Tappi Partners with MTN to Expand Digital Commerce Solutions in Ivory Coast

In a strategic move to penetrate the Ivory Coast market, digital commerce startup Tappi has announced a partnership with telecommunications giant MTN. Founded in 2022 by Kenfield Griffith and Louis Majanja, Tappi aims to empower small businesses by offering affordable online promotion services starting at just $8 a month. With a focus on providing simple … Read more

Kitui Flour Mills Receives Approval for Rafiki Millers Acquisition

In a significant move within Kenya’s milling industry, Kitui Flour Mills Limited has received approval from the Competition Authority of Kenya (CAK) for its complete acquisition of Rafiki Millers. Rafiki Millers, which ceased operations in April 2021, was engaged in wheat milling and confectionery business, holding a 3% market share. Kitui Flour Mills Limited, the … Read more

Kenya’s annual inflation is anticipated to ease to 6.8% in 2024, aligning with a projected trend in the monetary policy rate, as forecasted by Fitch in its African Banks Outlook 2024.

Having peaked at 9.2% in March 2023, the Central Bank of Kenya responded by raising the Central Bank rate by 175 basis points in the first half of 2023, reaching 10.5%, the highest level in the past seven years. Fitch predicts that Kenyan banks will sustain robust pre-impairment operating profits in the context of a … Read more

World Bank Pledges $12 Billion Boost for Kenya’s Journey to Upper-Middle-Income Status

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 Blockchain Association Tasked with Drafting Initial Crypto Bill and Public Education Campaign

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

Safaricom’s M-PESA Continues to Soar, Driving Profits Amidst Price Reductions

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

Kenya Will Return to International Capital Markets

Kenya

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: Shifting Gears with Scheduled Orders in Kenya

bolt food

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

East Africa Faces Cereal Production Challenges Due to Erratic Rainfall and Insecurity

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 Forex Challenge: Shilling Exchange Rate Woes

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