Madison Life Assurance set to sale of US$68M property to shore up capital

KENYA – Madison Life Assurance Kenya Limited, a leading Insurance company in Kenya, has announced plans to sell properties valued at KSh8 billion (US$68.59m) and quit the annuity business in a move to restructure its balance sheet and boost capital. The insurer said it has decided to cut annuity business, including investments in property which it terms as an expensive…

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Private equity firm Ascent Capital acquires majority stake in Valley Hospital Limited

KENYA – Ascent Capital, a leading East African private equity firm in the region, through its Ascent Rift Valley Fund II LP has acquired a significant equity stake of Valley Hospital Limited located in Nakuru City, Kenya. Founded in 1996, Valley Hospital was one of the first private for-profit hospitals in Nakuru City and a pioneer in offering quality and…

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Software startup Bamba secures US$3.2m seed fund to scale its app

KENYA – Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured US$3.2m in seed funding to scale its app and build its team. Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high-profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford. Ex-Wells Fargo exec says the company held ‘fake…

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Fintech Tala appoints Munyi Nthigah as its General Manager for Kenya

KENYA – Digital credit provider Tala has announced the appointment of Munyi Nthigah as its General Manager for Kenya. In his new role which he takes up immediately, Nthigah will oversee end-to-end business growth and overall operations for Tala Kenya’s 120-person team, accelerating Tala’s position as one of Africa’s leading fintech. “Mr. Nthigah brings a wealth of fintech experience to…

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Fintech startup FlexPay raises funding to help in its growth plan

KENYA – FlexPay, a Kenyan fintech startup, has raised funding from the Cairo Angels Syndicate Fund CASF), a micro venture capital fund that invests in early-stage startups in the Middle East and Africa as it looks to supercharge its growth and help more people avoid debt. FlexPay is an online and offline payment gateway that allows merchants to offer interest-free targeted…

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DHL Global opens new transit warehouse in Mombasa, Kenya

KENYA – DHL Global Forwarding (DGF), an international air, ocean, and road freight specialist provider, has opened a new transit warehouse in Mombasa, Kenya. The new 7,500 square meter (m²) warehouse is designed to support DGF’s Regional distribution network in Kenya. Strategically located between the Mombasa Port and DGF’s regional facilities, the new warehouse will provide cost-effective in transit storage…

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Kenya Power appoints Eng. Geoffrey Muli as acting managing director

KENYA – Kenya Power has appointed Eng. Geoffrey Wasua Muli as the firm’s acting managing director effective immediately, even as the utility company steps up the search for a substantive boss to take over from Bernard Ngugi, who left in August last year. Mr Muli, who was acting general manager in charge of regional coordination, takes over from Ms Rosemary…

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Kenyan-based health tech startup Zuri Health secures US$1.3m funding for its expansion plans

KENYA – Zuri Health, a Kenyan-based health tech startup offering mobile-based healthcare, has received US$1.3 million funding to expand across Africa. The digital healthcare company has completed a funding round attracting investment from DOB Equity, Launch Africa, and Founders Factory Africa to expand across Africa. Zuri Health connects mass-market patients with healthcare services via SMS, WhatsApp, and a dedicated app. The company initially…

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Ramco Plexus giant packaging supplier in Kenya takes full ownership of Platinum Packaging

KENYA – Ramco Plexus, the print and packaging unit of Kenya based Ramco Group, has received unconditional regulatory approval to take full control of Platinum Packaging in a transaction that sources estimated at about Ksh500 million (US$4.30m). Platinum Packaging is one of the largest gravures and digital printed flexible packaging company in the Eastern and Central African region, serving the…

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Pride Inn Hotel launches new luxury camp in Maasai Mara game reserve

KENYA – Pride Inn group of hotels has acquired a new camp, Pride Inn Azure luxury Mara camp, taking a pie of the game reserve whose popularity has risen over time and currently hosts up to 2,700 per day, during the high season. This comes as tourism continues to witness recovery following the easing of COVID-19 containment measures. The camp…

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