Entrepreneurship, key driver of economic change, says Museveni

Entrepreneurship, key driver of economic change, says Museveni

Entrepreneurship is today acknowledged as one of the key drivers of economic change all over the world, Ugandan First Lady and Minister for Education...
68 sub-locations connected to networks by CA at a cost of Ksh 1.2B

68 sub-locations connected to networks by CA

About 68 sub-locations in the country which were previously not linked to mobile telephony have been connected to mobile networks by the Communications Authority...
Communications Authority of Kenya (CA)

CA to spend Ksh1.2B to boost network coverage

The Communications Authority will spend Ksh1.2 billion to improve network coverage in underserved parts of Kenya. The authority has said the project will cover Northeastern...

Kenyans feel pain at the pump as fuel prices surge

It will be pain at the pump after the Energy and Petroleum Regulatory Authority reviewed up fuel prices due to higher cost of imported...

Kenya and Somalia agree to normalise bilateral relations

Kenya and Somalia have agreed to normalise bilateral relations starting with the restoration of the issuance of travel visas on arrival arrangement for citizens...

Government set to invest Kshs 350 million for officers training

The government has announced plans to invest more than 350 million shillings in a skills development programme for Public Communication and Information officers. According to...
Co-op targets to expand its leasing business

Co-op bank posts Ksh10.9 billion net profit

Cooperative bank made 10.9 billion shillings in net profit during the first nine months of this year driven by higher interest and non-interest income....

Three firms to list at the NSE

Three companies are eyeing listing on the Nairobi Securities Exchange ending a four-year listing drought. The three companies under the Ibuka program are currently finalizing...

Equity group nets Ksh 100bn of diaspora remittances

Equity Group's diaspora remittance volumes hit 100 billion shillings in the nine months to September, helping boost the lender's forex trading income to 2.84...
Standard Chartered Bank injected KShs 6.3 billion in direct and indirect lending to Micro, Small and Medium enterprises (SME) in 9 months to September 2019, supporting more than 8,000 such enterprises in the process, the Bank’sChief Executive Officer, Mr. Kariuki Ngari has said. “This reiterates our commitment towards supporting lending to the private sector, particularly the Small and Medium Enterprise sector despite the prevailing capped interest rate regime. As a bank, we appreciate the key role played by the SME sector play in sustained growth of the Kenyan economy and we like to restate our commitment to supporting the SME, and the private sector in general,” Mr. Kariuki said. Credit crunch Since 2016 following the enactment of the interest rate capping law, private sector has experienced unprecedented credit crunch. As such, there has been a huge financing gap with most SMEs losing access to credit. “The repeal of the interest rate cap is a step in the right direction as it allows market forces to determine interest rates and to price risk appropriately. Standard Chartered Bank would however like to reassure clients that they will not see a spike in interest rates.Over the last couple of years, we have realigned our business model and massively invested in technology to derive efficiencies which has enabled us share the savings with our clients,” Mr. Ngari said. “As Standard Chartered Bank, we hold ourselves to a high standard and commit to act responsibly by doing right by our clients and the communities in which we operate to fulfil our purpose of Driving Commerce and Prosperity through our unique diversity,” he added. Mr. Ngari said theexisting loan facilities will not be repriced following the repeal of the interest rate cap. “These facilities will continue under the existing loan agreements. We are finalizing plans to roll out a fully-fledged Risk – based pricing model for new facilities, which we will announce in due course,” he said.

Standard Chartered Bank lends KShs 6.3bn to SMEs in 9 months

Standard Chartered Bank injected KShs 6.3 billion in direct and indirect lending to Micro, Small and Medium enterprises (SME) in 9 months to September...
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