Author: David Indeje

Kenya’s retail industry has witnessed a decline of 0.3% and 0.7% points in average rental yields and occupancy rates, respectively, coming in at 6.7% and 76.6%, respectively over the same period last year due to the impact of the Covid-19 pandemic, according to Cytonn Investment’s Retail Sector Report 2020. “The decline in performance is attributed to a 2.1% drop in rental rates, shifting towards e-commerce which has resulted to reduced demand of physical retail space, and, constrained spending power among consumers due to a tough financial environment attributable to the Coronavirus pandemic,” part of the report reads. The report themed…

The International Monetary Fund (IMF) is set to consider funding Kenya’s next COVID-19 response, a strong multi-year effort to stabilize and begin reducing debt levels. The disclosures were revealed by the IMF Staff led by Mary Goodman who conducted a virtual mission to Kenya from October 27 to November 17, 2020. According to the Mission, Kenya’s development goals have suffered a “significant setback”, and the country faces an arduous task of returning to a path of sustained and inclusive growth.  Kenya has been negotiating with the IMF on a 3½ year Extended Fund Facility (EFF)/Extended Credit Facility (ECF) arrangement. “Technical…

Kenya remains reluctant in accepting debt service relief under the G-20 Debt Service Suspension Initiative to assist in mitigating the impact of COVID-19. The National Treasury Cabinet Secretary Ukur Yatani Friday said Kenya “seeks a cautious approach” when he downplayed media reports that it had sought to defer $690 million (KSh75 billion) in debt payments under the G-20 debt relief initiative. “Kenya has not applied for the G-20 Debt Service Suspension,” said Yatani in a statement released Friday. “Some countries have faced challenges rearranging debt service with creditors with undesirable outcomes. In this respect, Kenya seeks a cautious approach in…

Sidian Bank says tender bidders can access up to Ksh 15 million bid bond in less than 5 minutes through its online platform to help boost its trade finance business. The Sidian Credible bid bond application platform provides verifiable bid bonds to small and medium enterprises (SME’s) targeting state tenders. The authenticity of the bid bonds generated is validated by a QR code embedded in the guarantee. In addition, the bid bonds are auto-signed by Authorized Signatories of the Bank. Sidian Credible is a self-service platform that responds to the lender’s customers’ needs for convenience, efficiency and quick turn-around time…

Safaricom is teaming up with UNICEF Kenya for two years on the priority areas of children’s education, child protection, and emergency response in a new partnership. The new partners have pledged to work together to ensure children can access the Internet at school, are protected from violence and abuse, and receive life-saving information during droughts, floods, and disease outbreaks. In addition, the partnership brings together UNICEF’s expertise in children’s rights, advocacy and programme work with Safaricom’s range of products, services and ability to reach and communicate with a large audience.  UNICEF Kenya Deputy Representative Jean Lokenga said. “By working together,…

Kenya’s National Treasury has raised Ksh.53.7 billion from the local market against a projected target of Ksh 40 billion in November’s primary bond sale. This represents a 140 percent performance rate for the re-opened bonds; FXD2/2013/15 (7.50 years to maturity) and FXD1/2018/20 (17.4 years to maturity). The weighted average rate of accepted bids for the pair of bonds traded at 11.44 and 13.24 percent respectively in line with Central Bank of Kenya’s targeted coupon rates of 12 and 13.2 percent. Treasury projects to borrow Ksh.600 billion from the domestic markets by June next year and has since raised Ksh.152.4 billion…