Author: David Indeje

The Monetary Policy Committee (MPC) of Kenya’s Central Bank held rates steady on Wednesday and retained an accommodative policy stance to support the economy with inflation remaining stable. The MPC maintained its key policy rate unchanged at 7.00 percent for the third time, saying it was having the intended effect on the economy. In a statement, CBK Governor Dr Patrick Njoroge said the central bank’s Monetary Policy Committee (MPC) had voted to maintain its “accommodative stance remains appropriate, ” and will be augmented by the implementation of the measures in the FY2020/21 budget. According to the MPC, progress was noted…

Kenya’s National Hospital Insurance Fund (NHIF) will provide cover for Covid-19 patients admitted to specific public hospitals. Peter Kamunyo, the chief executive of NHIF, said the fund will only pay partially on treatment bills incurred by Covid-19 patients at the Kenyatta National Hospital (KNH), Kenyatta University Teaching and Referral Hospital, Mbagathi Hospital and other Health ministry-designated hospitals in the counties. “We shall support all Covid-19 positive members and their declared beneficiaries who get admitted to the Ministry of Health designated facilities. NHIF shall not be liable for bills incurred in non-MoH designated health facilities,” he said in a circular to…

Regional retailer Tuskys Supermarket shareholders on Tuesday agreed to sell a majority stake of the company in an effort to recapitalise it. In a statement, Tuskys Chairman Bernard Kahianyu said shareholders of Orakam Holdings Ltd, gave a nod to the acquisition of a majority stake by any equity investor, paving the way for new leadership in the retailer. “The Orakam shareholders provided their nod to the acquisition of a majority stake in Tuskys by an equity investor who will further provide strategic leadership for the long term growth of the business and for the benefit of all stakeholders,” said Kahianyu.…

Standard Chartered ( StanChart ) Bank Kenya Limited is set to list additional shares on the Nairobi Securities Exchange (NSE) following shareholders’ approval during its Annual General Meeting.  The lender in a special resolution said it will list Kshs 171,755,285, “being part of the money now standing to the credit of the retained earnings account of the Company be capitalized…,” reads part of the resolution. However, the resolution requires the approval of the Capital Markets Authority (CMA) and the NSE. Bonus Share Issue Shareholders approved the payment of a final dividend of Ksh 7.50 half of what had been initially…

Kenya will sell an 11-year, amortised infrastructure bond to raise 70 billion shillings in August. The Central Bank said the money received will go to the funding of infrastructure projects in the FY2020/21 budget estimates. In a statement, it would receive bids for the bond until Aug.18, and auction it a day later at 10.900 percent. The Bond will be tax-free as provided for under the Income Tax Act. Investors will be able to redeem 50 percent of the outstanding principal amounts on 17th August 2026 with final redemption on all outstanding amounts on 11th August 2031. Only investors with…

Safaricom has said it will discontinue its pre-paid platinum, a life-style driven monthly service that is accessible from mySafaricom app. In an alert to their customers, the telco said, “Platinum Plans will not be available from Aug 30th 2020.” The Safaricom Platinum Plans were introduced in 2018 offering all value-for-money mobile packages to allow customers to enjoy affordable and convenient integrated with data, voice and SMS packages. As an alternate, subscribers will now opt for Postpay and All-in-one service packages. The All-in-one monthly package consists of data, talk minutes and SMS under its revamped offerings on Postpay. The revamped plans…