Political Uncertainty Forces US Firm To Put On Hold Deal With Equity Bank

As the October 26 election nears several businesses both local and international will be awaiting the outcome.

With a lot of uncertainty surrounding the election many businesses have been forced to hold off on several business deals as they await to see how the country moves forward.

Equity Bank is one major Kenyan business to have recently been affected by the prolonged electioneering period.

The company had initially planned a partnership with US firm Fenix International but due to the countries current economic situation with the election just a few days away they deal was put on hold.

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Fenix International had planned to invest in a solar home systems and lanterns deal that would have seen several Kenyans get access to electricity.

Kenyans interested in purchasing the home solar kits would have used Equity’s mobile banking app.

“Currently our Kenyan expansion remains at assessment stage whilst we monitor the economy in light of recent electoral developments,” Fenix sales and marketing director East Africa Chris Bagnall said.

This follows the take over of Fenix International by French firm ENGIE as they intends to expand their market throughout sub-Saharan Africa.

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“Operations will remain as strong as ever including our expansion plans but Fenix will now have access to ENGIE’s full resources, from capital to talent to a wealth of energy experience in Africa,” he said.

“Our ambition is to cover millions of clients,” ENGIE Africa chief executive Bruno Bensasson said.

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