• 24 May 2022 - Untapped Global has announced the close of a $10.3 million round in form of debt and equity pre-seed. The company said it will use the funds to launch its investment platform, which uses real-time data to provide transparency and insights for global investors looking to tap into Africa and other…
  • 24 May 2022 - NSE Daily Equity Turnover rose significantly to KSh 2.3 Billion from the previous day’s KSh 447 million, boosted by the sale of Stanbic shares, which saw the volume of shares traded rise to 39.7 million from the previous 13 million. NSE INDICES MOVEMENT The NSE 20 share Index was down 2.33 points…
  • 24 May 2022 - Tanzania will spend TSh468 billion to acquire new aircraft for its national carrier Air Tanzania in the coming financial cycle. This disclosure was made by Prof Makame Mbarawa while tabling the budget estimates for the Works and Transport Ministry in parliament on 23rd May 2022. He said the five…
  • 24 May 2022 - Uganda has introduced an electronic passport for its citizens, becoming the first country in East Africa to do so. Those who are yet to acquire the e-passport cannot travel out of Uganda after the country phased out the old document readers. Uganda replaced the old passports line with EAC…
  • 24 May 2022 - DTB( Diamond Trust Bank) Group recorded a net profit of KSh 2.2 billion at the end of the first three months of this year compared to KSh 1.9 billion over a similar period in 2021. Loans to customers increased to KSh 224.8 billion in Q1 2022 from KSh 205.8 billion in Q1 2021, while customer […]
  • 24 May 2022 - I&M Group Plc recorded an increase in Net profit of KSh 2.7 billion in Q1 2022 compared to KSh 1.9 billion over a similar period in 2021, an increase of 26.7%. The lender’s balance sheet size grew to KSh 430.8 billion in Q1 2022 compared to KSh 364.4 billion at the end of the first […]
  • 24 May 2022 - KCB Group has confirmed that Joshua Oigara, Chief Executive Officer and Managing Director of Kenya Commercial Bank (KCB) Group is stepping down at the end of May 2022, after serving for about 10 years at the helm of the lender. Paul Russo, who is currently the managing director of the National Bank…
  • 24 May 2022 - The Central Bank of Kenya (CBK) has floated an 18-year Infrastructure bond worth KSh 75 billion. The Government intends to use proceeds from this auction to fund infrastructure projects in the 2021/22 budget estimates. According to the CBK prospectus, the coupon rate for this bond will be market-…
  • 24 May 2022 - Ghana’s central bank has raised its main interest rate by 200 basis points to 19% to control inflationary pressures and promote macroeconomic stability, Ernest Addison governor of the central bank announced on Monday. Experts had predicted that the BoG was going to increase the policy rate…
  • 24 May 2022 - Kenya Airways (KQ) has suspended ticketing services in Malawi over the country’s biting dollar shortage crisis. As a result, passengers travelling from Malawi on the airline must buy their tickets from agents in other countries. Malawi has been facing acute shortages of foreign exchange currency…
  • 24 May 2022 - Individual income tax collection from employment, rent, business, interests, and dividends grew for the first time by a third since the onset of the Covid-19 pandemic after the government lifted the waiver on payment of the tax by low-income earners. Data from the National Treasury shows the Kenya…
  • 24 May 2022 - Equity Bank has introduced its Equity Virtual Assistant (EVA), the Bank’s chat banking platform on social media platforms including WhatsApp, Facebook Messenger, and Telegram. EVA chatbot offers digital banking and customer support services to existing and new customers and can simulate a…
  • 24 May 2022 - Kenya is set to roll out a grant telemedicine program across the country to improve access to healthcare, particularly in remote and marginalized regions. Already, the government through the Communication Authority has set aside Shs600 million to fund the laying out of the foundation for…
  • 23 May 2022 - Nairobi Securities Exchange( NSE) began the week with 13million shares valued at KSh 447million, against 7.95million shares valued at Kes.273million posted on Friday. The NSE 20 share Index was down 8.26 points to stand at 1672.27. All Share Index NASI shed 3.46 points to stand at 129.06. The NSE…
  • 23 May 2022 - NSE Market Capitalization closed last week at KSh 2,064.95 Billion, a 5.12% decrease from the prior week’s KSh2,176.36 Billion. According to the NSE Barometer weekly bulletin, there was a net outflow of KSh 584.24 million during the past week, from the prior week’s outflow of KSh 1,208.62 Million.…
  • 23 May 2022 - The Celo Foundation, a non-profit US-based organization that supports the growth and development of the open-source cryptographic networks has released its 2021 annual report that reveals the exponential growth of the Celo blockchain ecosystem while providing insights into the state of the industry…
  • 23 May 2022 - Treasury has developed a draft framework for sharing revenue from mineral royalties among National Government, County Governments and Communities. In a public notice, Treasury CS Ukur Yatani said the purpose of the draft framework is to provide for budgeting of mineral royalties at the National…
  • 23 May 2022 - Nairobi Central Railway Station project designs have been completed by Atkins UK on behalf of Kenya Railways Corporation and the Ministry of Transport. In January 2020, President Uhuru Kenyatta asked for British support for the Nairobi Railway City & Central Station programme to expand and…
  • 23 May 2022 - Nairobi Securities Exchange(NSE) Weekly Equity Turnover stood at KSh 1.64billion on 54.8million shares when trading ended at the bourse last week, against KSh 2.48billion on 77.8million shares posted the prior week. The benchmark NSE 20 share index declined by 66.69 points to stand at 1680.53. The…
  • 23 May 2022 - Central Bank of Kenya(CBK) received bids worth KSh 17 billion at the May Treasury Bonds tap sale out of the advertised amount of KSh 10 billion and accepted KSh 16.9 billion. The 10-year Treasury Bond received bids amounting to KSh 5,967.65 million, with the state fiscal agent accepting KSh 5,967.…
  • 23 May 2022 - Equity Group has invested KSh400 million in establishing a subsidiary that will run its insurance business as the listed firm seeks to diversify from the mainstay banking operation. According to disclosures in its latest annual report, the company committed the amount to Equity Group Insurance…
  • 23 May 2022 - Whether you are just a beginner in investments or you have been in the game for a long time, there are certain fundamental rules and principles that you need to pay attention to if you want to invest successfully. You need the right toolkit to help you dissect the concepts of investing. A lot of […]
  • 23 May 2022 - Kenyans living abroad sent home KSh41.35 billion in April (diaspora remittances), a KSh700 million drop compared to the KSh42.05 billion sent in March. The Central Bank of Kenya (CBK) data shows the US remains the largest source of remittances into Kenya, accounting for 62% in the period under…
  • 23 May 2022 - Airtel Africa Plc has recalled $505 million bonds and sold off telecommunication towers in Malawi, Madagascar and Tanzania for a total consideration of $284 million as part of measures to pay off close to $3 billion debt. By recalling a bond, a firm pays off the principal amount and the interest of…
  • 23 May 2022 - Kenya’s Horticulture exports earnings dropped by KSh20 billion in the first quarter of this year, attributed to low-quality avocados and a sharp fall in returns from flowers. Data from the Kenya National Bureau of Statistics (KNBS) shows the export value of the produce declined to KSh26 billion in…
  • 23 May 2022 - Kenya’s debt repayments towards infrastructure projects funded by China have more than doubled to KSh73.48 billion the current financial year, attributed to increased clearance of principal sums after lapse of the grace period. Expenditure data published by the National Treasury shows the debt…
  • 23 May 2022 - Regional micro-financier Platinum Credit is set to get a Sh5.2billion ($45 million) loan from the International Finance Corporation (IFC) to support the growth of small businesses in Kenya and Uganda. A disclosure by the World Bank’s private-sector lending arm said the credit will be extended to…
  • 23 May 2022 - The African Development Bank (AfDB) has announced a $1.5-billion fund to boost grain production to help avert potential food shortages stemming from Russia’s war with Ukraine. AfDB will use the facility to supply about 20 million farmers with climate-smart certified seeds and fertilizer. That’ll…
  • 23 May 2022 - The Ministry of Tourism & Wildlife has launched a new strategy Dubbed “the new vision for Kenya’s tourism” that seeks to diversify the country’s tourism offering, moving away from dependence on Safari and Beach destinations. The strategy is a five-year plan that is set to provide a road map for…
  • 23 May 2022 - Kericho County government has signed a deal with Stanbic Bank to offer financial support to Small and Medium Enterprises (SMEs) to grow their businesses in addition to sponsoring digital skills training within the devolved unit. The memorandum of understanding (M0U) between the two entities was…
  • 23 May 2022 - The government has granted a waiver of import duty capped at 540,000 metric tonnes of maize allowing cereal traders to import the grain. This follows a warning by the Agriculture Cabinet Secretary Peter Munya about an impending maize crisis in the country. In a gazette notice published Friday, May…
  • 22 May 2022 - Bitcoin Pizza Day is celebrated on 22nd May every year to commemorate the early adopters who paid Bitcoins for Pizza. On 22nd May 2010, Laszlo Hanyecz announced on the Bitcoin forum that he had bought two pizzas for 10,000 Bitcoins. This was the first time Bitcoin was used to buy physical goods …
  • 22 May 2022 - The International Monetary Fund (IMF) has agreed to delay the deadline, by at least three months, for Somalia’s credit facility in a move which could free up the country’s access to budgetary funding from external lenders. The IMF, at staff level, said they had reached an agreement with the federal…
  • 22 May 2022 - The government of Tanzania has announced that it is now ready to allow investment in 5G network trials, seeking to further develop its digital economy. In 2020, Vodacom said it targeted to invest in the 5G technology, and it was just waiting for the regulatory approval. The government now welcomes…
  • 21 May 2022 - Digital lender, Tala has appointed Munyi Nthigah as Kenya’s new General Manager for Kenya effective immediately. He takes over from Ivan Mbowa who left Tala to join Fidelity Bank Ghana. Munyi will oversee end-to-end business growth and overall operations for Tala Kenya’s 120-person team,…
  • 21 May 2022 - The Kenya Medical Supplies Authority (KEMSA) Board has appointed Ms Terry Ramadhani Kiunge as the new substantive Chief Executive Officer with immediate effect. She will now assume organisation leadership, taking over from Mr John Kabuchi, who has been serving in an acting capacity. She will also…
  • 21 May 2022 - The weekly Mombasa Tea Auction held on 16th, 17th, and 18th May 2022 had 12.5 million kilograms of tea offered for sale. The amount on offer decreased from 13.1 million kilograms during the previous sale, but increased from 12.2 million kilograms offered during a similar period last year. Of all…
  • 20 May 2022 - Postal Corporation of Kenya (PCK) and Somaliland Postal Services have signed a memo to enable the two to co-operate in knowledge exchange and international mail delivery and processing across Africa. The two corporations will work together in such areas as outbound and cross-border mail and parcels…
  • 20 May 2022 - Safaricom Investment Cooperative has issued more than 150 title deeds to buyers in its Nanyuki land project, paving the way for them to begin constructing homes. The Olpajeta Ridge project is seated on a 300-acre plot and consists of 180 eight-acre and120 quarter-acre plots. These plots are next to…
  • 20 May 2022 - Ascent Capital- a private equity fund, has acquired a significant equity stake in Valley Hospital Limited, located in Nakuru-Kenya. David Owino, Managing Partner of Ascent Capital Advisory Services said, “We are very excited about the fund’s investment into Valley Hospital. It is a hospital with…
  • 20 May 2022 - Stanbic Holdings Plc has notified shareholders that Ruth Theddesia Ngobi retired as Director from the Board during the firm’s shareholders meeting held on 19th May 2022. Ms Ngobi joined the Company Board on 8th March 2011 as a Non-Executive Director. Over the years, the Company has greatly…
  • 20 May 2022 - Bamba, a software firm that serves micro-merchants in Africa, has secured $3.2 million in seed funding. This will help the company scale its App and build out its team. The round was led by several partners, including Jigsaw Venture Capital, 468 Capital, Prestige Ventures, Mato Petric, Thomas…
  • 20 May 2022 - The CBK received bids worth KSh 27.9 billion at the weekly treasury bills auction, an oversubscription of 116.30%, with the state fiscal agent accepting KSh 22.9 billion. The most attractive instrument was the 91-days Treasury Bill, which received bids worth KSh 5.5 billion out of KSh 4 billion on…
  • 20 May 2022 - Mastercard and fintech firm OPay have announced a strategic partnership which will open up digital commerce to millions of people across Middle East and Africa. The collaboration enables OPay consumers and merchants in the region – including Kenya, Pakistan, Egypt, Nigeria, Ethiopia, South Africa…
  • 20 May 2022 - South Africa’s central bank raised its benchmark interest rate by the biggest margin in more than six years and signalled even higher borrowing costs are ahead, escalating its response to global headwinds that have fueled inflation and capital outflows. The 50-basis-point increase in the repurchase…
  • 20 May 2022 - Indonesia, the world’s biggest shipper of edible oils, lifted a ban on palm oil exports a move that will bring relief to the global market after the war in Ukraine choked off critical supplies.  Palm oil exports can resume from May 23, President Joko Widodo said in an online briefing on Thursday.…
  • 20 May 2022 - Egypt raised interest rates for the second time since March, seeking to tackle soaring inflation and restore the allure of its local debt with foreign investors amid a global wave of monetary tightening. The central bank increased the deposit and lending rates by 200 basis points each to 11.25% and…
  • 20 May 2022 - Nigeria’s logistics startup, Topship has raised $2.5 million in its seed funding round. Investors who took part in the funding include Flexport, Y Combinator, Soma Capital, Starling Ventures, Olive Tree Capital, True Capital, Capital X and angel investors including Mercury founder Immad Akhund and…
  • 20 May 2022 - Annual headline iInflation rate in Tanzania hit 3.8% in April, up from 3.6% in March 2022. The country’s National Bureau of Statistics says the overall index increased from 103.95 in April 2021 to 107.88 in April 2022. Food and Non-Alcoholic Beverages Inflation Rate increased to 6.6% from 6.5%…
  • 20 May 2022 - France has committed to invest up to $4.2 billion in Tanzania over the next five years, as the former seeks to position itself as the very first European investor in the country and the reference partner of President Samia Suluhu Hassan for the achievement of the country’s modernisation and…
  • 20 May 2022 - Madison Life Assurance Kenya Limited has announced plans to sell properties valued at KSh8 billion and quit the annuity business, seeking to restructure its balance sheet and boost capital. The insurer said it has decided to cut annuity business, including investments in property which it terms as…
  • 20 May 2022 - The Tanzania government is seeking more than $81 million from donors to conduct a national population and housing census scheduled for August this year.  The 2022 census will be the sixth since Tanzania gained its independence 60 years ago. Minister for Finance and Planning Mwigulu Nchemba says the…
  • 19 May 2022 - The NSE Daily Equity Turnover declined marginally to KSh 317m from the previous sessions KSh 327m; the number of shares traded stood at 12m against 14m posted on Wednesday. NSE INDICES The NSE 20 share Index was down 10.95 points to stand at 1700.88. All Share Index NASI shed 3.82 points to settle…
  • 19 May 2022 - Victory Farms, Kenyan aquaculture startup and farm for tilapia fish comprising hatcheries, nursery ponds and deep-water cages, has raised $5 million in new funding. The investment was led by Ed Brakeman, a senior managing director at Bain Capital and Hans den Bieman, founder and ex-CEO of Mowi, one…