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- MSME's are choking on unpaid bills & over-regulation.
MSME's are choking on unpaid bills & over-regulation.
Your daily dose of Kenyan business & finance news
Kenyan Wall Street
October 16, 2024
🚨 Kenyan bankers sound the alarm on the state of MSME’s
In front of the President and Treasury CS earlier today, Kenya’s banks called out a litany of pending bills (OVER KSHS 70B) and vast over-regulation as a considerable hinderance to Kenya’s MSME sector. According to the Kenya Bankers Association, over 60% of MSME’s feel overwhelmed by ridiculous compliance requirements distracting entrepreneurs from innovation in the economic sector responsible for nearly a third of Kenya’s GDP. Kenyan banks earlier today committed to helping solve this problem by providing MSME’s with KShs. 450B over the next three years to support the sector. How banks are supporting Kenya’s economy.
🏦 East Africa Growth Holdings set to acquire 5% of I&M Bank
EAGH, a Mauritius-based company affiliated with the prominent private equity investor, AfricInvest, has made an offer to acquire 86.5M shares worth of I&M Bank at the premium price of KShs. 4.2B. The offer is a near 100% premium to yesterday’s closing price of KShs. 25.05, committing to a price (KShs. 48.42/share) much closer to the book value of the company. Earlier this year, the company acquired a 10.13% stake in the company from British International Investment (BII). What does it mean for the NSE?
đź‘‘ JP Morgan appoints former central bank executive as local CEO
The world’s largest bank, J.P. Morgan, has appointed Ex-Central Bank of Kenya (CBK) executive Sailepu Montet as its new Country Manager for Kenya. Prior to joining J.P. Morgan, Montet held the position of Deputy Director of Financial Markets and Head of Reserves Management at the Central Bank of Kenya. His experience also includes senior roles at Barclays Bank of Kenya and Absa Bank Kenya, where he served as Vice President and Head of Balance Sheet Management. What can we expect from JPM?
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