The principal role of the financial service industry is the management of money for both individuals and co-operations. Making up this sector are various components or types of financial services for instance insurance companies, banks, SACCOs, Nairobi Security Exchange, investment companies, asset management companies, and many more.
Highlighted below is a brief description of some of the financial services Kenya has to offer.
1. EQUITY BANK
Equity bank is a financial service business headquartered in Nairobi Kenya. In the year 2004, it was converted from Equity Building Society to Equity Bank Limited licensed by the Central Bank of Kenya. Equity Bank is now one of the regions leading banks. Equity Bank has 173 branches across Kenya including 38 in Nairobi.
They offer a variety of services that attracts all type of citizens across Kenya. Equity Bank offers the option to open multiple bank accounts all for different purposes or uses. Examples of the accounts include an ordinary account, a Diaspora account, a Jijenge account, and a school fees account.
Equity Bank also offers loans for citizens of all economic backgrounds depending on how much they make and how active their bank account is. Mobile banking has been efficient and reliable in the transfer and withdrawal of cash for millions of Kenyans. Bankers, cheques, tax payments, visa personal payments, and PayPal withdrawal services.
2. KCB BANK KENYA LIMITED
KCB Bank headquarters are located in Nairobi, Kenya, and are licensed as a commercial bank by the Central Bank of Kenya. KCB Group was founded as a branch of the National Bank of India in Mombasa. Grindlays Bank merged with the National Bank of India in 1958 to form the National and Grindlays Bank then the Government of Kenya swooped in and bought a 60% stake in National and took full control of it and renamed it Kenya Commercial Group then eventually KCB Bank Kenya.
KCB Bank offers a full-service offering for commercial and corporate clients and runs an agency banking model. KCB Bank has a total of 159 employees across all of its locations and it’s reported that it generates $26.84 million in sales.
KCB Bank offers the option to open multiple accounts for different financial needs all with different deals and offers. Examples of the accounts are a personal account, current account, Mapato account, Jiinue account, Bankika personal account, and KCB student account. KCB Bank also offers loans, mobile banking, prepaid Visa general-purpose cards, and Ria Money Transfer Services.
3. HOUSING FINANCE COMPANY OF KENYA
Housing Finance Ltd is a mortgage finance provider in Kenya. The company is the only mortgage company regulated by the Central Bank of Kenya. Housing Finance is an integrated property and financial solutions company registered as a non-operating Holdings company.
The company started operations in 1965 and changed from a mortgage financier to a provider of integrated property and financial solutions with an interest in real estate development. Major investors in Housing Finance Ltd are Commonwealth Development Corporation whose shareholding at one time was as high as 60%, and the Government of Kenya, which at one time owned 50% of the company. CDC has since divested from Housing Finance Limited and the Kenyan Government has substantially reduced its shareholding.
They offer asset finance services, micro-credit loans, and loans for mortgage finances. Housing Finance Ltd also develops and sells residential houses and offers insurance agency services.
4. JUBILEE INSURANCE COMPANY LIMITED
Jubilee Insurance Company has its headquarters in Nairobi Kenya. The company opened offices in most East African countries including Uganda Tanzania and Zanzibar. Jubilee Insurance also has offices in Mauritius and India. According to the Kenyan Insurance Regulatory Authority report in 2014, Jubilee Insurance was ranked first in Market shares with 11.9% of the Kenyan Market.
Jubilee Insurance offers a number of insurance plans such as Health insurance with great benefits including 5 levels of comprehensive cover with optional benefits including maternity, outpatient, dental, and optical covers. Jubilee Insurance also covers pre-existing, chronic, psychiatric, cognitive, and HIV/AIDS conditions. It covers inpatient referrals covered on credit under-listed hospitals.
Jubilee Insurance also offers corporate Health Cover and SME for small and mid-sized organizations. Jubilee Insurance also offers are life insurance, motor insurance, Home insurance, Fidelity Guarantee, Crop, and Livestock insurance among many other offers.
5. CYTONN INVESTMENTS
Cytonn Investments is an independent investments management firm with offices in Nairobi, Kenya, and in Washington DC, USA. The firm is involved in Private Equity, Asset Management, and Real Estate. Cytonn Investments was formed by a team that had worked together as the Executive team at a leading asset manager in the region. The team moved to form an independent firm focused on serving the interests of the clients and investors.
Cytonn Investments offers the following products: Cytonn Money Market Fund, which invests in short-term debt security with high credit quality such as commercial paper. Equity Fund, which is a mutual fund or private investment that buys ownership in businesses in the form of publicly-traded common stalks. Cytonn High Yield Fund, a collective investment scheme that had a high allocation towards investments in real estate assets. Cytonn Investments company also offers products such as pensions and affordable housing investment plans.
6. I&M HOLDINGS LIMITED
I&M Holdings Ltd is a financial services institution providing products and services for the personal and commercial and corporate sectors in Kenya, Tanzania, Uganda, Rwanda, and Mauritius. I&M Holdings Ltd company was founded in 1950 as City Trust Limited, an investment holdings company. In 2013, I&M Bank created I&M Holdings Limited, as the Holding company for all the group’s businesses. The main activity of I&M Holdings Ltd company is the buying and selling of investments.
I&M Holdings Limited offers services such as Transactional accounts and they offer to provide loans for buying or building a home and for a car, salary processing services, and insurance premium financing services for foreign exchange among other packages. The asset finance division deals with personal and corporate clients and covers vehicle and machinery purchase and cash Management services.
7. NAIROBI SECURITIES EXCHANGE
Nairobi Security Exchange is the leading stock exchange company In East Africa. The company was established in 1954 as the Nairobi Stock exchange. Nairobi Security Exchange is based in Nairobi, Kenya and it comprises approximately 66 listed companies with a trading volume of about USD 10 MILLION. Trading hours commence at 1900 to 1500. Equities, Government, and Corporate Bonds are also traded on the Nairobi Securities Exchange.
Nairobi Security Exchange offers packages that include, NEXT Equity index Futures, which are derivative instruments that give investors exposure to price movements. The participants can profit from the price movements of a basket of equities without trading individual constituents. Single stock Futures is an instrument that gives investors exposure to price movement on an underlying stock.
8. BRITAM HOLDINGS LIMITED
Britam Insurance is a leading diversified financial service Group in Nairobi, Kenya. It is listed under the Nairobi Securities Exchange. Britam Insurance is present in seven countries in Africa including, Kenya, Tanzania, Uganda Rwanda, South Sudan, Malawi, and Mozambique. The group started operating in Kenya in 1965 with its office in Nairobi as a foreign branch of British-American Insurance Company Limited.
The services that Britam Insurance offers are Britam Asset Managers which is a subsidiary company incorporated in 2004 and commenced operation in 2006 that provides quality fund management and investment advisory services to individual and institutional investors. Britam Insurance offers a variety of packages such as Home Insurance, Marine Cargo, Travel insurance, and Life insurance among others. Pensions, unit trusts, investments planning, wealth management, retirement planning, property development, and private equity are also included.
9. UNAITAS SACCO SOCIETY LIMITED
Unaitas Sacco is a savings and credit cooperative Sacco in Kenya. The membership includes individuals, investment groups, and small businesses. Unaitas Sacco was established in 1993 as Murang’a Tea Growers’ Society, by a group of Farmers who gathered resources to form a financial company where they could borrow and save at affordable rates. In 2007 the Sacco expanded from non-tea growers to other businesses as it offered good services for saving and they gave loans to small-scale businesses and help them grow. The name was changed to Muramati Sacco and eventually to Unaitas Sacco in 2012.
The products that Unaitas Sacco offer are Loans for individuals and for businesses, individuals can open saving accounts, ATM, debit cards, and mobile banking services which have been introduced due to their reliability and popularity throughout the country.
10. ZIMELE ASSET MANAGEMENT COMPANY
Zimele Asset Management Company is a Kenyan Investment Company licensed by the Retirement Benefits Authority and the Capital Markets Authority. The name Zimele comes from the Zulu language from South Africa meaning Independent.
The company was founded in 1998 as a cooperative society named Zimele Multi-purpose Co-operative Society Limited. Zimele Asset Management Company is one of the top fund managers in Kenya. It targets retail and individual clients and also gives investment advice services. In 2018, Zimele Asset Management was named in Kenya’s Top 100 Mid-Sized Companies survey conducted by KPMG and Nation Media Group.
The services offered are Money market funds, balanced funds, and pension funds.
I am a bubbly extroverted 25 year old currently living and studying in Nairobi. I enjoy travelling and trying out new places to eat. My favourite place to be is anywhere by the beach, with a beer. You will most likely find me with my nose in a book or dining alone, like most extroverts do, of course.
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I am a bubbly extroverted 25 year old currently living and studying in Nairobi. I enjoy travelling and trying out new places to eat. My favourite place to be is anywhere by the beach, with a beer. You will most likely find me with my nose in a book or dining alone, like most extroverts do, of course.
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