Patrick Alushula

Africa, Kenya, Nairobi

Senior Business Reporter at Business Daily Africa

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Articles

African insurers must put data and technology in the journey of closing the protection gap, suggests Deloitte

2 weeks ago | afahpublishing.com | Patrick Alushula

The African insurance industry stands at an inflection point where resilience, adaptability, and innovation will dictate its trajectory, Deloitte has suggested, asking insurers on the continent to put data and technology at the centre of the next phase of growth.
Power generation up to record level on demand

3 weeks ago | nation.africa | Patrick Alushula

Electricity generators increased production to an all-time high of 1,226.3 million kilowatt hours in March (kWh) on the back of rising demand among households and industries. Energy and Petroleum Regulatory Authority (Epra) data shows total units generated and purchased locally rose for the third straight month to hit a record 1,226.3 million kWh last month from 1.223 million kWh in the prior month.
Banks have six months to meet new liquidity rules

3 weeks ago | businessdailyafrica.com | Patrick Alushula

Commercial banks have six months to comply with new rules by the Central Bank of Kenya (CBK) requiring them to raise their share of cash or liquid assets to levels sufficient to respond to panic withdrawals for at least 30 days without collapsing. The regulator has published final guidelines on the liquidity threshold which will be implemented effective October 1, 2025. The CBK in November last year circulated draft guidelines for input from industry players.
KenGen eyes to extend life of Olkaria plant by 25 years

4 weeks ago | businessdailyafrica.com | Patrick Alushula

Kenya Electricity Generating Company (KenGen) has rolled out a Sh224.41 million (â‚¬1.52 million) feasibility study to determine the possibility of extending the life of Olkaria II geothermal power plant for 25 years. The firm has disclosed that it has hired a Turkish and Italian firm to undertake a feasibility study on the 105-megawatt (MW) power plant that has been in operation for 20 years.
Forex losses sink Bamburi Cement into Sh905 million net loss

4 weeks ago | nation.africa | Patrick Alushula

Bamburi Cement's net loss more than doubled to Sh905 million in the financial year ended December 2024 on the back of foreign exchange losses linked to the sale of its Ugandan subsidiary. The cement maker, which was acquired by Tanzanian conglomerate Amsons Group in December last year, saw its net loss widen from a Sh399 million net loss posted a year earlier. Bamburi said the loss was due to a Sh1.43 billion foreign exchange loss booked on cash held from the sale of Hima Cement.
London honours Equity’s Mwangi for financial inclusion

4 weeks ago | businessdailyafrica.com | Patrick Alushula

Equity Group Chief Executive James Mwangi has received the ancient honour of the Freedom of the City of London in recognition of his contribution to financial inclusivity and equitable economic development. The award is given to individuals who have demonstrated exceptional service to society—often in areas like leadership, community service, innovation, and inclusion. Mr Mwangi has been recognised for his role in revolutionising Kenya’s banking sector.
CBK ends decade-long freeze on licensing new banks

4 weeks ago | businessdailyafrica.com | Patrick Alushula

The Central Bank of Kenya (CBK) has ended a decade-long moratorium on the licensing of new commercial banks in the country, citing an improved legal and regulatory environment. The regulator said that the moratorium, which started on November 17, 2015, following the collapse of two banks in quick succession, will be lifted with effect from July 1, 2025.
CIC revalues Kiambu land by Sh1bn amid delayed sale

1 month ago | businessdailyafrica.com | Patrick Alushula

CIC Insurance Group has raised the valuation of a 200-acre parcel of land it owns in Kiambu County by Sh1 billion to Sh5.06 billion amid its delayed sale that has forced it to reschedule payment of a shareholder loan. The insurer disclosed in its latest annual report that it booked a Sh1 billion fair value gain in the financial year ended December 2024, after an independent valuer increased the valuation from Sh4.06 billion.
SBM Bank Kenya posts first profit in a year

1 month ago | nation.africa | Patrick Alushula

SBM Bank Kenya has posted a Sh12.39 million net profit in the first quarter of trading ended March 2025, marking the first time in a year for the lender to return a profit. The latest profit is an improvement from the preceding similar period when it returned a net loss of Sh370.5 million. The lender, a subsidiary of Mauritius’ SBM Holdings, is posting its first profit since returning a net profit of Sh129.6 million in the financial year ending December 2023.
SBM Bank Kenya posts its first profit in one year

1 month ago | businessdailyafrica.com | Patrick Alushula

SBM Bank Kenya has posted a Sh12.39 million net profit in the first quarter of trading ended March 2025, marking the first time in a year for the lender to return a profit. The latest profit is an improvement from the preceding similar period when it returned a net loss of Sh370.5 million. The lender, a subsidiary of Mauritiusâ€™ SBM Holdings, is posting the first profit since returning a net profit of Sh129.6 million in the financial year ending December 2023.