Category: Economy&Finance
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IX Africa Data Centre Limited has secured a multi-tranche funding package from Rand Merchant Bank (RMB), a division of FirstRand Limited, to accelerate its expansion plans in Nairobi. The announcement was made on Thursday by CEO Snehar Shah. The financing will facilitate the construction of an additional 20MW of IT power at IX Africa’s Nairobi…
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KRA offices at Times Tower, Nairobi. /SWALA NYETI The Kenya Revenue Authority (KRA) has announced the successful recovery of Ksh 123 million in taxes following the detection of a sophisticated fraud scheme involving the irregular clearance of 161 rice containers at a Mombasa-based Container Freight Station (CFS). The authority revealed that the fraudulent clearances occurred…
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Miraa. PHOTO/COURTESY Miraa farmers could soon find their trade reshaped, as the government moves to create specialised cooperatives to manage how the crop is harvested and sold. The plan, unveiled by the Ministry of Cooperatives, is meant to shield producers from losses that come when supply floods the market and prices tumble. Patrick Kilemi, the…
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Mombasa-Mariakani highway. PHOTO/COURTESY Traffic clogs and persistent delays on the Mombasa-Mariakani Highway are set to receive targeted attention, as the Kenya National Highways Authority (KeNHA) plans to use a portion of a Sh15.8 billion loan from the African Development Bank (AfDB) to review the project’s financial and management arrangements. The announcement was made on Tuesday,…
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Mombasa-Mariakani highway. PHOTO/COURTESY Traffic clogs and persistent delays on the Mombasa-Mariakani Highway are set to receive targeted attention, as the Kenya National Highways Authority (KeNHA) plans to use a portion of a Sh15.8 billion loan from the African Development Bank (AfDB) to review the project’s financial and management arrangements. The announcement was made on Tuesday,…
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Raimond Molenje. PHOTO/COURTESY The Kenya Bankers Association (KBA) has expressed its support for the Central Bank of Kenya’s (CBK) revised loan pricing model, saying it will boost credit access and strengthen the banking sector’s role in driving economic growth. In its statement, KBA said the industry welcomes the CBK’s move, which was announced on August…
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The National Treasury. PHOTO/COURTESY Kenyans have been warned to steer clear of a fraudulent investment drive that has been circulating online under the guise of the National Treasury. The bogus poster, which began spreading on Monday, dangled the promise of fast and risk-free profits. It invited the public to commit between Sh10,000 and Sh50,000 with…
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Kenyans living abroad will now be able to send money home faster, cheaper, and more reliably thanks to a new collaboration between Pesalink, NALA, and Equity Bank. The partnership brings together Pesalink’s instant payment rails, NALA’s global fintech platform, and Equity Bank’s vast local network to simplify last-mile remittance transfers into Kenya. This comes as…
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Peter Ndegwa. PHOTO/COURTESY Safaricom is turning 25 in October and CEO Peter Ndegwa marked the milestone by reflecting on the telco’s remarkable journey from a Telkom Kenya subsidiary to Kenya’s most valuable enterprise. In an interview with Developing Telecoms at Vodafone UK headquarters in London, he looked back on his five-year tenure and the bold…
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Tadesse Tessema. PHOTO/COURTESY Kenya will start selling locally assembled electric cars in January 2026, with prices ranging from Sh1.3 million to Sh1.5 million, targeting buyers who now rely on imported second-hand vehicles. The project is led by Ethiopian-born entrepreneur Tadesse Tessema through TAD Motors, which is investing up to Sh1.3 billion in a plant at…