Category: Economy&Finance
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The Kenya Tea Development Agency (KTDA) has attributed the drop in earnings in this year’s second payment (popularly known as bonus) for tea farmers to international market conditions and currency exchange movements. In a statement KTDA noted that in 2024, the Kenya Shilling traded at an average of Kshs 144 to the US dollar, while…
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NAIROBI, Kenya – A mitumba trader from South B, Nairobi, is the latest millionaire in Coca-Cola’s ongoing Funua Flava Pata Mita under-the-crown promotion. Millicent Wanjiru Mwai, a mother of two and Sunday school teacher, won the Sh1 million weekly grand prize and received her cheque at a colorful ceremony held at South B Market on…
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Jennifer Kinyoe and Lennox Mugambi unveiling the BYD Shark 6. PHOTO/COURTESY Kenya’s automotive sector is witnessing a major leap as NCBA Bank and Loxea Limited (CFAO) join forces to offer financing for the country’s first plug-in hybrid electric pickup, the BYD Shark 6. The partnership allows customers to access up to 90 per cent financing,…
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Sheikh Sukyan Hassan Omar. The journey of Islamic Banking in Kenya began two decades ago, with Absa Bank Kenya introducing La Riba Banking in 2015. This marked the first bold step towards making the journey of Shariah-compliant banking a reality in our country. Twenty years later, the growth of this unique proposition has set the…
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Wyckliffe Shamiah. PHOTO/COURTESY The Capital Markets Authority (CMA) has confirmed the entry of four new players into Kenya’s financial sector, a move aimed at widening the scope of licensed market participants. “Capital Markets Authority (CMA) has granted four new licenses as part of efforts to expand the scope of licensed players in the capital markets,”…
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Erick Massawe. PHOTO/WATU CREDIT Watu has unveiled bold revenue targets for 2025, projecting Sh45.2 billion as it shifts its focus from motorbike loans to smartphones, now its fastest-growing product. The Pan-African buy-now-pay-later company closed 2024 with gross revenues of Sh30.8 billion, an increase from Sh18.4 billion the year before. Much of that growth came from…
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Kamau Thugge. PHOTO/COURTESY Dr Kamau Thugge, Governor of the Central Bank of Kenya (CBK), has secured an ‘A’ grade from Global Finance magazine, a distinction reserved for central bankers recognised for excellence in monetary policy and economic stewardship. The publication explained that it uses an “A+” to “F” scale, assessing performance on inflation control, economic…
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James Gossip leading NCBA team on a tour of Mwai Kibaki Referral Hospital . PHOTO/NCBA When a bank says it is “customer obsessed,” you expect words, not action. However, last week, NCBA Bank walked the talk, literally, by hitting the road on a tour of the Central Kenya to engage directly with its customers across…
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PayPal offices. PHOTO/COURTESY PayPal Holdings, Inc. has set aside Sh12.9 billion for investments across Africa and the Middle East, in what the company describes as a major step towards deepening digital integration and helping local entrepreneurs grow. The firm announced on Wednesday that the funding will be spread across several channels, including acquisitions, minority stakes,…
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Goods at the Port of Mombasa. PHOTO/COURTESY Kenya’s busiest harbour, the Port of Mombasa, has lost ground in the 2024 Container Port Performance Index, settling at 375th worldwide and 35th in Africa. The report, prepared by the World Bank together with S&P Global Market Intelligence, placed the facility behind several regional rivals, underlining the difficulties…