The last couple of months have seen rather discouraging times in our banking sector, with the collapse of Dubai Bank and Imperial Bank, and most recently Chase Bank which is in receivership under the management of KCB. However, it is heartening to see aggressive moves in the market, like the recent launch of Spire Bank. Inspired by the word “Inspire” , Spire Bank says it is here…
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We are introducing a new section on the blog, Jargon Friday, to appear every Friday (rather obvious isn’ t it?). Jargon Friday aims to simplify some finance and tax terms, and make it easier for a non finance reader to understand our posts, and even more, manage their finances better. In this edition of Jargon Friday, we look at the term: Loan Interest. Definition: Interest is…
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In Part 1 of the 50,000 dollar problem, we looked at my techie friend’s dilemma. He’d come across Kshs 50,000, and was looking to make “good” and certain returns in a year, and since I wasn’t offering him any viable solutions, he was going to buy the iPad2 instead. My advice to him was to take a SACCO loan to pay for his gadget. Why…
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