Tag: finance

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To thrive, digital transformation must take precedence in the insurance industry

Kimani Chege

By Fred Ruoro In Kenya, as in many parts of the world, the insurance sector is fundamentally revered as a   provider of financial security and stability to individuals and businesses alike. However, despite its importance, the industry has often been perceived as a slow adopter of new technologies in favour of its  traditional modus operandi. To truly expand and thrive in the post pandemic era, it is imperative that the Kenyan insurance industry embraces digital transformation and innovation in line with evolving consumer patterns. According to the 2023 Economic Survey by Kenya National Bureau of Statistics, Kenya’s insurance penetration rate … Continue reading To thrive, digital transformation must take precedence in the insurance industry

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CIC Insurance Group records 209% growth in profit before tax to Kshs 2.5 Billion in FY 2023

Kimani Chege

CIC Insurance Group Plc is pleased to report a Profit Before Tax of Kshs 2.5 Billion for the year ended December 2023 compared to the restated Profit before tax of Kshs 823 Million recorded in 2022 representing a 209% growth. The strong performance was largely attributed to the growth in insurance revenue and improved investment income during the year.  The business maintained a growth trajectory driven by the execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management among others. We are also pleased to report that … Continue reading CIC Insurance Group records 209% growth in profit before tax to Kshs 2.5 Billion in FY 2023

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Why Saving for your Child’s Education Unlocks Financial Freedom for Families

Kimani Chege

By Meshack Miyogo Many parents, without much of a second thought, find themselves relying on their entire savings, holding harambees, borrowing from banks or saving societies to meet these educational needs. As parents, we instinctively want the best for our children, and one of the most powerful ways to ensure their future success is by prioritising and saving for their education. The first US Ambassador to France, Benjamin Franklin, once said: “If you fail to plan, you are planning to fail.” True to this adage, Kenyan parents have time and again shown the zeal  to transform their own lives by … Continue reading Why Saving for your Child’s Education Unlocks Financial Freedom for Families

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Absa Bank Kenya’s Timiza platform records 35.7% year on year growth

Kimani Chege

Absa Bank Kenya’s Mobile Banking Wallet, Timiza recorded a 35.7% Year-on-Year growth in loan disbursements to KES 14.8 billion during the first nine months of this year up from KES 10.9 billion in the prior year. According to data provided by the bank, loans advanced through Timiza during the third quarter of this year alone grew by 47% to KES 2.134 billion, up from KES 1.454 billion recorded during the same period last year. Since its inception in 2018, Timiza has advanced over KES 65 billion in loans. During the third quarter of this year, Absa Bank Kenya’s loan book … Continue reading Absa Bank Kenya’s Timiza platform records 35.7% year on year growth