Category Archives: EADB

Bank Roundup (June 07)

all banks share capital raised from 250 million to 1 billion. At the beginning of the year, 25 of 43 banks were below this mark (with 7 banks below 500 million). This is an update/reversal of an older proposal to lower the share capital when some banks were struggling a few years ago. Not many mergers expected though it may prompt some mid size banks to go for a public listing to raise cash (only 3 banks lost money last year)

Central bank has advertised for some currency destruction contracts as the east African reports on talks for the government to invest in the current currency supplier DE La Rue

Diamond Trust to venture into Islamic Banking

East African Development Bank profit went up by 229% to $4.6 million – up from $1.4 million the year before. Assets increased to $262m dollars and their non-performing portfolio reduced by 11%

Equity bank won an international award – the 2007 global vision in microfinance award. Also KTN reported that the that the bank will open three women only branches in Nairobi

Two month old Family Bank is seeking a new managing director

KCB to expand into Uganda as it also wins an international award – the Africa investor for best performing stock in Africa award (shares price up 97% ) > but the company also held one of the longest dreariest AGM’s in history on Friday

National bank finally got recapitalized. NBK could receive 346 million in 2007 and 2008, a bullet payment in 2009 of 4.3 billion, 220m in 2010 and 2011 and another bullet payment of 5.2 billion in 2012. For 2013 – 2015 123m each and in 2016 a lump sum of 5.2b. 2017 to 2020 58m each and a final payment of 6 billion – for a total of Kshs. 22.48 billion ($340 million)

NIC to increase authorized share capital via a rights issue. The board approved it on June 14, but there was no mention at the AGM on May 16. This follows a Fitch Report indicating that mid-size Kenyan banks need to increase their capital


East African breweries is accepting applications for a graduate management program. Details online and D/L is 22/6

Family bank: chief executive officer, credit manager. Apply through deloitte – by 29/6

Kenital solar : sales & marketing manager, technical manager, engineer sales executives (5) regional managers (4). Apply to by 22/6

Country manager at Steadman Tanzania . Apply to by 22/6

A dozen IT, research and engineering jobs at Safaricom

Writers at a new Swahili newspaper. Apply to

Project management specialist at USAID.apply to

Rhodes scholarships: 2 for Kenyans to pursue full time post graduate study at the University of Oxford. Apply to by 15/9

Real estate: for the monied in the Diaspora, those who have worked hard and are looking to return in style, consider investing in Kihingo village a gated community development in Kitusuru where prices start at $500,000.

VC Fund update

More on the $40 million VC fund set up by the Africa venture capital association and East African development. It will invest $100,000 to $2 million in SME’s for expansion & modernization, as well as start-ups led by exceptionally qualified entrepreneurs. Advantages of getting funds is that unlike bank loans, you don’t have to pledge assets or incur subsequent loan repayments


The Africa Development Bank is currently accepting applications for its Young Professional Program (YPP). Details at their site and D/L is 10/5.

Celtel: Product development manager (Comm-mkt-02/07), Product developer (Comm-mkt-03/07). Apply to by 4/5

Kenya Airways: Manager – hub & airport systems (I/065/04-07), Revenue management systems administrator (C/066/04-07)
Apply to the group HRD 19002 Nairobi by 14/5

Foundation manager at KCB. Apply to by 9/5

Safaricom: Head of Retail, Head of Customer Management, Materials Inspection Officer, Senior CRM System Developer, Business Intelligence Developer.

Fund manager at the above mentioned VC fund. Apply to by 14/5

The Young Professionals Program (YPP) of the World Bank. apply online by 15/7

EADB Venture Capital

The East African Development Bank is proposing to set up a venture capital fund to invest between $100,000 to $1 million in companies who have turnover over $100,000 and are prepared to give the fund shares in exchange for capital invested. Expressions of interest to be sent to

State of the VC

Is Kenya ready for VCs? Do we have the expertise and are they necessary?
The regulations for the VC industry are yet to be formalized and the Acacia Fund remains the only venture capital firm licensed by the CMA. But there are other players such as ICDCI, investment advisers, investment companies, and entities like Transcentury who can arrange equity-based financing for viable companies.

Given the archaic company laws and endless court processes, entrepreneurs in Kenya have to be very careful about who they let in as equity partners. They feel better off borrowing from a bank that they can pay off and walk away from after a while instead of having VC as partner/co-owner.

The VC route is more suitable for established companies who have a good long-term understanding of their requirements and the benefits that are offered by different equity partners.

A more viable, non-VC option for start-ups is the government’s proposed youth enterprise fund which was gazetted in December. (read more)