In a significant stride towards achieving its upper-middle-income aspirations, Kenya has secured a substantial financial commitment from the World Bank. The global financial institution has pledged a whopping $12 billion over the next three years to support Kenya’s developmental initiatives. This financial injection, spanning from fiscal years 2024 to 2026, is set to catalyze the … Read more
Kenya’s National Assembly’s Departmental Committee on Finance and National Planning has engaged the Blockchain Association of Kenya (BAK) to play a pivotal role in creating the country’s first draft bill on crypto asset regulation. Additionally, the committee has requested the association to spearhead a comprehensive public education campaign aimed at demystifying cryptocurrency trading. Key Points: … Read more
In a financial landscape where adaptation is key, Safaricom’s M-PESA remains the crown jewel, contributing 42.1% to the telco’s revenue in the six months ending September 2023. This marks an uptick from 39.3% during the same period in 2022, showcasing the enduring strength of mobile financial services. Profitability on the Rise Safaricom’s financial report for … Read more
In a strategic move, Kenya’s National Treasury has enlisted the expertise of Citi and Standard Bank as joint lead managers. Their mission: to explore potential international US$ capital markets funding and liability management options for Kenya. The Challenge Ahead: Tackling Eurobond Maturity With the specter of an intense squeeze on foreign exchange reserves in 2024, … Read more
Bolt Food has been making headlines recently. While the feature is closing shop in Nigeria and South Africa, the company is rolling out a new game-changer in Kenya – Scheduled Orders. What’s the Buzz? Bolt Food’s Scheduled Orders feature allows customers to pre-order meals, even when restaurants are fully booked, closed, or when couriers are … Read more
Overview: FAO Warns of Below-Average Cereal Production The Food and Agriculture Organization (FAO) has raised concerns about below-average cereal production in the East African region. Erratic rainfall patterns and insecurity are cited as key factors affecting the 2023 main season cereal crops. Mixed Production Prospects in Northern Subregion In the northern parts of the subregion, … Read more
Kenya’s economic landscape is facing a significant shift as the Central Bank Governor, Dr. Kamau Thugge, openly admits that the exchange rate of the Kenya Shilling against major currencies has been artificially overvalued. This revelation comes after years of maintaining a strong exchange rate, leading to severe pressure on the country’s foreign exchange reserves. The … Read more
FinTech Collaboration to Offer Convenient Credit Access for Purchases Lipa Later, a prominent Buy Now, Pay Later (BNPL) FinTech company, has announced a strategic partnership with Mastercard to enhance the adoption of Buy Now, Pay Later solutions across African markets. The collaboration aims to provide customers with convenient credit access, particularly for the purchase of … Read more
At the recent Kauffman Fellows Africa VC Summit in Nairobi, we had the chance to chat with Tjaart Van Der Walt, Director, and co-founder of Tyme, the digital banking platform that’s been making waves. Impressive Milestone: 8 Million Customers Excitingly, Tyme has hit a significant milestone, boasting over 8 million customers on its platform. This … Read more
Kenya’s inflation, as measured by the Kenya Consumer Price Index (KECPI), saw a slight uptick in September, fueled by a general increase in prices across all sectors, according to a statement from the Kenya National Bureau of Statistics released on Friday. In September, year-on-year inflation stood at 6.8%, a marginal rise from the 6.7% recorded … Read more