Business highlights – May 10, 2018

Business highlights – May 10, 2018

Uhuru says free trade deal will benefit both Kenya and Djibouti

President Uhuru Kenyatta has said the Africa Continental Free Trade Agreement offers Kenya and Djibouti opportunity to increase public and private partnerships towards better prosperity. President Kenyatta said the agreement provides solutions to remove bottlenecks that have traditionally hampered intra-Africa trade. The Head of State spoke at State House, Nairobi, when he and the First Lady Margaret Kenyatta hosted a State Banquet in honour of Djibouti President Ismail Omar Guelleh, who is in the country for a three day State Visit.

KDIC plans to charge banks premiums based on risk

Kenya Deposit Insurance Corporation (KDIC) has announced plans to review the current flat rate premium model on Bank’s deposits to risk-based premium model in a move that is expected to instill market discipline and safeguard bank depositors. The flat rate premium model is where banks give KCID 0.15% of total deposits to caution depositors in case the bank falls The introduction of the new model will see the scrapping of the current rate of 0.15% of total deposits held and in its place introduce a system where premium charged will be based on an individual bank’s risk appetite.

KDIC Chief Executive Mohamud Ahmed Mohamud said the review of the premium rate is in line with global best practice and will provide an incentive for sound Risk management by reducing the premiums charged to banks with better risk profiles while increasing premiums for those with a high-risk appetite.

ERC puts more pressure on building owners to install solar powered water heaters

The Energy Regulatory Commission (ERC) is putting more pressure on building owners to install solar powered water heaters. Property owners risk a Ksh1 million fine or one year in jail after the regulator started vetting buildings to check for compliance with solar heating rules. The ERC says its inspectors have started carrying out random checks following the lapse of the September 25 deadline for installing solar systems.

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CBK to resume licensing of new banks amid plummeting loan uptake

The Central Bank of Kenya has announced that it will soon begin licensing new banks just as lending within the sector has begun to plummet. The regulator however, did not

Over 200,000 Kenyans to receive free hypertension screening

Ministry of health will in the month of May offer free blood screening for High Blood Pressure (HBD) commonly known as hypertension According to the survey Ddubbed Nation Stepwise survey,

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