Author: David Indeje

KCB Group says it has not given up the Tanzania market in its regional expansion plans after failing to get the final regulatory approval to acquire Atlas Mara’s unit, African Banking Corporation Tanzania Ltd (BancABC). “We had a final conversation with BancABC in December. Our focus largely today is on other countries. Tanzania is something we will come back to perhaps in the second half of this year,” Chief executive Joshua Oigara says. KCB Group acquired a 62.06 per cent stake in Rwanda’s Banque Populaire du Rwanda Plc (BPR) in August 2021 from Atlas Mara. As a result, the group’s…

Liberty Kenya Holdings Ltd (LBTY)  has warned higher risk claims in 2021 could dent its earnings for the year ended December 2021, as the coronavirus pandemic hammered its bottom line. The insurer says its consolidated earnings after taxation for the fiscal year will likely be lower by at least 25 per cent than the audited earnings after taxation reported for the same period in 2020. “The impact o Covi-19 has resulted in significantly higher risk claims in 2021 negatively impacting the consolidated financial results,” Mr Philip Odera, Board Chairperson Liberty Kenya said in a public notice. In 2020, it posted…

Monetary Policy Committee (MPC) of the Central Bank of Kenya is likely to leave the key interest rates unchanged at its first bi-monthly policy review Wednesday, on a backdrop of continued economic recovery on the upside and potential inflation risks on the downside., according to market analysts. The MPC  maintained the Central Bank Rate (CBR) at 7.00 per cent and the Cash Reserve Ratio of 4.25 per cent, for the sixth straight policy meeting in 2021. According to the Central Bank, measures implemented since March 2020 were having the intended effect on the economy and as such, remained appropriate and…

Kenya’s tea exports rose 13 per cent to Ksh 136 billion in 2021 compared with Ksh 120 a year earlier, attributed to a rise in export volumes, the Tea Board said. According to the Tea Board of Kenya (TBK) report, the country’s export volumes stood at 558 million kilogrammes against 518 million kilogrammes in 2020. Data from the East African Tea Traders Association (EATTA) reveal that in 2021 farmers sold 470.5 million kilogrammes of tea at an average price of $1.99 ( KSh225.666), an increase from $1.93 registered in 2020.  The 2021 production was less by 15.9 million kilogrammes of…

The International Finance Corporation (IFC) has extended a line of credit of USD 15 million to Guaranty Trust Bank (Kenya) Ltd for on-lending to small and medium-sized enterprises (SMEs). The loan to GTBank Kenya is part of the $8 billion IFC Fast Track COVID-19 Facility launched in 2020. In a statement, IFC said the facility is designed to support its existing IFC clients in emerging markets affected by the economic fallout from COVID-19. Sectors targeted include those that operate in the trade, consumer goods, pharmaceuticals, and manufacturing sectors aimed at helping them retain and create jobs, and strengthen their operations. “The IFC loan…

Copia, a Kenyan e-commerce platform has raised Ksh.5.6 billion ($50 million)Series C round led by Goodwell Investments for regional expansion. Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), Koa Labs, Lightrock, German development finance institution DEG, and Perivoli Innovations also participated in the round. This takes the total capital raised by the company to $83.8 million (KSh9.5 billion). In 2019, it raised $26 million (KSh2.9 billion) in a Series B round. CopiaTo Scale African Expansion “The funding enables Copia to grow rapidly and enable millions of African consumers to access quality household products, save money and make their…