Author: David Indeje

Kenya’s inflation edged up slightly in October due to higher food prices and fuel costs, remaining within the Central Bank’s 5.0 percent medium target. The Kenya National Bureau of Statistics on Friday said the country’s overall year-on-year inflation increased to 4.84 percent in October from 4.2 percent last month. This was a four month high. Month-on-month food and non-alcoholic drinks’ index increased by 1.14 percent in October, while year-on-year food inflation increased by 5.76 percent. Housing, water, electricity, gas, and other fuels’ index increased by 0.94 percent attributed to an increase in the cost of cooking fuels. The cost of…

Umoja Rubber Products limited was awarded the overall energy-efficient company at the 16th Annual Energy Management Awards, celebrating excellence in energy efficiency in the Kenya manufacturing sector. The award was given to the Mombasa based footwear manufacturer in recognition of its continued commitment and efforts towards improvement in energy efficiency, reduction in carbon emission, and implementation of various energy conservation initiatives at a function organised by the Kenya Association of Manufacturers (KAM).  Mombasa Cement, Athi River Unit took the runners up award.  The event themed ‘Rewarding Excellence in Sustainable Energy’ awarded over 20 companies that have achieved significant reductions in…

The Central Bank of Kenya may retain its lending rate at 7% ahead of the next scheduled policy review on November 26. The Central banks’ Monetary Policy Committeee has maintained the central bank rate (CBR) since April and injecting liquidity to counter economic slowdown because of the coronavirus pandemic. The MPC last met on 29th September 2020. Ahead of the meeting, the CBK’s foreign exchange reserves have been dwindling dropping by KSh44 billion to stand at $8,223 million (KSh894.7 billion) on October 22, from $8,627 (Sh938.6) billion on September 24. On the other hand, the Kenyan currency has been weakening.…

Kenyan business owners operating in the informal sector will be able to separate business and personal funds on M-Pesa with a new feature on the money transfer service. Dubbed Pochi la Biashara, the feature allows the business owners who do not have a Lipa na M-Pesa line to receive money from customers into a separate wallet. “Business owners will be able to separate their business funds and personal funds allowing them to use business transactions to make better business decisions,” said Safaricom. On the new product, customers will make payments directly to the business owner’s Pochi la Biashara by dialing…

Cytonn Group Chief Executive Officer Edwin Dande has said affordable housing will not be realised unless the question of financing has been addressed and the role played by Kenya’s capital markets in infrastructure development. He was speaking to investors and government officials when Cytonn Real Estate, the development affiliate of Cytonn Investments, handed over the second phase of its Kshs 5 Billion Flagship Project, The Alma on Thursday. The event was attended by the Kiambu Governor, Dr. James Nyoro. The Alma is Cytonn Real Estate’s latest residential development located in Ruaka Town of Kiambu County. The majority of urban dwellers…

Safaricom Kenya’s telecom market leader plans to leverage its new vision ‘going beyond’ to drive its growth. Through the brand campaign, the telco will tap into a new digital ecosystem pushing beyond borders anchored niche markets in education, agriculture, and health sectors over the next five years. The need for technology has been exponentially growing as every industry digitises itself to stay relevant, and competitive. Peter Ndegwa, the chief executive, while presiding over the telco’s 20th-anniversary celebration marked on Tuesday said this was part of the company’s vision to become a purpose-led technology company by 2025. “We’ve come up with…