Salaried Kenyans will be allowed to use part of their retirement benefits to buy residential homes if Parliament approves a new Bill into law.

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Banks will see improvement in reporting non-performing loans (NPL) following the Central Bank’s move to keep loans that go sour as a result of the coronavirus out of bad books.

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Parliament has approved amendments to the law to enable Kenyans and firms to cope with the effects of the COVID19 pandemic. This is after lengthy deliberations which went on into the night. READ MORE...

Absa Bank Kenya PLC has announced a contribution of KSh 50 million in support of the government’s efforts to contain the spread and impact of COVID19.

It becomes the latest blue-chip company to contribute towards the Government’s effort...READ MORE

The global Covid-19 pandemic has deepened pressure on shareholder dividends as companies move to hold onto the money they have earned in the last financial year in the wake of the uncertainty.

Companies are considering holding on to the cash to ensure they have enough reserves to carry out their businesses after the pandemic.

Several regulators around the world have suspended dividend distribution for 2019 and 2020 for banks until the end of June in order to boost capital and support lending during this period.

“Insurers should avail policy holders a three-month grace period. The grace period may be over and above any contractual premium holidays already in place for existing policies,” IRA chief executive Godfrey Kiptum said in a statement Tuesday.

In the life insurance segment, policy contracts have specific commencement dates and maturities and customers have to pay, failure to which they lose the policy in the first three years or get refunded a small portion of the premiums they have been paying, also known as a surrender value.

Donations to the national emergency kitty launched by President Uhuru Kenyatta late last month to support vulnerable Kenyans in the wake of coronavirus has hit Sh1.29 billion.

In a statement Tuesday, chairperson of the Covid-19 Emergency Response Fund Jane Karuku said that the donations include Sh917.77 million in cash and Sh370.3 million in kind.

The kitty holds money from civil servant salary cuts, wealthy Kenyans, local corporates, multinational companies and development partners.

The government has launched a special designated isolation and treatment facility for the healthcare workers at Kenyatta National Hospital in Nairobi.

The facility, set up by the Ministry of Health and private health organisations – the Rockefeller Foundation and Amref, will be used to offer treatment to health workers who are on the frontline in the war against coronavirus.

Safaricom will take a Sh5.5 billion hit on its M-Pesa revenue in the three months from mid-March after it waived transaction fees on mobile money transfers under Sh1,000.

The waiver was part of the quest for cashless payments to curb the spread of the coronavirus.

The foregone revenue is equivalent to 7.3 percent of M-Pesa’s annual sales. In the financial year that ended in March 2019, M-Pesa accounted for about a third of Safaricom’s Sh240.3 billion revenue.

We are facing a public health crisis that has never been witnessed before in the history of the modern world.  Like a whirlwind, Covid-19 struck the world so fast no one seems to understand what it is that is happening.  In a single, ominous strike COVID-19 has killed thousands, shut down economies, rendered millions jobless and overseen closure of schools. Practically, COVID-19 has completely disrupted all spheres of our lives in ways we couldn’t ever have imagined before.