Matatu Finance at K-Rep
K-Rep Bank has launched a product that will finance up to 80% of the purchase of matatu (minibus). The package also comes with insurance, a fleet management system, stolen vehicle recovery system and a hand held metal detector (source: The Financial Post)
Postbank, which is facing stiff competition from micro-finance institutions, has opened five new branches in Bomet, Karen, Migori, Nanyuki, and Thika. (source: The Financial Post)
Equity Bank Expands
Equity Bank plans to open seven branches at the Coast according to chief executive officer, Mr James Mwangi, who also lamented that despite Mombasa branch customers depositing Sh50 million in the past two months, only Sh2 million had been borrowed. Mr Mwangi also denied in the Weekly Advertiser (Nation) newspaper that the long customer queues at some of Equity’s branches were signs of a liquidity problem – saying that they were the result of electricity failures that have plagued Nairobi during the on-going rains.
ADB to fund forest cover in Kenya
The African Development Bank (ADB) will channel $29.8 million through Nyayo Tea Zones Corporation to replenish Kenya’s depleted forest areas.