Ugandan fintech Asaak raises US$30m to support taxi operators acquire motorbikes, smartphones

UGANDA – Ugandan asset financing startup, has secured US$30 million in pre-Series A equity and debt funding. The round saw the participation of new and existing investors including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors. Asaak offers motorbike financing to operators, who are often locked out…

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Acorn Holdings sees oversubscription of final tranche of its Green Bond

KENYA – Property developer Acorn Holdings Limited has closed the final tranche of its Medium-Term Green Note Programme under which the first Green Bond was launched. In a statement, the company says the bond has raised KSh2.096 billion (US$19.4 million) against a target of KSh1.438 billion (US$13.3 million) representing a subscription rate of 146 percent. The green bond was launched…

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Stanbic reaffirms its commitment to Uganda on oil and gas financing

UGANDA – Stanbic Bank has revealed that it will give capital for oil and gas developments in Uganda amidst growing opposition against fossil fuels including oil and gas in favour of renewable energy. Stanbic, part of Standard Bank Group says it can offer up US$70 million to a single company investing in the oil and gas sector in Uganda. The Bank’s…

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Standard Bank granted more time to buy Stanbic Bank Kenya shares

KENYA – Standard Bank of South Africa has been given more time to buy an additional 14.8 million shares with a current market value of US$10.95 million in its Kenyan subsidiary Stanbic Holdings . The multinational started accumulating more shares in the Nairobi Securities Exchange (NSE) listed firm in July 2018 and had raised its stake in the lender to 71.16…

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Joshua Tapambgwa steps down as Stanbic Bank Zimbabwe boss after 12 years at the helm

ZIMBABWE – Stanbic Bank Zimbabwe’s long-serving chief executive Joshua Tapambgwa has stepped down effective December 31, 2020 after 12 years at the helm. Stanbic Bank Zimbabwe, a subsidiary of the South African-headquartered banking group, Standard Bank, has been one of the few consistently performing banks in the Southern Africa country during economic upheavals. “Tapambgwa joined Stanbic Bank on September 1,…

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Stanbic bank shuts two more branches in Zimbabwe

ZIMBABWE – Stanbic Bank Zimbabwe says it is closing branches in Hwange and Westgate, Harare, in line with its digitisation strategy. Early this year Stanbic discontinued operations at two branches in Zimbabwe. “In line with this digitisation journey, Stanbic Bank is set to discontinue its physical operations at Hwange and Westgate branches with effect from December 31, 2020,” the bank…

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Stanbic Bank records a 37% decline in earnings for the first half of 2020

KENYA – Stanbic Bank Kenya, a financial services organization, has announced a 37 per cent decline in its half year earnings to KSh2.6 billion (US$24m) down from KSh4.1 billion (US$37.85m) last year. The sharp decline in earnings is attributable to a decline in operating income along with higher provisioning on expected credit losses from customer defaults. The lender’s net operating…

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Stanbic Bank posts a US$14.04m profit for the first quarter of 2020

KENYA – Stanbic Bank Kenya, a financial service provider, has announced a reduced KSh1.5 billion (US$14.04m) profit for the period running January 1 to March 31 ,2020 (first quarter-Q1).  The 35 percent slack in earnings from KSh2.3 billion (US$21.54m) over a similar period is largely attributable to falling income during the period as both interest and non-interest funded income heads…

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Stanbic’s net profit hit US$63.8m supported by a jump in revenue

KENYA – Stanbic Bank has reported a growth in net profit on the back of improved operations. Group results show the lender made KSh6.38 billion (US$63.8m) after-tax profit for the year ended December 31, 2019, an increase of 2.4 per cent over the KSh6.27 billion (US$62.7m) netted the previous year. Financial results published yesterday showed improved customer deposits and borrowing…

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