Safaricom PLC, Kenya’s largest telecommunications company, reported a 17.7% drop in its half-year net profit to KSh 28.1 billion from KSh 34.1 billion. The earnings slump is attributed to a steep 106% depreciation of the Ethiopian Birr, which significantly impacted its fledgling Ethiopian operations. This adverse currency shift inflated Safaricom’s expenses in Ethiopia, costing the … Read more
Kenya has taken a bold step to position itself as a prime destination for digital professionals and long-haul travellers with the introduction of two new permits: the Digital Nomad Work Permit and the Transit and Long Connection Travelers Electronic Travel Authorization (ETA). These initiatives are designed to enhance the visitor experience, making it easier for … Read more
As Starlink continues to expand its satellite internet service across Africa, the company has established a variety of pricing structures tailored to different markets. Understanding these costs is essential for consumers and businesses looking to leverage Starlink’s high-speed internet in their respective countries. Below is a detailed breakdown of the hardware and monthly fees associated … Read more
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
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
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
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