Compulynx’s new retail software to cut clients’ costs

Software developer, Compulynx has completed installation of its latest cloud-based ERP (Enterprise Resource Planning) retail solution for its Dubai-based customer, One Vasco in 120 locations in 30 countries. Compulynx’s Next Generation Retail Suite(NEXX) will see One Vasco’s clients enjoy access to a cloud-based managed and maintained IT platform, thereby helping them defray costs usually spent on data security as well as maintenance of own servers. The new deployment marks a shift in Compulynx’s operations where it is replacing the CORE Retail Solution that ran on the older client server technology deployed in 400 retail outlets across the globe by One

Banks on course for double-digit profit growth

Commercial banks are on course to post another full-year of double-digit growth in profits, according to a review of their performance in the 10 months ended October 2019. Fresh data from the Central Bank of Kenya (CBK) shows that the banking sector’s pre-tax earnings for the 10 months stood at Sh140.7 billion. This represents a 10.3 percent increase compared to the pre-tax profit of Sh127.6 billion made a year earlier. The industry is expected to maintain the double-digit growth in the full-year ended last month, with the last quarter expected to bring in some additional earnings boost from the removal

StanChart cuts price of old loans in line with CBK rate

Standard Chartered Bank of Kenya has cut the interest charge on old loans and overdrafts by 0.5 percentage points and committed to leaving new loans at a maximum of 13 percent as it fine-tunes the risk-based pricing model. The bank wrote to customers advising that it had revised downwards the interest rates on existing facilities effective January 2 in line with the reduced Central Bank Rate (CBR). StanChart Chief Executive Kariuki Ngari said the monthly payments would, however, remain the same, effectively leading to a reduced repayment period. “When you reduce rates, it means customers will take a shorter period

Bankers cagey on loans pricing plan after end of rate cap

Bankers have remained non-committal on their loans pricing plan, almost six weeks after scrapping of the interest rate capping law. While some executives maintained that they will continue to rely on the Central Bank Rate (CBR) as the money market’s signal, quite a number of them expect the rates of government paper to determine the price of money. “We expect (the Central Bank’s) Monetary Policy Committee to continue signalling a lower interest rates environment in 2020 but of course we have to watch out to see how liquidity in the market will present itself,” said Barclays Bank  transition programme director Anthony

Stop excuses and act on your dreams soonest

Daniel was a lazy farmer who did not enjoy working hard in the fields. He spent his days napping under a tree. One day, while he was resting under a tree, a fox came chasing a rabbit. There was a loud THUMP– the rabbit had crashed into the tree and died. The farmer was pretty sure that the rabbit committed a suicide by hitting itself against the tree. Nevertheless, he picked up the dead rabbit and took it home, frustrating the hell out of the fox. The farmer told his wife to cook the rabbit for dinner. His wife took