and interests on deposits following improved performance of the society in 2019
The Central Bank of Kenya (CBK) will control lending to businesses and homes from its Sh41.3 billion cash reserves to ensure the loans are only offered to borrowers affected by the impact of the coronavirus pandemic.
CBK has told banks they will have to submit a list including borrowers’ names, economic sector, amounts and the reasons for borrowing ahead of accessing additional reserves generated from reduced cash holdings requirements for banks.
KCB Group and NCBA bank have contributed Sh250 million towards emergency interventions to cushion Kenyans from the impact of coronavirus, deepening the lenders’ input in the emergency kitty.The funds will be channelled through the Covid-19 Emergency Response Fund that was recently formed
Others on the list are Zimbabwe, Sierra Leone, Mozambique, Madagascar, Indonesia, Papua New Guinea, Philippines, Timor-Leste as well as countries in Central America and the Pacific region.
UN relief chief Mark Lowcock said the list could be expanded to include more poor countries as the deadly virus continues to spread.
“To leave the world’s poorest and most vulnerable countries to their fate would be both cruel and unwise,” Mr Lowcock said.
Co-operative Bank of Kenya shareholders will from next week Thursday start receiving Sh5.86 billion dividend despite the coronavirus pandemic that has interfered with the holding of the annual general meeting (AGM).
The lender has told its investors that the dividend shall be paid on or about April 23, being earlier than the pay date for last year when shareholders received dividends from June 7.
This is in line with the advice from the Capital Markets Authority (CMA), which on April 3 allowed firms to pay dividends without approval from shareholders.
Kenyan taxpayers will now enjoy an online dispute resolution services from the tax man following the launch of the ADR
To safeguard taxpayers during the COVID-19 pandemic, Kenya Revenue Authority (KRA) has established measures to support taxpayer access to all essential services online.
Fresh data from the Central Bank of Kenya (CBK) shows that lending rates averaged 12.19 percent in February, the lowest since January 2005 when it stood at 12.12 percent during the reign of former governor Andrew Mullei.
Kenya in November scrapped the cap on commercial lending rates, which had been blamed for stalling lending to small businesses and individuals. The removal of the legal cap led to fears of a likely to return to the era of high lending rates, which had at one point hit a high of up to 25 percent.
Marking its 50th anniversary, University of Nairobi’s school of law has joined the prestigious Global Campus of Human Rights.
