Author: David Indeje

The Capital Markets Authority (CMA) says the new deadline for coffee brokers to get new licences has been set to July 1, 2021. Currently, the brokers are using the old payment rules in a bid to facilitate transitional arrangements in the sector. In a public notice issued on Tuesday, the regulatory board said, “In line with Regulation 8 of the Capital Markets (Coffee Exchange) Regulations, 2020 marketing agents intending to operate as coffee brokers at the Nairobi Coffee Exchange should apply to the authority for licensing.” The regulations were gazetted by the cabinet secretary for the National Treasury and Planning…

Kenyans working overseas sent home USD 260.2 million in February 2021, an increase of 18.9 per cent compared to last year, according to Central Bank. However, this was a drop from what was received in January. In 2020, the Kenyan diaspora send in USD 219.0 million in February.  “The cumulative inflows in the 12 months to February 2021 totalled USD 3,155 million compared to USD 2,831 million in the 12 months to February 2020, an increase of 11.4 per cent,” CBK said in its weekly bulletin. CBK conducts a survey on remittance inflows every month through formal channels that include…

Airtel Africa to explore the potential listing of mobile money business within four years Investment firm TPG’s Rise Fund will invest USD 200 million in Airtel Africa’s mobile money business at a valuation of $2.65 billion, Bharti Airtel said on Thursday. The Rise Fund will provide the funds in two batches — $150 million first and then the remaining $50 million in a second round. With this transaction, Rise Fund is estimated to get 7.5 per cent stake in Airtel Mobile Commerce AMC BV which is currently the holding company for several of Airtel Africas mobile money operations. “The transaction…

The International Monetary Fund (IMF) Executives on Thursday approved a $2.4 billion (Ksh263 billion) loan to Kenya. The International Monetary Fund (IMF) Executives on Thursday approved a $2.4 billion (Ksh263 billion) loan to Kenya under the Extended Fund Facility and Extended Credit Facility. The new programme will last for three years to support the government’s COVID-19 response. “The programme will support the next phase of the country’s COVID-19 response and the authorities’ plans for a strong multi-year effort to stabilize and begin reducing debt levels relative to GDP,” Mary Goodman who was representing the IMF said.

Kenya’s state-owned Geothermal Development Corporation (GDC) has secured a $5 million grant from the African Union (AU) for geothermal exploration of the Paka Geothermal Project in Baringo. According to GDC Managing Director and CEO, Jared Othieno, the funding will go towards the cost of the exploration drilling, and is expected to support 40% of the total drilling cost (drilling and testing program) and 20% of the total infrastructure development (infrastructure upgrade) cost of the project. “The Paka Geothermal Project is an integral component of GDC’s strategic plan, where the company envisions the development of 1,065MW from geothermal sources by 2030.…

KCB Group reported a 22.10% decline in annual net profit of KShs. 19.6 billion for the full year ending December 2020 from the KSh 25.2 billion in 2019. The lender which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan attributed the decline to higher provisions for loan losses and subdued economic activity associated with the COVID-19 pandemic. “The pandemic significantly affected our business across the markets we operate in, with most of them going into some degree of lockdown. The negative impact on the economy drastically reduced our customer’s ability to operate necessitating loan restructures,” the Group CEO…