Author: David Indeje

ICT regulator Communications Authority of Kenya (CAK) has invited public views on the proposed guidelines for addressing counterfeit, stolen and illegal ICT devices in the country. The regulator says the public, stakeholders and other interested parties have up to January 27 to provide any suggestions, justifications, views and inputs in enhancing the implementation of the guidelines. CAK is also responsible for managing the country’s numbering and frequency spectrum resources, administering the Universal Service Fund (USF) as well as protecting the interests of users of ICT services. “In this regard, the Authority has developed guidelines for addressing counterfeit, stolen and illegal…

Mediterranean Shipping Company (MSC) Group, a Swiss-Italian international shipping line operating both passenger and cargo services plans to acquire Bolloré Africa Logistics for $6.4 billion. “Bolloré Group has granted the MSC Group exclusivity until March 31, 2022, to enable MSC, further to an additional due diligence phase and contractual negotiations, to submit a put option,” MSC Group said December in an announcement. Put options give the purchaser the right (but not the obligation) to sell stock to the creator of the options contract at a set price in the future. “The Bolloré Group’s decision to exercise this put option and…

Kenya has approved the administration of Covid-19 vaccine booster shot for those who received their second shot at least six months ago, according to Ag Health Director Dr Patrick Amoth. Dr Amoth said this was reached following advice from the Kenya National Immunisation Technical Advisory Group (KENITAG). The ministry in new guidelines also endorsed recommendations from the experts for mixing and matching of coronavirus vaccines for booster shots. The updated guidance from the ministry relates to vaccination of various segments of the population including pregnant women, children, and those who have completed the primary series. The ministry further said that…

International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group,  is set to buy a stake in Britam through a share purchase agreement. IFC which is already a significant shareholder in Britam with an 8.8 % stake in Britam, intends to acquire an additional 4.201% equity (158, 540,750 shares) held by Britam in Equity Holdings. The capital gains from the transaction are aimed at boosting Britam’s cash flow and profit. “The proposed subscription is subject to conditions that are customary to transactions of this nature, including receipt of shareholders’ approval and regulatory…

Financially battered Kenya Airways will get government support to survive the coronavirus pandemic and remain afloat. Treasury Secretary Ukur Yatani plans were revealed through the International Monetary Fund report published Thursday. “The authorities are developing plans to restructure Kenya Airways and anticipate providing significant financial support over the medium term,” the IMF said. “Much of the projected $1 billion costs for KQ’s restructuring is unavoidable as the government had previously guaranteed Ksh.84.8 billion ($750 million) in debt owed by the airline, and KQ has run large arrears.” According to the proposed plan, the government will take over Ksh.93.5 billion ($827…

A law that allows for the licensing and supervising of digital lenders came into effect on December 23 following the signing of the Central Bank of Kenya (Amendment) Act, 2021, into law by President Uhuru Kenyatta on December 7. The Central Bank of Kenya in a statement Thursday said “this is a significant milestone” while announcing the draft Digital Credit Providers Regulations. “With the recent advances in technology and ongoing innovations, lending through digital channels, particularly mobile phones, has grown significantly in Kenya. However, concerns have been raised by the public about the predatory practices of the unregulated digital credit…