magicnewskenya

Ngao Credit has revealed that customer referrals account for approximately 70 per cent of its KSh1.3 billion loan portfolio, highlighting the role of customer relationships in driving its lending business. The disclosure was made by the lender's Country Sales Agency Manager, Francis Mwangi, as the company announced the opening of four new branches in Embu, Malindi, Kitale and Machakos. Mwangi said the high proportion of referrals reflects the confidence customers have developed in the lender and its approach to building long-term relationships. “Seventy per cent of our KSh1.3 billion portfolio comes through referrals. That speaks to the relationships we are building with our customers and the confidence they have in our services,” he said. Unlike a lending model focused on individual transactions, Ngao Credit says it prioritises maintaining relationships with customers and supporting their businesses through different stages of growth. The lender provides financing solu...

Kenya Women Microfinance Bank (KWFT) has disbursed more than 100,000 housing loans worth a cumulative KSh6.7 billion, helping over 83,000 customers finance the construction and improvement of their homes. The bank said its housing finance portfolio has recorded a 98 per cent performance rate, with the average loan standing at approximately KSh70,000. The figures highlight the role of housing microfinance in expanding access to decent housing among low-income households that may struggle to qualify for conventional mortgages. Through its Nyumba Smart model, KWFT allows customers to borrow money in stages depending on their construction needs and ability to repay. The financing covers different phases of construction, including purchasing building materials, laying foundations, putting up walls, roofing and completing homes. Unlike traditional mortgages, which often require borrowers to secure substantial financing upfront, the model allows families to build gradually as thei...

Credit Bank’s men’s squash team has defeated Absa to win the championship at the Kenya Bankers Association (KBA) Interbanks Tournament, capping a successful outing that also saw the bank’s CEO, Betty Korir, win the CEOs’ Run. The bank’s women’s squash team finished fourth in their category at the competition, held between October 3 and 17. The tournament brought together participants from across the banking sector for contests in squash, chess, athletics and darts at the Institute of Monetary Studies and KCB Group grounds. Korir, who also serves as KBA deputy chair, said the competition demonstrated the importance of teamwork and collaboration in strengthening institutions. “Sport encourages discipline, resilience, collaboration and accountability, qualities that are just as important in the workplace as they are on the field or court,” she said. She said Credit Bank’s participation reflected its commitment to maintaining an engaged and motivated workforce, adding that spor...

Abraham Kiptum and Mercy Rotich emerged as the biggest winners at the 23rd Stanchart Marathon after claiming the men’s and women’s full marathon titles in Nairobi on Sunday. The event attracted 30,700 runners representing more than 100 nationalities, including over 400 elite athletes, in a competition that combined professional athletics with mass participation. Kiptum won the men’s 42km race, while Rotich took the women’s title. Nahason Kipsang and Orba Chemurgor won the men’s and women’s 21km half-marathon categories, respectively. Alfred Kimani and Joy Cheptoyek emerged victorious in the 10km races, while Samuel Kuria and Mercyline Ajenjo claimed the men’s and women’s wheelchair race titles. The marathon offered a total prize purse of Sh11.24 million, with the full marathon champions each earning Sh2 million. Winners in the half-marathon and wheelchair races received Sh300,000 each, while the 10km champions took home Sh200,000 apiece. The event, staged along Nairobi’s So...

TVS Motor Company is placing emphasis on understanding local markets as Pradeep Chaurasiya takes over as Business Head of Africa for its International Business division, overseeing the company’s journey across more than 50 countries. Chaurasiya, who has spent eight years with the company in Africa, said the continent’s diversity requires businesses to adapt their strategies to different cultures, customer expectations and ways of doing business. “Africa is not one market. It is many, each with its own people, culture, and way of doing business,” he said. His appointment reflects a career progression that began with responsibility for one African country before expanding to a continent-wide leadership role. In his remarks announcing the development on October 14, 2026, Chaurasiya highlighted the lessons he had learnt while working across different markets, describing learning, curiosity and experimentation as important principles in business growth. He said understanding cus...

The Octagon Umbrella Retirement Benefits Scheme has grown its fund value to KSh3.2 billion after its aggressive investment portfolio delivered a 19.1 per cent return in 2025, outperforming the umbrella fund market average of 12.37 per cent. The scheme's performance highlights the growing role of umbrella retirement arrangements in Kenya as employers seek cost-effective ways to manage staff pension benefits while providing workers with investment options. According to Octagon Africa, the scheme's Balanced Fund returned 14.8 per cent, while its Conservative Fund recorded an 11.6 per cent return, with all three investment options posting positive results during the year. “The growth of the Octagon Umbrella reflects the increasing importance of professionally managed retirement arrangements that give employers efficiency while providing members with investment choice and access to their retirement information,” said Michael Komen, Head of Retail at Octagon Africa. The s...