The Kenyan government is considering an increase on duty on imported clinker to rein in trading malpractices. It says some errant cement companies have been abusing the low tax regime of 10 per cent in the region and now wants to take countermeasures to reduce clinker imports. “Some of these cement companies are importing clinker […]
Category: Nairobi Stock Exchange
Kakuzi packhouse and orchards bag China Export approval seal from KEPHIS
Kenyan integrated agro-business firm Kakuzi PLC has become one of the first local entities to secure approval from the Kenya Plant Health Inspectorate Service (KEPHIS), to process and prepare export-grade fresh avocados for the Chinese market. The firm has secured its KEPHIS approval following a stringent phytosanitary audit for its extensive Kakuzi farms and packhouse. […]
EABL & Tusker launch campaign to celebrate 100 years of existence
East African Breweries Plc (EABL), and its flagship brand Tusker, have launched a year long campaign to celebrate 100 years of existence across East Africa. Established in Ruaraka in 1922, EABL has transformed into the biggest manufacturing operating in the region, impacting millions in its value chain where the company sources raw material, makes and […]
KCB Group courts DRC bank in expansion plan
KCB Group Chief Executive Officer Joshua Oigara. PHOTO | COURTESY The deal, the bank said, will push the regional lender’s assets towards the Ksh1.5 trillion ($13.15 billion) mark in the next financial year. Chief executive Joshua Oigara told The EastAfrican that negotiations for a potential buyout are at an advanced stage and the deal should […]
Central Bank eyes revamp of M-Akiba to improve its uptake
Central Bank Governor Patrick Njoroge. [David Gichuru, Standard] The Central Bank of Kenya (CBK) will relaunch M-Akiba in a bid to spur uptake of the retail infrastructure bond. CBK Governor Dr Patrick Njoroge said the revamped product will go live by June this year and will be more user friendly to investors. It will also […]
Dormant mobile money accounts jump 926,000
The number of dormant mobile money accounts increased by 926,000 last year driven by defaults on digital loans that pushed subscribers to deactivate their SIM cards. Central Bank of Kenya (CBK) data shows that 40.93 million out of the 68 million registered mobile money accounts were inactive as of December 2021. This was up from […]
Kenya Power pays US firm Ormat Sh2.6 billion to allay default fears
A KPLC worker pulls wires as they did the power line transfer on Kisumu-Busia road. PHOTO | TOM OTIENO | NMG Kenya Power has cleared a Sh2.6 billion power purchase bill owed to US energy firm Ormat Technologies, allaying fears of a default that would have seen the American firm bill the Treasury. The money […]
MarketForce raises $40M Series A to Scale Up the Super App for Africa’s Informal Merchants
Today, MarketForce ( MarketForce360.com ) , the Nairobi-headquartered B2B platform for retail distribution of consumer goods and digital financial services in Africa, announces the closing of a $40 million Series A round, the largest Series A round of it’s kind in East and Central Africa. The raise comes 7 months after concluding a pre-Series A […]
KQ owes aviation sector regulator Sh262 million
Kenya Airways #ticker:KQ owes the aviation authority Sh262.9 million, a new audit tabled in Parliament shows. The amount is part of the total of Sh548.4 million owed to the Kenya Civil Aviation Authority (KCAA) by various parties. The amounts claimed by the agency have been disclosed by Auditor General Nancy Gathungu in a review of […]
Safaricom takes 99.9pc of mobile money market
Safaricom #ticker:SCOM has grown its control of the mobile money market to 99.9 percent amid efforts by regulators to open its M-Pesa platform to interface with those from rival Airtel Kenya and Telkom Kenya in a bid to enhance competition in the sector. Data from the Central Bank of Kenya (CBK) shows that M-Pesa has […]