Use of multiple bank accounts declines to 48pc

  • 7 Apr 2023
  • 3 Mins Read
  • 〜 by Brian Otieno

The number of Kenyans using multiple accounts fell further to 48.2 percent last year, down from 62 percent in 2021 as customers cut back on the costs associated with more banking relationships.

A Kenya Bankers Association (KBA) customer satisfaction survey found that 48.2 percent of Kenyans had two or more accounts, a ratio that has been declining from a high of 77 percent in 2020. “The ownership of two or more accounts stood at 48.2 percent which is a reduction from 62 percent in 2021,” the survey reads.

The trend is the result of the closure of some accounts as well as new people entering the formal financial system opening fewer accounts than seen before.

 (Business Daily)



Scancem, Tanga cement merger hits another snag

The Fair Competition Tribunal of Tanzania has issued injunctive orders, restraining the intended merger between Scancem International DA and Tanga Cement Public Limited Company. It is yet another blow for Scancem International DA, the parent company of Twiga Cement, which has recently been trying to acquire majority shares of Tanga cement.

“The intended merger between Scancem International DA and Tanga Cement Public Limited Company as advertised by the 1st Respondent on the Daily News of 11th February 2023, is hereby restrained, pending hearing of this application inter parties,” the tribunal ruled in its judgment delivered on March 24, 2023. The Tribunal restrained any other merger processes by other authorities pending the hearing of an application lodged by Peter Hellar, an appellant, against the protracted deal.

(Daily News)


Kampala gears up for first annual business investment summit

In the bid to unlock financing and investment for a sustainable, inclusive and smart urban ecosystem, Kampala City will host the first Annual Kampala Business and Investment Summit (KBIS), a multi-stakeholder platform aimed at garnering entrepreneurial and policy solutions for the City and the broader urban ecosystem in Uganda.

The summit, which will convene investors, financial institutions, entrepreneurs, business leaders, policymakers, development partners, government agencies and leaders, NGO’s, and diplomatic missions, among others, will take place on July 20-21 at Mestil Hotel Grounds, Nsambya.

Ms Jessica Alupo, the Vice President, is expected to officiate at the two-day summit and exhibition which will be attended by other government dignitaries, Mr Julius K. Nsubuga, the KBIS team lead, said in an interview on Tuesday.

(The Monitor)


Rwanda, Kenya sign nine cooperation agreements

Rwanda and Kenya on Tuesday, signed nine agreements aimed at creating frameworks for cooperation in mutual areas of interest.

This was part of the agenda of President William Ruto’s two-day state visit in Rwanda where he held bilateral talks with President Paul Kagame and was later on hosted to a state banquet.

Six agreements signed by both countries’ Ministers of Foreign Affairs, Dr Vincent Biruta and Dr Alfred Mutua, include correctional services, diplomatic training, ICT, health, youth, and cooperative development.

(The New Times)


PM office commends institutions for supporting “Dine for Generation” initiative

The Office of the Prime Minister has extended its appreciation to institutions that supported the “Dine for Generation” initiative. According to a statement posted on Twitter on Wednesday, April 5, several institutions have made financial contributions to the “Dine for Generation” initiative. Among them are the Ethiopian Airlines which contributed 1.2 billion Birr, the Commercial Bank of Ethiopia 1.2 billion Birr, and Ethio-Telecom 1 billion Birr.

Also, the Public Servants Social Security Administration contributed 500 million Birr, Private Organizations and Employees Social Security Administration 500 million Birr, and the National Bank of Ethiopia 500 million Birr. In addition, Ethiopian Shipping and Logistics Services Enterprise contributed 200 million Birr, Ethiopian Development Bank 150 million Birr, Ethiopian Electric Power 100 million Birr, and Medrock Investment Group 100 million Birr.

“Thank you for your contribution to building an Ethiopia fit for future generations and because you accepted the call of ‘Dine for Generation,” the office stated. PM Abiy Ahmed announced that eight “Dine For Generation” projects would be built across the country.