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Posta Launches The Older Persons Cash Transfer Programme Payment System
by Soko Directory Team

 Posta Launches The Older Persons Cash Transfer Programme Payment System

 
Posta Corporation of Kenya has officially rolled out this year’s Older Persons Cash Transfer Programme Payment System to benefit elderly persons through a bi-monthly cash stipend of Ksh2000 paid over a period of five months. Of the newly enrolled beneficiaries, 99,996 persons will receive the basic upkeep cash fund from the transfer programme currently registered at 105,000 persons.
 
Postmaster General Dr. Enock Kinara outlined POSTA’s dedication to ensuring each elderly citizen and other vulnerable persons receive these cash transfers ensuring their basic needs are provided for. Emphasising all respective pay points will be ready to receive all registered persons from Thursday 24th around the country, with the payment system running for 10 working days.
 
“POSTA recognises the distinguished role provided by the government as the appointed payment agent for this cash transfer programme, and shall remain

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Equity Bank Ranked Africa's Top Lender Based On Return On Assets As Banks Unveil Annual Percentage Rate (APR)
by Old Mutual Securities

 Equity Bank Ranked Africa's Top Lender Based On Return On Assets As Banks Unveil Annual Percentage Rate (APR) 

 
Financial Times' latest list of the world’s top banks ranks Equity Bank as Africa's top lender based on 
Return on Assets at 5.49% (Bloomberg consensus) ahead of KCB which comes 3rd on the list with a 
ROA of 4.3% . 
 
Banks yesterday unveiled the Annual Percentage Rate (APR) that seeks to improve transparency in 
pricing loans by giving a one-off cost for borrowing that allows investors to compare prices between 
different lenders. 
 
 
 
Comment: Equity Bank is trading at forward multiples of 10.92x vs KCB's 9.75x. The APR will have little 
effect now but in the medium term as interest come down we expect margins to squeeze and the 
ROA for banks to come down but also cost of equity comes down and multiples expand. We think 
that banks are still a good play in the medium term as this process unfolds.
 
 
Market Summary
 

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Equity Bank Beefs Up Merchant Banking Business With Wider Merchant Tie Ups
by Soko Directory Team

 Equity Bank Beefs Up Merchant Banking Business With Wider Merchant Tie Ups

 
…retains best in class global payment channel partners including American Express
 
 
Regional banking solutions provider, Equity Bank Group, has stepped up efforts to enhance its card business and related payment processing services.
 
In an ongoing process geared at setting the pace for the full scale rollout of the Equity 3.0 strategy aimed at facilitating a cash lite economy in East Africa, the bank has now confirmed its partnership with some of the world’s leading merchant business and payment processing firms.
 
Equity which reported a 58 percent growth on its payment processing and merchant business last year has managed to seal what is arguably sub-Sahara Africa’s widest network of best in class payment channel services and card business operators.
 
Speaking when he confirmed the development, Equity Bank Managing Director Dr. James Mwangi disclosed that the bank is now a partner for Americ

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Nairobi Securities Exchange Could Act as Catalyst in the Development of Environmental, Social and Governance (ESG) Reporting Requirements
by ACCA (the Association of Chartered Certified Accountants)

Nairobi Securities Exchange Could Act as Catalyst in the Development of Environmental, Social and Governance (ESG) Reporting Requirements

 
 
The Nairobi Securities Exchange should promote sustainability reporting via ESG reporting requirements to remain competitive on the global stage, recommends a new report from ACCA (the Association of Chartered Certified Accountants).
 
Stock Exchanges in sub-Saharan Africa: capturing intent towards ESG requirements examines stock exchanges in Botswana, Ghana, Malawi, Kenya, Nigeria, Mauritius, South Africa, Uganda, Zambia and Zimbabwe, reporting that while there are fledgling signs of intent to introduce sustainability disclosures from some of the stock exchanges, there is a need for consistency across the region.
 
Anthony Kariuki, head of ACCA Kenya, says: “The Nairobi Securities Exchange (NSE) has come a long way since its creation in 1954, but there is clearly more work to do as the benefits of stock exchange-led sustainability initi

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KCB Entangled in KES 871m Road Contractors’ Row
by Soko Directory Team

 KCB Entangled in KES 871m Road Contractors’ Row 

 
 
Former directors of a road construction company want KCB stopped from demanding a KES 871.2 million loan from them, claiming that they already sold the firm that was principal borrower of the debt. The four petitioners who served as former directors and owners of Spencon Kenya Limited until May this year want the High Court to order their successors and the company to discharge them from the responsibility of repaying the loan. KCB and Spencon are yet to respond to the suit. The bank advanced a loan of Sh802.5 million to Spencon in 2008 to finance construction of the Bomet-Liten roads after the contractor won a government tender that year.
 
In Other News
 
Banks unveil new rate to tell clients exact cost of loans 
Banks yesterday introduced the Annual Percentage Rate (APR), a loan pricing mechanism that is expected to enhance transparency, but warned rates would only fall significantly if reforms are made in State agencies

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