Author: David Indeje

Turkish clothing retailer LC Wakiki opened its first flagship store in Uganda’s capital Kampala. It is located in Acacia Mall, a high-profile shopping complex. Turkey’s Ambassador to Uganda Kerem Alp said, “We have been giving many Ugandans visas to go to Turkey for garment shopping, and unfortunately due to COVID-19, many may not be able to go to Turkey now or in the near future.” “I am glad that you can access the best of Turkey from right here.” Uganda becomes the second country in East Africa where LC Waikiki has expanded its brand as part of its Africa growth…

Kenya’s year-on-year inflation in December 2020 increased to 5.62% compared to 5.46 % recorded in November 2020 due to a rise in prices of good and services according to the Kenya National Bureau of Statistics. During the month, food inflation had witnessed significant price increases between November and December 2020, at 2.45%. Cost of transport, which comprises 9.65% in weight of the household basket, was up 1.15%, while rent, electricity, water, cooking gas, and other fuels were also up in December by 0.59% compared to November 2020. Food items that had the highest price increases were led by Spinach (1KG), whose…

Equity Group has received regulatory approval to merge Banque Commerciale Du Congo (BCDC) with Equity Bank Congo (EBC). The combined outfit will become Equity Banque Commercial du Congo (Equity BCDC) following the acquisition of 66.53 per cent stake in BCDC  for $95 million (KSh10.37 billion). Equity Group chief executive James Mwangi said the merged outfit will have a single obligator limit— the maximum amount a bank is allowed to lend a single borrower in relation to the total shareholders’ fund— of KSh4.36 billion ($40 million). “This will enable our customers in DRC to access higher credit limits to grow and…

Kenya’s foreign exchange reserves declined in the week ending Dec 24 besides a strengthening shilling against the U.S. dollar. The dollar reserves, official data from the Central Bank of Kenya (CBK) showed Thursday, stand at 7.8 billion dollars or 4.78 months of import cover. The dollar reserves have been on a decline in the past weeks as the shilling faces pressure from international currencies. The CBK maintains that the current forex reserve meets its statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import.

Kenyan shilling strengthened against the US dollar closing at  KSh 108.79 per US Dollar on December 24, compared to KSh 111.59 on December 17. The Central Bank of Kenya (CBK) in its weekly bulletin said this was attributed to inflows in various sectors of the economy. The Kenyan currency has remained relatively stable supported by the improving diaspora remittance of which the cumulative inflows in the 12 months to November totalled USD 3,045 million compared to USD 2,790 million in the 12 months to November 2019. High levels of forex reserves, currently at USD 7,788 million (4.78 months of import cover)…

Shoe and leather accessories retailer, Nairobi Business Ventures Limited (NBV), has been ordered by a court to pay KSh5.2 million to Greenhills Investment Limited or face liquidation. Nairobi’s Commercial and Tax Division Court issued the insolvency notice to be paid within 21 days. The notice issued on December 2, 2020. “Take notice that within 21 days after service of this notice on you, excluding the day of such service, you shall pay to Greenhills Investment Limited the sum of Sh5,238,436.70 (includes rent and interest to date) November 19, 2020, claimed by Greenhills Investment Limited,” the insolvency notice E068 of 2020…