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Family Bank Posts Sh1.6bn Q1 Profit on Strong Lending Growth
Family Bank reported a significant increase in its first-quarter net profit, reaching Sh1.6 billion, a 52.6 percent rise compared to the previous year. This follows I&M Group announcing a 19% increase in Profit After Tax, reaching KES 5.0 billion in Q1 2026. Meanwhile, HF Group Plc has rebranded to HFCB, consolidating its parent company and subsidiaries into a single identity to streamline operations and market presence. The banking sector shows strong performance metrics across multiple institutions.
CMA Approves Two ISPP Platforms in Push to Expand Digital Investing
The Capital Markets Authority (CMA) has approved two fintech firms, Moneto Ventures Limited and Pesa Bridge Limited, to operate as Intermediary Service Platform Providers (ISPPs). Mitsumi Distribution is investing $2 million (Sh 258 million) in a new artificial intelligence (AI) cloud platform to provide affordable computing infrastructure for young Kenyan developers and entrepreneurs. Additionally, Binance marked Africa Month by highlighting its commitment to digital inclusion and community development across the continent, coinciding with rising cryptocurrency adoption.
